<SEC-DOCUMENT>0001193125-14-334156.txt : 20140908
<SEC-HEADER>0001193125-14-334156.hdr.sgml : 20140908
<ACCEPTANCE-DATETIME>20140905215405
ACCESSION NUMBER:		0001193125-14-334156
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20140901
FILED AS OF DATE:		20140908
DATE AS OF CHANGE:		20140905

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33869
		FILM NUMBER:		141086995

	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>6-K
<SEQUENCE>1
<FILENAME>d784288d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE 13A-16 OR 15D-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of September&nbsp;2014 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: 001-33869 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>STAR BULK
CARRIERS CORP. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Star Bulk Carriers Corp. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>c/o Star Bulk Management Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>40 Agiou Konstantinou Street, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>15124 Maroussi, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Athens,
Greece </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive office) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or <FONT STYLE="white-space:nowrap">Form&nbsp;40-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
20-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note</B>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note</B>: Regulation S-T Rule 101(b)(7) only
permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant&#146;s &#147;home country&#148;), or under the rules of the home country exchange on which the registrant&#146;s securities are traded, as long as the report or other document is not a press release, is
not required to be and has not been distributed to the registrant&#146;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Attached as Exhibit&nbsp;99.1 to this Form 6-K is a Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations
and the unaudited interim condensed consolidated financial statements of Star Bulk Carriers Corp. (the &#147;Company&#148; or &#147;Star Bulk&#148;) as of and for the six months ended June&nbsp;30, 2014 and 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Attached as Exhibit&nbsp;99.2 to this Form 6-K are the (i)&nbsp;Unaudited Pro Forma Condensed Combined Financial Information of the Company
and Oceanbulk Shipping LLC and Oceanbulk Carriers LLC (collectively &#147;Oceanbulk&#148;); (ii)&nbsp;Summary Historical Combined Financial and Other Operating Data of Oceanbulk; (iii)&nbsp;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations of Oceanbulk; and (iv)&nbsp;the Combined Financial Statements of Oceanbulk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Attached as
Exhibit&nbsp;99.3 to this Form 6-K are descriptions of various agreements the Company has entered into or assumed in connection with the Company&#146;s previously disclosed merger and other transactions involving certain of the Company&#146;s
subsidiaries completed in July&nbsp;2014 including: (i)&nbsp;the Oaktree Shareholders Agreement by and among the Company and the parties named therein dated July&nbsp;11, 2014; (ii)&nbsp;the Pappas Shareholder Agreement by and among the Company and
the parties named therein dated July&nbsp;11, 2014; (iii)&nbsp;the Amended and Restated Registration Rights Agreement dated July&nbsp;11, 2014; (iv)&nbsp;the Agreement and Plan of Merger dated June&nbsp;16, 2014; and (v)&nbsp;Certain Related Party
Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Attached as Exhibit 99.4 is a description of the agreements entered into in connection with the Excel Transactions (as
defined herein) including: (i)&nbsp;the Vessel Purchase Agreement by and among the Company, Excel Maritime Carriers Ltd and Christine Shipco Holdings Corp., dated August&nbsp;19, 2014; (ii)&nbsp;the Amendment No.&nbsp;1 to Amended and Restated
Registration Rights Agreement dated August&nbsp;28, 2014; and (iii)&nbsp;the Senior Secured Credit Agreement, dated August&nbsp;19, 2014, among Unity Holding LLC, as Borrower, the initial lenders named therein, as Initial Lenders, and the other
lenders from time to time party thereto, as Lenders, and Wilmington Trust, National Association, as Administrative Agent. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CAUTIONARY
STATEMENT CONCERNING FORWARD-LOOKING INFORMATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Form 6-K, and the documents to which the Company refers in this Form 6-K, as
well as information included in oral statements or other written statements made or to be made by the Company, contain statements that, in our opinion, may constitute forward-looking statements. Statements containing words such as
&#147;expect,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;likely&#148; or similar words that are used herein or in other written or oral information conveyed by or on behalf of the Company, are intended to identify
forward-looking statements. Forward-looking statements are made based upon management&#146;s current expectations and beliefs concerning future developments and their potential effects on the Company. Such forward-looking statements are not
guarantees of future events. Actual results may differ, even materially, from those contemplated by the forward-looking statements due to, among others, the following factors: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the strength of world economies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the stability of Europe and the Euro; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">fluctuations in interest rates and foreign exchange rates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes in demand in the dry bulk shipping industry, including the market for our vessels; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes in the Company&#146;s operating expenses, including bunker prices, dry docking and insurance costs; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes in governmental rules and regulations or actions taken by regulatory authorities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">potential liability from pending or future litigation; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">general domestic and international political conditions; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">potential disruption of shipping routes due to accidents or political events; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the availability of financing and refinancing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company&#146;s ability to meet its requirements for additional capital and financing and to complete its newbuilding program and to grow its business; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">vessel breakdowns and instances of off-hire; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">risks associated with vessel construction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">potential exposure or loss from investment in derivative instruments; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">potential conflicts of interest involving the Company&#146;s Chief Executive Officer, his family and other members of our senior management; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company&#146;s ability to complete acquisition transactions as planned (including the acquisitions of vessels from Excel Maritime Carriers Ltd.); and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk factors and other factors referred to in the Company&#146;s reports filed with or furnished to the SEC. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Consequently, all of the forward-looking statements we make in this document are qualified by the information contained or referred to herein,
including, but not limited to, (i)&nbsp;the information contained under this heading and (ii)&nbsp;the information disclosed in the Company&#146;s annual report on Form 20-F for the fiscal year ended 2013, filed with the SEC on March&nbsp;21, 2014.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">You should carefully consider the cautionary statements contained or referred to in this section in connection with any subsequent
written or oral forward-looking statements that may be issued by us or persons acting on our behalf. Except as required by law, the Company undertakes no obligation to update any of these forward-looking statements, except as otherwise required by
applicable law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Date: September&nbsp;5, 2014</P></TD>
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<TD VALIGN="top" COLSPAN="5"><B>STAR BULK CARRIERS CORP.</B></TD></TR>
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<TD VALIGN="top" COLSPAN="5">(Registrant)</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ SIMOS SPYROU</P></TD></TR>
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="top">Simos Spyrou</TD></TR>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="top">Co-Chief Financial Officer</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>


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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:20.00pt; font-size:8pt; font-family:Times New Roman"><B>Name</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations and our unaudited interim condensed consolidated financial statements of the Company as of and for the six months ended June&nbsp;30, 2014
and 2013</TD></TR>
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<TD VALIGN="top" NOWRAP>99.2</TD>
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<TD VALIGN="top">(i)&nbsp;Unaudited Pro Forma Condensed Combined Financial Information of the Company and Oceanbulk, (ii)&nbsp;Summary Historical Combined Financial and Other Operating Data of Oceanbulk; (iii)&nbsp;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations of Oceanbulk, and (iv)&nbsp;the Combined Financial Statements of Oceanbulk</TD></TR>
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<TD VALIGN="top" NOWRAP>99.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Descriptions of various agreements the Company has entered into or assumed in connection with the merger and other transactions completed in July&nbsp;2014 including: (i)&nbsp;the Oaktree Shareholders Agreement by and among the
Company and the parties named therein dated July&nbsp;11, 2014; (ii)&nbsp;the Pappas Shareholder Agreement by and among the Company and the parties named therein dated July&nbsp;11, 2014; (iii)&nbsp;the Amended and Restated Registration Rights
Agreement dated July&nbsp;11, 2014; (iv) the Agreement and Plan of Merger dated June 16, 2014; and (v) Certain Related Party Transactions</TD></TR>
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<TD VALIGN="top" NOWRAP>99.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Descriptions of the agreements the Company has entered into in connection with the Excel Transactions (as defined herein) including: (i) the Vessel Purchase Agreement by and among the Company, Excel Maritime Carriers Ltd and
Christine Shipco Holdings Corp., dated August 19, 2014; (ii) the Amendment No. 1 to Amended and Restated Registration Rights Agreement dated August 28, 2014; and (iii) the Senior Secured Credit Agreement, dated August 19, 2014, among Unity Holding
LLC, as Borrower, the initial lenders named therein, as Initial Lenders, and the other lenders from time to time party thereto, as Lenders, and Wilmington Trust, National Association, as Administrative Agent.</TD></TR>
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<TD VALIGN="top" NOWRAP>101</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Unaudited Interim Condensed Consolidated Financial Statements of the Company as of June&nbsp;30, 2014, from this Form&nbsp;6-K, formatted in XBRL (eXtensible Business Reporting Language)</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 99.1 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FINANCIAL CONDITION AND RESULTS OF OPERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a discussion of financial condition and results of operations of Star Bulk Carriers Corp. (&#147;Star Bulk&#148;) for the six
month periods ended June&nbsp;30, 2014 and 2013. Unless otherwise specified herein, references to the &#147;Company&#148;, &#147;we&#148;, &#147;us&#148; or &#147;our&#148; shall include Star Bulk and its subsidiaries. You should read the following
discussion and analysis together with the unaudited interim condensed consolidated financial statements and related notes included elsewhere in this report. For additional information relating to our management&#146;s discussion and analysis of
financial condition and results of operation, please see our Annual Report on Form 20-F for the year ended December&nbsp;31, 2013, which was filed with the U.S. Securities and Exchange Commission (the &#147;Commission&#148;) on March&nbsp;21, 2014.
This discussion includes forward-looking statements which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause actual events or conditions to differ materially from those currently
anticipated and expressed or implied by such forward-looking statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are an international company providing worldwide transportation of dry bulk commodities through our vessel-owning subsidiaries for a broad
range of customers of major bulk cargoes including coal, iron ore, and grains, and minor bulk cargoes including, bauxite, phosphate, fertilizers and steel products. We were incorporated in the Marshall Islands on December&nbsp;13, 2006 and on
December&nbsp;3, 2007, we commenced operations when we took delivery of our first vessel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2014, we completed a transaction in
which we acquired Oceanbulk Shipping LLC (&#147;Oceanbulk Shipping&#148;) and Oceanbulk Carriers LLC, (&#147;Oceanbulk Carriers&#148;, and, together with Oceanbulk Shipping, &#147;Oceanbulk&#148;) from Oaktree Dry Bulk Holdings LLC (including
affiliated funds, &#147;Oaktree&#148;) and Millennia Holdings LLC (&#147;Millennia Holdings&#148;, and together with Oaktree, the &#147;Sellers&#148;) through the merger of our wholly-owned subsidiaries into Oceanbulk&#146;s holding companies (the
&#147;Merger&#148;). Oceanbulk owned and operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding fuel-efficient Eco-type dry bulk vessels (one of which, <I>Peloreus</I> was delivered on
July&nbsp;22, 2014) at shipyards in Japan and China. Millennia Holdings is an entity that is affiliated with the family of Mr.&nbsp;Petros Pappas, who became our Chief Executive Officer in connection with the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The agreement governing the Merger also provided for the acquisition by us (the &#147;Heron Transaction&#148;) of two Kamsarmax vessels (the
&#147;Heron Vessels&#148;), from Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability company incorporated in Malta.&nbsp;We issued 2,115,706 of our common shares into escrow as consideration for the Heron Vessels. The common shares will be
released from escrow to the Sellers at the time Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to us, and we expect to pay $25.0 million in cash (for which we may seek financing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, concurrently with the Merger, we completed a transaction (the &#147;Pappas Transaction&#148;), in which we acquired all of the
issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the &#147;Pappas Companies&#148;), which were entities owned and controlled by affiliates of the family of Mr.&nbsp;Pappas (the &#147;Pappas
Shareholders&#148;).&nbsp;The Pappas Companies owned and operated a dry bulk carrier vessel (<I>Tsu Ebisu</I>) and had a contract for the construction of a newbuilding dry bulk carrier vessel, HN 5016 tbn <I>Indomitable</I>).</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We refer to the Merger, the Heron Transaction and the Pappas Transaction, together, as the &#147;July 2014 Transactions&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2014, we entered into definitive agreements with Excel Maritime Carriers Ltd. (&#147;Excel&#148;), pursuant to which we will acquire
34 dry bulk carrier vessels, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels (collectively, the &#147;Excel Vessels&#148;) for an aggregate of 29,917,312 common shares (the &#147;Excel
Vessel Share Consideration&#148;) and $288.4 million in cash. The Excel Vessels will be transferred to us in a series of closings, on a vessel-by-vessel basis, in general upon reaching </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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port after their current voyages and cargoes are discharged. In the case of three Excel Vessels (<I>Christine</I> (tbn <I>Star Martha</I>), <I>Sandra</I> (tbn <I>Star Pauline</I>) and <I>Lowlands
Beilun</I> (tbn <I>Star Despoina</I>)) which are being transferred subject to existing charters, we will receive the outstanding equity interests of the vessel-owning subsidiaries that own those Excel Vessels (although no liabilities of such
vessel-owning subsidiaries will be transferred). We expect to complete all of the Excel Vessel closings by the end of 2014. As of September&nbsp;5, 2014, five of the Excel Vessels had already been transferred to us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Entities affiliated with Oaktree (the &#147;Oaktree Excel Investors&#148;) and entities affiliated with Angelo, Gordon&nbsp;&amp; Co. (the
&#147;Angelo, Gordon Excel Investors&#148;) are holders of 48.1% and 24.3%, respectively, of the outstanding equity of Excel. The Excel Transactions were approved by the disinterested members of our board of directors, based upon the recommendation
of a transaction committee of disinterested directors, which considered the Excel Transactions on our behalf in coordination with our management team. The total consideration was determined based on the average of three vessel appraisals by
independent vessel appraisers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the transfer of each Excel Vessel, we will pay the cash and share consideration for such Excel Vessel
to Excel. We expect to use cash on hand, together with borrowings under a new $231.0 million secured bridge loan facility (the &#147;Excel Vessel Bridge Facility&#148;) extended to us by entities affiliated with Oaktree and entities affiliated with
Angelo, Gordon&nbsp;&amp; Co. to fund the cash consideration for the Excel Vessels. Excel will use the cash consideration to cause an amount of outstanding indebtedness under its senior secured credit agreement to be repaid, such that all liens and
obligations with respect to the transferred Excel Vessels (or vessel-owning subsidiary) are released upon the transfer to us. We have been informed that Excel expects to distribute the Excel Vessel Share Consideration to its equity holders,
including the Oaktree Excel Investors and the Angelo, Gordon Excel Investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We refer to the foregoing transactions relating to the
acquisition of the Excel Vessels as the &#147;Excel Transactions&#148;, and we refer to the Excel Transactions and the July 2014 Transactions as the &#147;Transactions&#148;. For more information regarding the terms of the Excel Transactions, see
Exhibit 99.4 to this Report on Form 6-K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A total of 54,104,200 of our common shares were issued to the various selling parties in the
July 2014 Transactions, of which 45,460,324 shares were issued to Oaktree, and 8,643,876 shares were issued to the owners of the Pappas Companies and Millennia Holdings. After the July 2014 Transactions, Oaktree was the beneficial owner of
approximately 61.3% of our outstanding common shares, and the Pappas Shareholders, were the beneficial owners of approximately 12.6% of our outstanding common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Giving effect to the completion of the Excel Transactions (which we expect to occur by the end of 2014), and assuming the full distribution of
the Excel Vessel Share Consideration to Excel&#146;s equity holders, Oaktree will beneficially own 57.3% of our outstanding common shares, and the Angelo Gordon Investors will beneficially own 7.8% of our outstanding common shares. As a result of
the issuance of the Excel Vessel Share Consideration, the Pappas Shareholders will beneficially own 9.3% of our outstanding common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Oaktree Shareholders Agreement, with certain limited exceptions, Oaktree effectively cannot vote more than 33% of our outstanding
common shares (subject to adjustment under certain circumstances), and the Pappas Shareholders are subject to a similar limitation under the Pappas Shareholders Agreement of 15% (subject to adjustment under certain circumstances). For more
information regarding these voting limitations, see Exhibit 99.3 to this Report on Form 6-K. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Fleet </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of August&nbsp;20, 2014, our operating fleet, after the completion of the July 2014 Transactions, consisted of 33 vessels, including the two
Heron Vessels. Our operating fleet includes two Eco-type vessels, which we define as vessels that are designed to be more fuel-efficient than standard vessels of similar size and age, and has an aggregate carrying capacity of approximately
3.5&nbsp;million dwt. Pursuant to the Excel Transactions, we agreed to acquire an additional 34 dry bulk carrier vessels, of which five (<I>Star Kamila </I>(ex <I>Iron Bradyn</I>)<I>, Star Nasia </I>(ex <I>Iron Anne</I>)<I>, Star Natalie </I>(ex
<I>Angela Star), Star Aline </I>(ex <I>Iron Knight</I>) and<I> Star Tatianna </I>(<I>ex Fortezza</I>)) had been transferred to us as of September&nbsp;5, 2014. In addition, we have contracts for the construction of 36 Eco-type vessels. By the end of
the second quarter of 2016, we expect our 103-vessel fleet to have an average age of 7.8 years and an aggregate carrying capacity of 11.85&nbsp;million dwt. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our fleet carries a variety of dry bulk commodities including coal, iron ore, and grains, or
major bulks, as well as bauxite, phosphate, fertilizers and steel products, or minor bulks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After the completion of the July 2014
Transactions on July&nbsp;11, 2014, all of the vessels owned by Oceanbulk, which were previously under our commercial and technical management, became our owned vessels. As of August&nbsp;20, 2014, we provide commercial and technical management
services to one Supramax third party vessel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following tables present summary information relating to our existing fleet, our
newbuilding vessels and the third party vessels under our management as of August&nbsp;20, 2014, including the vessels we acquired or are acquiring in the Transactions: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="32%"></TD>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="5"><B>Existing&nbsp;Fleet</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Vessel&nbsp;Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dry bulk</B><br><B>Vessel Type</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Capacity</B><br><B>(dwt.)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Year&nbsp;Built</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Charter&nbsp;Type/</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Month&nbsp;of&nbsp;Contract&nbsp;Expiry</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Peloreus</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#151;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Obelix</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage&nbsp;charter/&nbsp;August&nbsp;2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Pantagruel</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2004</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#151;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Borealis</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">179,678</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage&nbsp;charter/&nbsp;October&nbsp;2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Polaris</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">179,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage&nbsp;charter/&nbsp;October&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Big Fish</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">177,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2004</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dry&nbsp;dock</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Kymopolia</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">176,990</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2006</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage&nbsp;charter/&nbsp;October&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Big Bang</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">174,109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;September&nbsp;2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Aurora</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">171,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;August&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Mega</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">170,631</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">1994</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#151;&nbsp;&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Big</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">168,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">1996</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;November&nbsp;2015</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Amami </I>(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Post&nbsp;Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;February&nbsp;2016</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Madredeus </I>(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Post&nbsp;Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;April&nbsp;2016</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Sirius </I>(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Post&nbsp;Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;June&nbsp;2016</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Vega </I>(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Post&nbsp;Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;August&nbsp;2016</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Pendulum</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82,619</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2006</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#151;&nbsp;&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Mercurial Virgo</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">81,545</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;September&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Magnum Opus</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">81,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage&nbsp;charter&nbsp;/&nbsp;October&nbsp;2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Tsu Ebisu</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">81,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;October&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Challenger</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61,462</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2012</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;September&nbsp;2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Fighter</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61,455</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;August&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">22</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Maiden Voyage</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58,722</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2012</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;September&nbsp;2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">23</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Strange Attractor</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55,742</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2006</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;September&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">24</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Omicron</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2005</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;August&nbsp;2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">25</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Gamma</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53,098</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2002</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;September&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Zeta</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2003</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;October&nbsp;2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">27</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Delta</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,434</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;September&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Theta</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2003</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;October&nbsp;2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">29</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Epsilon</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2001</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;August&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">30</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Cosmo</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,247</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2005</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#151;&nbsp;&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>Star Kappa</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2001</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;August&nbsp;2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">32</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>ABYO Angelina</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82,987</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2006</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#151;&nbsp;&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">33</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>ABYO Gwyneth</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,790</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2006</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time&nbsp;charter/&nbsp;September&nbsp;2014</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right"><B><U>Total&nbsp;existing&nbsp;dwt:</U></B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>3,487,100&nbsp;dwt</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">These vessels were acquired subject to long-term charters to Glocal Japan Inc. that expire between February 2016 and August 2016, at a gross charterhire rate of $15,000 per day. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">These vessels will be delivered to us by December&nbsp;31, 2014. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="13"><B>Excel Vessels</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Vessel&nbsp;Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dry bulk<BR>Vessel Type</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Capacity<BR>(dwt.)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Year&nbsp;Built</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Shipyard</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Christine (</I>tbn <I>Star Martha) </I>(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Koyo&nbsp;Dock&nbsp;Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Sandra (</I>tbn <I>Star Pauline) </I>(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2008</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Koyo Dock Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Iron Miner (</I>tbn <I>Star Angie)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2007</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SWS China</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Lowlands Beilun (</I>tbn <I>Star Despoina) </I>(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">170,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1999</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Halla Korea</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Iron Beauty (</I>tbn <I>Star Monisha)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2001</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CSBC China</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Kirmar (</I>tbn <I>Star Eleonora)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2001</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CSBC China</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Star Kamila </I>(ex <I>Iron Bradyn</I>)<I> (2</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2005</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Iron Manolis (</I>tbn <I>Star Sophia)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2007</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Pascha (</I>tbn <I>Star Danai)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Coal Gypsy (</I>tbn<I> Star Renee)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Coal Hunter (</I>tbn<I> Star Georgia)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Star Nasia </I>(ex <I>Iron Anne</I>) (2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Iron Brooke (</I>tbn<I> Star Markella)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2007</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Iron Fuzeyya (</I>tbn<I> Star Laura)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Iron Vassilis (</I>tbn<I> Star Moira)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Ore Hansa (</I>tbn<I> Star Jennifer)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Santa Barbara (</I>tbn<I> Star Mariella)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Iron Bill (</I>tbn<I> Star Helena)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Iron Kalypso (</I>tbn<I> Star Nina)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Iron Lindrew (</I>tbn<I> Star Maria)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2007</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Grain Express (</I>tbn<I> Star Iris)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2004</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">22</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Grain Harvester (</I>tbn<I> Star Emily) </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2004</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">23</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Star Aline</I> (ex <I>Iron Knight</I>) (2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2004</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">24</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Isminaki (</I>tbn<I> Star Christianna)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1998</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sasebo Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">25</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Star Natalie (ex Angela Star) </I>(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1998</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sumitomo Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Elinakos (</I>tbn<I> Star Nicole)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1997</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sumitomo Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">27</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Rodon (</I>tbn<I> Star Elle)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1993</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hyundai Heavy Industries Korea</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Coal Pride (</I>tbn<I> Star Vanessa)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1999</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Imabari Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">29</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Happy Day (</I>tbn<I> Star Claudia)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1997</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hitachi Korea</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">30</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Birthday (</I>tbn<I> Star Monika)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1993</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hitachi Korea</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Powerful (</I>tbn<I> Star Julia)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1994</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hudong China</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">32</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Star Tatianna (ex Fortezza) </I>(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1993</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">33</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Emerald (</I>tbn<I> Star Michele) </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Handymax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1998</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tsuneishi Japan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">34</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Princess 1 (</I>tbn<I> Star Kim)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Handymax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1994</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">I.H.I Japan</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right"><B><U>Total acquired dwt:</U></B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" COLSPAN="6"><B>3,158,100 dwt</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">These vessels are subject to long term charters that expire between August 2015 and November 2015. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">These vessels had been delivered to us as of September&nbsp;5, 2014. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="5"><B>Newbuilding Vessels</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Vessel Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dry bulk</B><br><B>Vessel Type</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Capacity</B><br><B>(dwt.)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"><B>Shipyard</B>&nbsp;(1)<B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Expected&nbsp;Delivery Date</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 214 (tbn <I>Leviathan</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September 2014</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 5016 (tbn <I>Indomitable</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November 2014</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1061 (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Yangzijiang</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January 2015</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1063 (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Yangzijiang</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January 2015 (2)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1062 (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Yangzijiang</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February 2015 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 5017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March 2015</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN&nbsp;NE&nbsp;164&nbsp;(tbn&nbsp;<I>Honey&nbsp;Badger</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March 2015 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE 165</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March 2015 (2)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE 166</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April 2015 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1064 (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Yangzijiang</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April 2015 (2)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1312</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April 2015 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE 167</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May 2015 (2)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN&nbsp;5040&nbsp;(&nbsp;tbn&nbsp;<I>Star&nbsp;Acquarius</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 2015</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1313</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 2015 (2)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1338 (tbn <I>Star Aries</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 2015 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1080</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Yangzijiang</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July 2015</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 5055</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July 2015</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE 184</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July 2015</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN&nbsp;1372&nbsp;(tbn&nbsp;<I>Star&nbsp;Libra</I>)&nbsp;(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July 2015 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1081</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Yangzijiang</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August 2015</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 5056</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August 2015</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">22</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 5043 (tbn <I>Star Pisces</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September 2015</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">23</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1082</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Yangzijiang</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September 2015</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">24</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1359 (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September 2015 (2)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">25</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN&nbsp;NE&nbsp;196&nbsp;(tbn&nbsp;<I>Star&nbsp;Antares</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September 2015 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE 197 (tbn <I>Star Lutas</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October 2015 (2)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">27</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1083</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Yangzijiang</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November 2015</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1360 (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 2015</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">29</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1339 (tbn <I>Star Taurus</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 2015 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">30</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1371 (tbn <I>Star Virgo</I>) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 2015 (2)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1342 (tbn <I>Star Gemini</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January 2016</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">32</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN&nbsp;NE&nbsp;198&nbsp;(tbn&nbsp;<I>Star&nbsp;Poseidon</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February 2016 (2)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">33</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1361 (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March 2016 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">34</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1343 ( tbn <I>Star Leo</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April 2016</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">35</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1362 (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May 2016 (2)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">36</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1363 (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 2016 (2)</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right"><B>Total&nbsp;newbuilding&nbsp;dwt:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" COLSPAN="6"><B>5,214,160 dwt</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right"><B>Total existing dwt:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" COLSPAN="4"><B>3,487,100&nbsp;dwt</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right"><B>Total acquired dwt:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" COLSPAN="6"><B>3,158,100 dwt</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="4" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right"><B>Total fully delivered dwt:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" COLSPAN="4"><B>11,859,360&nbsp;dwt</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD COLSPAN="4" VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">As used herein, &#147;JMU&#148; refers to Japan Marine United, &#147;SWS&#148; refers to Shanghai Waigaoqiao Shipbuilding Co., Ltd., &#147;NACKS&#148; refers to Nantong COSCO KHI Ship Engineering Co., Ltd., and
&#147;Yangzijiang&#148; refers to Jiangsu Yangzijiang Shipbuilding Co. Ltd. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">We have entered into bareboat charters with affiliates of the Yangzijiang shipyard for these vessels with the option to purchase the vessels at any time and a purchase obligation upon the completion of the eighth year
of the bareboat charterparty. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">We have entered into bareboat charters with affiliates of the SWS shipyard for these vessels with the option to purchase the vessels at any time and a purchase obligation upon the completion of the tenth year of the
bareboat charterparty. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Third Party Vessels Under Management </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:43.30pt; font-size:8pt; font-family:Times New Roman"><B>Vessel Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Type</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DWT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Built</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Serenity I</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">53,688</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2006</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recent and Other Developments </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;3, 2014, we received a notice of termination of the management agreement for the vessel <I>Marto</I>, one of the
third-party-owned vessels under our management. The management agreement was terminated upon the vessel&#146;s delivery to its new managers, on August&nbsp;20, 2014. We are entitled to receive management fees for a period of three months following
the termination date, in accordance with the terms of the management agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;11, 2014, we completed the July 2014
Transactions. A total of 54,104,200 of our common shares were issued to the various selling parties in the July 2014 Transactions, of which 45,460,324 shares were issued to Oaktree, and 8,643,876 were issued to the owners of the Pappas Companies and
Millennia Holdings. As a result, Oaktree became the beneficial owner of approximately 61.3% of our outstanding common shares, and the family of Mr.&nbsp;Pappas and their affiliates became the beneficial owners of approximately 12.6% of our
outstanding common shares. With certain limited exceptions, Oaktree effectively cannot vote more than 33% of our outstanding common shares. The Pappas Shareholders are also subject to a similar voting limitation of 15% (subject to certain
adjustments). For more information regarding these voting limitations, see Exhibit 99.3 to this Report on Form 6-K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2014 and in
connection with the July 2014 Transactions, our Board of Directors, or the Board, increased the number of directors constituting the Board to nine and, following the resignation of Mrs.&nbsp;Milena - Maria Pappas, appointed Rajath Shourie, Emily
Stephens, Renee Kemp and Stelios Zavvos pursuant to the terms and subject to the conditions of the Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Of the $208.2 million
aggregate principal amount of vessel financing that we assumed, $20.0 million is outstanding under a facility (the &#147;Dioriga Facility&#148;) provided by HSBC Bank plc to Dioriga Shipping Co. (&#147;Dioriga&#148;) to partially finance the
construction cost of <I>Tsu Ebisu</I>, which was delivered in April 2014. We assumed the Dioriga Facility when we purchased all of the outstanding equity of Dioriga in the Pappas Transaction. The Dioriga Facility will mature in March 2019 and will
be repayable in 20 quarterly installments of $0.4 million each, commencing three months after the drawdown, plus a balloon payment of $13.0 million due together with the last installment. The loan bears interest at LIBOR plus a margin of
3.2%&nbsp;per annum (as long as ACR exceeds 143%) or 4.30%&nbsp;per annum (if ACR falls below 143%). The Dioriga Facility is secured by a first priority mortgage over the financed vessel and general and specific assignments. The Dioriga Facility
includes certain negative covenants, including covenants against (i)&nbsp;changes in the management or legal or beneficial ownership of Dioriga and (ii)&nbsp;encumbrance on the assets of Dioriga. The Dioriga Facility includes the following financial
maintenance covenants: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a market value of the vessel to loan (including interest rate swap exposure) ratio to exceed 130%; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity to exceed $0.7 million, to be maintained in an account with HSBC Bank plc. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;11, 2014, 15,000 common shares were granted to our directors, Mr.&nbsp;Softeland and Mr.&nbsp;Schmitz, and vested on the same
date. We plan to issue the shares in connection with these awards during the third quarter of 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;16, 2014, we executed a
binding term sheet with NIBC Bank N.V. (the &#147;NIBC Facility&#148;) for financing an aggregate amount of $32.0 million, which will be available in two tranches of $16.0 million, to partially finance the construction cost of two Ultramax bulk
carriers currently under construction by Japan Marine United Corporation (Hulls HN 5040, tbn <I>Star Acquarius</I> and HN 5043, tbn <I>Star Pisces</I>), with expected delivery in June 2015 and September 2015, respectively. Execution of the
definitive agreements relating to this facility is scheduled on or before September&nbsp;15, 2014. The facility will mature six years after the signing date. Each tranche is expected to be drawn with the delivery of the relevant vessel and will be
repayable in consecutive quarterly </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
installments of $0.268 million, commencing three months after the drawdown, plus a balloon payment of $10.65 million, for HN 5040, and $10.92 million, for HN 5043, both due in September 2020. The
NIBC Facility will bear interest at LIBOR plus a margin of 2.80%&nbsp;per annum. It will be secured by first priority cross collateralized mortgage over the financed vessels and general and specific assignments and will be guaranteed by Star Bulk
Carriers Corp. (the &#147;Guarantor&#148;). The definitive agreements of the NIBC Facility will contain negative and financial covenants customary for facilities of this type. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;22, 2014, <I>Peloreus</I>, a Capesize vessel with a capacity of 182,000 dwt, was delivered to us by JMU. The delivery installment
payment of $34.6 million was partially financed by $32.5 million drawn under a loan facility with Deutsche Bank AG, and the remaining amount of $2.1 million was financed by existing cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2014, Positive Shipping Company executed a binding term sheet with BNP Paribas (the &#147;BNP Facility&#148;) for financing an amount
of $32.5 million, to partially finance the construction cost of its Capesize bulk carrier currently under construction by Japan Marine United Corporation (Hull HN 5016, tbn <I>Indomitable</I>), with expected delivery in October 2014. Execution of
the definitive agreement relating to this facility is scheduled on or before September&nbsp;30, 2014. The facility is expected to be drawn with the delivery of the vessel and will be repaid in 20 equal, consecutive, quarterly principal payments of
$0.5 million each with the first becoming due and payable three months from the drawdown date together with a balloon installment of $21.8 million payable simultaneously with the 20<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> installment.
The BNP Facility will bear interest at LIBOR plus a margin of 2.50%&nbsp;per annum. It will be secured by first priority mortgage over the financed vessel and general and specific assignments and will be guaranteed by Star Bulk Carriers Corp. The
definitive agreement for the BNP Facility will contain negative and financial covenants customary for facilities of this type. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During
July 2014, the Company obtained the consent of the various relevant lenders to complete the July 2014 Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;4,
2014, pursuant to a termination agreement between us and Mr.&nbsp;Spyros Capralos, our former Chief Executive Officer and current Non-Executive Chairman, dated July&nbsp;31, 2014, we made a severance payment of 168,842 common shares and
&#128;644,000 of cash to Mr.&nbsp;Capralos. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September 5, 2014, Oceanbulk Shipping, which is now a subsidiary of ours as a result of
the July 2014 Transactions, entered into a term sheet with ABY Group Holdings Limited (&#147;ABY Group&#148;) and Heron. The term sheet provides for the conversion of the existing convertible notes (the &#147;Convertible Notes&#148;) issued by Heron
to Oceanbulk Shipping into 50% of the equity of Heron (with the remaining 50% of Heron&#146;s equity to be held by ABY Group). Among other things, the term sheet contains customary governance provisions and provisions relating to the liquidation of
Heron following the conversion of the Convertible Notes. Under the term sheet, as soon as practicable, Oceanbulk Shipping will receive as a distribution the <I>ABYO Gwyneth</I> and the <I>ABYO Angelina</I> (two Kamsarmax vessels of 82,790 dwt and
82,987 dwt, respectively), and ABY Group will receive as a distribution the <I>ABYO Audrey </I>(a Capesize vessel of 175,125 dwt) and the<I> ABYO Oprah</I> (a Kamsarmax vessel of&nbsp;82,551 dwt). Subject to the lender&#146;s approval, the remaining
amount of debt under Heron&#146;s existing credit facility (the &#147;CiT Facility&#148;), will be assigned to each equity holder based on the amount of the CiT Facility corresponding to the vessels being distributed to such equity holder. The
conversion of the Convertible Notes is expected to occur during September 2014, as soon as all customary conditions precedent are satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As further discussed in the notes to our unaudited condensed combined pro forma financial statements contained in Exhibit 99.2 to this Report
on Form 6-K, pursuant to the agreement governing the Merger, we expect the Sellers will remain as the ultimate beneficial owners of Heron until Heron is dissolved. In addition, upon the distribution of the Heron Vessels to its equity holders, we
will be required to pay $25.0 million in cash in respect of the debt secured by the Heron Vessels and instruct the escrow agent to release the 2,115,706 common shares held in escrow in order to acquire the two vessels distributed to Oceanbulk
Shipping. We expect that the transfer of the two Heron Vessels will be completed within the second half of 2014. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operating Results </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Factors Affecting Our Results of Operations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of August&nbsp;20, 2014 we chartered five of our vessels on medium- to long-term time charters, with an average remaining term of
approximately 1.8 years, five of our vessels on voyage charters and our remaining vessels on short-term time charters, with one of our vessels under dry dock survey. Under time charters, the charterer typically pays us a fixed daily charter hire
rate and bears all voyage expenses, including the cost of bunkers (fuel oil), port and canal charges. Under voyage charters, we pay voyage expenses such as port, canal and fuel costs. Under all of these types of charters, we remain responsible for
paying the chartered vessel&#146;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 dry docking costs related to our vessels. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table reflects certain operating data for our fleet, including our ownership days,
voyage days, and fleet utilization, which we believe are important measures for analyzing trends in our results of operations, for the periods indicated: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><I>(TCE rates expressed in U.S. dollars)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Six&nbsp;month<BR>period&nbsp;ended<BR>June&nbsp;30,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Six&nbsp;month<BR>period&nbsp;ended<BR>June&nbsp;30,&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average number of vessels<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Number of vessels in operation (as of the last day of the periods reported)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average age of operational fleet (in years)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ownership days<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,454</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Available days<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,454</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,939</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage days for fleet<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fleet Utilization<SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Daily Time charter equivalent rate<SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:12%;border-bottom:1px solid #000000; width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Average number of vessels 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. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Average age of operational fleet is calculated as at June&nbsp;30, 2013 and 2014, respectively. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">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). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">Fleet utilization is calculated by dividing voyage days by available days for the relevant period. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">Please see the reconciliation of the time charter equivalent rate on the next page. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Time Charter
Equivalent (TCE) </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Time charter equivalent rate, or 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 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. We report TCE revenues, a non-GAAP measure, since
our management believes 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. The TCE rate is also included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company&#146;s performance
irrespective of changes in the mix of charter types (i.e., voyage charters, time charters and bareboat charters), under which the vessels may be employed between the periods and because we believe that it presents useful information to investors.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table reflects the calculation of our TCE rates and reconciliation of TCE revenue as reflected in the unaudited interim
condensed consolidated statement of operations: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><I>(In thousands of U.S. Dollars, except as otherwise stated)</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Six&nbsp;month<BR>period&nbsp;ended<BR>June&nbsp;30,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Six&nbsp;month<BR>period&nbsp;ended<BR>June&nbsp;30,&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">35,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">43,064</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,505</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,721</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of fair value of below/above market acquired time charter agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Time Charter equivalent revenues</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">34,007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">38,492</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fleet Voyage days</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Daily Time charter equivalent (TCE) rate (in U.S. Dollars)</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voyage Revenues </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Voyage revenues are driven primarily by the number of vessels in our fleet, the number of voyage days and the amount of daily charter hire and
the level of freight rates, that our vessels earn under time and voyage charters, respectively, 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 dry dock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our vessels, levels of supply and demand in the seaborne transportation
market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vessel Voyage Expenses </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. Our voyage expenses primarily consist of bunkers cost and commissions paid for the chartering
of our vessels. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vessel Operating Expenses </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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, lubricants 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, lubricants and insurance, may also cause these expenses to increase. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dry Docking expenses </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dry docking
expenses relate to regularly scheduled intermediate survey or special survey dry docking necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. Dry docking
expenses can vary according to the age of the vessel, the location where the dry dock takes place, shipyard availability and the number of days the vessel is off-hire. We utilize the direct expense method, under which we expense all dry docking
costs as incurred. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Depreciation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&#146;s cost less the estimated
residual value. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General and Administrative Expenses </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We incur general and administrative expenses, including our onshore personnel related expenses, directors and executives&#146; compensation,
legal and accounting expenses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Interest and Finance Costs </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We incur interest expense 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 facilities and amortize them to interest and financing costs over the term of the underlying obligation using the effective interest method. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gain or Loss arising from Derivatives </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time, we may take positions in freight derivatives including freight forward agreements (the &#147;FFAs&#148;) and freight options
with an objective to utilize those instruments as economic hedges that are 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. Upon the
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. All of
our 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. Freight options are treated as assets/liabilities until they are settled. In
addition, we may enter into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to our variable interest loans and credit facilities. Interest rate swaps are recorded in the balance
sheet as either assets or liabilities, measured at their fair value, with changes in such fair value recognized in earnings, unless specific hedge accounting criteria are met. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Interest income </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We earn interest income
on our cash deposits. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Inflation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Results of Operations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Six month period ended June&nbsp;30, 2013 compared to the six month period ended June&nbsp;30, 2014. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Voyage Revenues</I></B>: For the six month periods ended June&nbsp;30, 2013 and 2014, our voyage revenues were approximately $35.4
million and $43.1 million, respectively. The increase in voyage revenues is mainly attributed to the increase in the average number of vessels from 13.6 vessels during the six month period ended June&nbsp;30, 2013 to 16.4 vessels during the six
month period ended June&nbsp;30, 2014. The TCE rate of our fleet for the six month periods ended June&nbsp;30, 2013 and 2014 was $14,301 and $14,172 per day, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Management fee income</I></B>: For the six month periods ended June&nbsp;30, 2013 and 2014, management fee income was approximately $0.5
million and $1.9 million, respectively. The increase was due to the increase in the average number of third party vessels under management from 3.4 vessels during the six month period ended June&nbsp;30, 2013 to 13.7 vessels during the six month
period ended June&nbsp;30, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Voyage Expenses</I></B>: For the six month periods ended June&nbsp;30, 2013 and 2014, our voyage
expenses were approximately $4.5 million and $7.7 million, respectively. The increase in voyage expenses are mainly due to an increased level of voyage charter activity during the six month period ended June&nbsp;30, 2014, compared to the same
period of 2013. Under voyage charter agreements, all voyage costs are borne and paid by us, as opposed to time charter agreements under which such costs are paid by the charterer. During the six month period ended June&nbsp;30, 2013, we had our
vessels under voyage charter agreements for a total of 149 days while during the six month period ended June&nbsp;30, 2014, we had our vessels under voyage charter agreements for a total of 173 days. The revenue earned from the respective agreements
for the six month periods ended June&nbsp;30, 2013 and 2014 amounted to $4.2 million and $7.0 million, respectively. Consistent with dry bulk shipping industry practice, we paid broker commissions ranging from 0.625% to 1.75% of the total daily
charter hire rate of each charter to ship brokers associated with the charterers, depending on the number of brokers involved with arranging the charter. Voyage expenses also consist of port, canal and fuel costs. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Vessel Operating Expenses</I></B>: For the six month periods ended June&nbsp;30, 2013 and
2014, our vessel operating expenses were approximately $13.7 million and $16.1 million, respectively. The increase in vessel operating expenses are mainly due to an increase in the average number of vessels from 13.6 vessels during the six month
period ended June&nbsp;30, 2013, to 16.4 vessels during the six month period ended June&nbsp;30, 2014. In addition, vessel operating expenses for the six month period ended June&nbsp;30, 2014 include an amount of $0.4 million related to one time,
pre-delivery and pre-joining expenses incurred in connection with the delivery of <I>Star Challenger</I>,<I> Star Fighter</I>,<I> Star Sirius</I>,<I> and Star Vega</I>. Pre-joining and pre-delivery expenses relate to expenses for the initial crew
manning as well as the initial supply of stores for the vessel before its delivery. Excluding this amount, our average daily operating expenses per vessel for the six month periods ended June&nbsp;30, 2013 and 2014 amounted to $5,596 and $5,272,
respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Dry docking Expenses</I></B>: For the six month periods ended June&nbsp;30, 2013 and 2014, our dry docking expenses
were approximately $0.6 million and $1.3 million, respectively. During the six month period ended June&nbsp;30, 2013, none of our vessels underwent dry docking, so the respective expenses related to advance payments of forthcoming dry docking
surveys. During the six month period ended June&nbsp;30, 2014, one of our Supramax vessels underwent its periodic dry docking survey in mid-March 2014, the total cost of the dry docking amounted to $0.9 million, and the remaining amount of $0.4
million related to advance payments with respect to forthcoming dry docking surveys. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Depreciation</I></B>: For the six month
periods ended June&nbsp;30, 2013 and 2014, depreciation was $8.1 million and $9.8 million, respectively. The increase was due to the increase in the average number of vessels from 13.6 vessels during the six month period ended June&nbsp;30, 2013, to
16.4 vessels during the six month period ended June&nbsp;30, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>General and Administrative Expenses</I></B>: For the six month
periods ended June&nbsp;30, 2013 and 2014, general and administrative expenses were $4.7 million and $10.2 million, respectively. The increase in general and administrative expenses was mainly attributable to (i)&nbsp;$2.4 million of costs incurred
during the six month period ended June&nbsp;30, 2014 in connection with the July 2014 Transactions, (ii)&nbsp;an increase in stock based compensation expense of $1.3 million for the six month period ended June, 30, 2014, compared to the same period
in 2013 and (iii)&nbsp;an increase in the average number of employees of 38% during the six month period ended June, 30, 2014, compared to the same period in 2013, due to the increase in the average number of third party vessels under management
from 3.4 vessels to 13.7 vessels and due to the increase in the average number of owned vessels from 13.6 vessels to 16.4 vessels, during the six month period ended June, 30, 2014, compared to the same period in 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Bad debt expense</I></B>: For the six month period ended June&nbsp;30, 2013, we had no bad debt expense. For the six month period ended
June&nbsp;30, 2014, bad debt expense was $ 0.2&nbsp;million, reflecting a write-off of unpaid amounts from charterers that we determined were not recoverable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other operational loss</I></B>: For the six month periods ended June&nbsp;30, 2013 and 2014, other operational loss amounted to $0.6
million and $0.1 million, respectively. Other operational loss for the six month period ended June&nbsp;30, 2013, represents the expense incurred by us to a third party, pursuant to the terms of the agreement to sell a 45% interest in the future
proceeds related to the settlement of certain commercial claims. The expense of $0.6 million for the six month period ended June&nbsp;30, 2013, was incurred in connection to the settlement amount of $1.2 million described in other operational gain
below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other operational gain</I></B>: For the six month periods ended June&nbsp;30, 2013 and 2014, other operational gain amounted
to $1.6 million and $0.4 million, respectively. Other operational gain for the six month period ended June&nbsp;30, 2013, mainly consisted of $1.2&nbsp;million non-recurring revenue related to the payment of installments due to us under settlement
agreements for a commercial claim and of $0.4 million regarding gain from a hull and machinery claim. Other operational gain for the six month period ended June&nbsp;30, 2014, mainly consisted of $0.2 million received as rebate from our previous
manning agent and a gain derived from a hull and machinery claims, which amounted to $0.2 million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Loss on sale of vessel</I></B>: For the six month period ended June&nbsp;30, 2013, loss on
sale of vessel of $0.1 million represented a loss on sale of <I>Star Sigma </I>that concluded in March 2013. The vessel was delivered to its new owners in April 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Gain / (loss) on derivative financial instruments</I></B>: For the six month period ended June&nbsp;30, 2013, gain on derivative
financial instruments amounted to $0.4 million, representing the non-cash gain from the mark to market valuation of two interest rate swaps outstanding as of June&nbsp;30, 2013. For the six month period ended June&nbsp;30, 2014, loss on derivative
financial instruments was $0.8 million, representing the non-cash loss from the mark to market valuation of four interest rate swaps outstanding as of June&nbsp;30, 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Interest and Finance Costs</I></B>: For the six month periods ended June&nbsp;30, 2013 and 2014, interest and finance costs were $3.8
million and $3.1 million, respectively. Even though the weighted average loan balance increased from $206.6 million during the six month period ended June&nbsp;30, 2013 to $234.8 million during the six month period ended June&nbsp;30, 2014 and the
weighted average interest rates remained almost unchanged, interest and finance costs decreased mainly due to $1.3 million of interest being capitalized during the six month period ended June&nbsp;30, 2014, relating to advances paid for our 11
newbuilding vessels.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cash Flow </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Net
cash provided by operating activities for the six month periods ended June&nbsp;30, 2013 and 2014, was $15.0 million and $10.5 million, respectively. The TCE rate for the six month periods ended June&nbsp;30, 2013 and 2014 was $14,301 and $14,172,
respectively. Although the TCE rate only marginally decreased during the six months ended June&nbsp;30, 2014, the decrease in net cash provided by operating activities for the six month period ended June&nbsp;30, 2014, of approximately $4.6 million
was a result of (a)&nbsp;net income of $2.0 million for the six month period ended June&nbsp;30, 2013 compared to net loss of $3.9 million for the same period in 2014 and (b)&nbsp;a positive movement of $1.6 million during the six month period ended
June&nbsp;30, 2013, compared to negative movement in working capital of $1.7 million during the six month period ended June&nbsp;30, 2014. Both voyage revenues and management fee income increased due to a higher average number of owned vessels and a
higher average number of third party vessels under our management during the six month period ended June&nbsp;30, 2014, compared to the six month period ended June&nbsp;30, 2013. In addition, during the six month period ended June&nbsp;30, 2014, we
incurred transaction costs of $2.4 million in connection with the July 2014 Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Net cash provided by investing activities for
the six month period ended June&nbsp;30, 2013, was $16.3 million. Net cash used in investing activities for the six month period ended June&nbsp;30, 2014, was $78.0 million. For the six month period ended June&nbsp;30, 2013, net cash provided by
investing activities consisted of $8.3 million representing proceeds from the sale of vessel Star Sigma, which was delivered to its new owners in April 2013, a decrease of $7.6 million in restricted cash, insurance proceeds amounting to $1.2 million
and was offset by additions to vessels cost and other fixed assets amounting to $0.8 million. For the six month period ended June&nbsp;30, 2014, net cash used in investing activities consisted of $74.3 million paid for advances with respect to our
11 newbuilding vessels, acquisitions of second hand vessels and other fixed assets, $0.2 million paid to acquire 33% of the total outstanding common stock of Interchart Shipping Inc, a Liberian company that acts as a chartering broker to our fleet,
and a net increase of $4.1 million in restricted cash, offset by insurance proceeds of $0.6 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Net cash used in financing
activities for the six month period ended June&nbsp;30, 2013 was $25.9 million. Net cash provided by financing activities for the six month period ended June&nbsp;30, 2014 was $62.6 million. For the six month period ended June&nbsp;30, 2013, net
cash used in financing activities represented $25.6 million of loan installment payments and $0.3 million payment of financing fees. For the six month period ended June&nbsp;30, 2014, net cash provided by financing activities consisted of loan
proceeds amounting to $74.0 million, financing fees paid amounting to $0.9 million and loan installment payments amounting to $10.5 million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Liquidity
and Capital Resources </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our principal source of funds has been equity provided by our shareholders, additional debt under secured credit
facilities and operating cash flow. Our principal use of funds has been capital expenditures to grow our fleet, maintain the quality of our dry bulk carriers, comply with international shipping standards and environmental laws and regulations, fund
working capital requirements, make interest and principal repayments on outstanding indebtedness and pay dividends. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our short-term liquidity requirements include servicing our debt, payment of operating costs,
funding working capital requirements and maintaining cash reserves against fluctuations in operating cash flows and financing activities and paying cash dividends when we are able to do so. Sources of short-term liquidity include our revenues earned
from our charters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014, we had contracted to acquire nine newbuilding dry bulk carriers, from SWS, JMU and NACKS,
six of which are scheduled to be delivered in 2015 and three in 2016. In addition, as of June&nbsp;30, 2014, we have entered into two bareboat agreements, or the Bareboat Charters, with CSSC (Hong Kong) Shipping Company Limited, or CSSC, an
affiliate of SWS, to bareboat charter for a period of 10 years, two 208,000 dwt Newcastlemax dry bulk vessels, Hull 1371 and 1372, to be built at SWS, which are scheduled to be delivered in 2015. We have the option to purchase the vessels at any
time and we have a purchase obligation upon the completion of the tenth year of the bareboat charterparty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of August&nbsp;20, 2014 and
after the completion of the Transactions, we have contracts for the construction of 36 eco-vessels, including the 11 bareboat agreements with the option to purchase the associated newbuilding vessels at any time and the purchase obligation upon the
passing of certain timing thresholds, as provided in each bareboat charterparty. The aggregate payments for the newbuilding vessels, including agreed extra costs and commissions, are expected to be approximately $1,556.2 million, of which, as of
August&nbsp;20, 2014, we had paid $224.5 million. As of August&nbsp;20, 2014, we had obtained commitments for $562.7 million of secured debt for 17 newbuilding vessels, we were in final stages of negotiations for an additional $414.8 million of
secured debt for newbuilding 16 vessels, and we targeted an additional $95.6 million secured debt for three remaining newbuilding vessels. The remaining payments for the newbuilding vessels are expected to be paid from cash on hand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the Excel Transactions, we agreed to acquire the 34 Excel Vessels (of which five had already been delivered as of September&nbsp;5, 2014)
for aggregate consideration of 29,917,312 common shares and $288.4 million of cash. At the transfer of each Excel Vessel, we will pay the cash and share consideration for such Excel Vessel to Excel. We expect to use cash on hand, together with
borrowings under the $231.0 million Excel Vessel Bridge Facility to pay the cash consideration for the Excel Vessels. In addition we are in final stages of negotiations for an additional $27.5 million of financing. As of September&nbsp;5, 2014, we
had drawn $29.2 million under the Excel Vessel Bridge Facility, and issued 3,548,372 of common shares representing the Excel Vessel Share Consideration for the five Excel Vessels (<I>Star Kamila </I>(ex <I>Iron Bradyn</I>)<I>, Star Nasia</I> (ex
<I>Iron Anne</I>)<I>, Star Natalie </I>(ex <I>Angela Star), Star Aline </I>(ex <I>Iron Knight</I>) and<I> Star Tatianna</I> (<I>ex Fortezza</I>)) delivered to us as of September&nbsp;5, 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Therefore, our liquidity requirements include funding the equity portion of investments in our newbuilding vessels and operating vessels
(including the Excel Vessels, as we acquire them) and repayment of long-term debt balances. Potential sources of funding for liquidity requirements may include additional debt or equity issuances in the public and private markets or vessel sales. As
of June&nbsp;30, 2014, we had outstanding borrowings of $253.9 million of which $29.3 million is scheduled to be repaid in the next twelve months. As of August&nbsp;20, 2014 and after the completion of the Transactions, we had $129.4, million in
cash and outstanding borrowings of $489.2, million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may fund possible growth through our cash balances, operating cash flow,
additional debt and the issuance of new equity. Our practice has been to acquire dry bulk carriers using a combination of funds received from equity investors and bank debt secured by mortgages on our dry bulk carriers. In the event that we
determine to finance a portion of the purchase price for new vessel acquisitions with debt, and if the current conditions in the credit market continue, we may not be able to secure new borrowing capacity on favorable terms or at all. 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 dry bulk carriers and the selective sale of older dry bulk carriers. These transactions will be principally
subject to management&#146;s expectation of future market conditions as well as our ability to acquire dry bulk carriers on favorable terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014, cash and cash equivalents decreased to $39.4 million compared to $44.3 million as of December&nbsp;31, 2013 and
restricted cash, due to minimum liquidity covenants and cash collateral requirements contained in our loan agreements, increased to $15.8 million as of June&nbsp;30, 2014, compared to $11.7 million as of December&nbsp;31, 2013. Our working capital
is equal to current assets minus current liabilities, including the current portion of long-term debt. Our working capital was $10.6 million as of June&nbsp;30, 2014, compared to $24.7 million as of December&nbsp;31, 2013. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Loan Facilities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For information relating to our loan agreements, please see Note&nbsp;9 to our audited financial statements for the year ended
December&nbsp;31, 2013 included in our annual report on Form 20-F, which was filed with the Commission on March&nbsp;21, 2014, and Note&nbsp;8 to our unaudited interim condensed consolidated financial statements for the six month period ended
June&nbsp;30, 2014, included elsewhere herein. As a result of the July 2014 Transactions, we assumed an additional $208.2 million aggregate principal amount of vessel financing, all of which is secured by the vessels financed, some of which is
guaranteed either by us or by certain of our subsidiaries. All of the vessel financing agreements have various negative and financial maintenance covenants. In addition, we also assumed bareboat charters with respect to four newbuilding vessels
being built at New Yangzijiang and five newbuilding vessels being built at SWS. Heron also has an outstanding loan facility provided by CiT, which is secured by the vessels owned by Heron. See the Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations of Oceanbulk, under the caption, &#147;Oceanbulk&#146;s Borrowing Activities&#148; (contained in Exhibit 99.2 to this Report on Form 6-K) for more information about such restrictions contained in the
financing arrangements of Oceanbulk that we assumed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Excel Transactions, we entered into the new $231.0 Excel
Vessel Bridge Facility, which was extended to us by entities affiliated with Oaktree and entities affiliated with Angelo, Gordon&nbsp;&amp; Co. We expect to use cash on hand together with the Excel Vessel Bridge Facility to fund the cash
consideration for the Excel Vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unity Holding LLC (&#147;Unity&#148;), which is one of our direct subsidiaries, is the borrower
under the Excel Vessel Bridge Facility, and we are, and each individual vessel-owning subsidiary of Unity (with one exception) will be, a guarantor. The Excel Vessel Bridge Facility matures on February&nbsp;28, 2016, with mandatory prepayments of
$6.0 million each due in March, June and September 2015. Outstanding amounts under the Excel Vessel Bridge Facility bear interest at a rate equal to LIBOR (based on a one month interest period) plus an applicable margin of either 5.00%&nbsp;per
annum through February&nbsp;28, 2015 and 6.00%&nbsp;per annum thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Excel Vessel Bridge Facility will be secured by 33 of the
Excel Vessels as well as related bank accounts, earnings and insurance proceeds and the equity of each vessel-owning subsidiary of Unity. The Excel Vessels are divided into 22 &#147;Core Collateral Vessels&#148; and 11 &#147;Non-Core Collateral
Vessels.&#148; As of September&nbsp;5, 2014, five of the Excel Vessels had been delivered to us, and $29.2 million of borrowings were outstanding under the Excel Vessel Bridge Facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Excel Vessel Bridge Facility contains customary affirmative and negative covenants applicable to Unity and its subsidiaries, including
limitations on the incurrence of additional indebtedness and guarantee obligations, the incurrence of liens, fundamental changes, asset sales, transactions with affiliates and investments. The Excel Vessel Bridge Facility contains customary events
of default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Excel Vessel Bridge Facility requires Unity and its subsidiaries to maintain in pledged accounts a minimum amount of cash
or cash equivalents in an aggregate amount of not less than (i)&nbsp;$0.5 million multiplied by (ii)&nbsp;the number of Excel Vessels securing the Excel Vessel Bridge Facility at such time. The Excel Vessel Bridge Facility also requires Unity to
maintain a ratio of (i)&nbsp;the aggregate outstanding principal amount of loans under the Excel Vessel Bridge Facility to (ii)&nbsp;the aggregate fair market value of the Core Collateral Vessels at such time of not greater than 0.75 to 1.0. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Excel Vessel Bridge Facility also contains a restriction on distributions and other payments by Unity with various customary exceptions,
including the ability to pay distributions to its members so long as: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">no default or event of default shall have occurred and be continuing or would result from such payment; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">on a pro forma basis after giving effect to such payment, Unity is in compliance with its financial maintenance covenants; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">either: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">if the distribution is being made using the proceeds of a vessel disposition, (A)&nbsp;25% of the net cash proceeds from sales of Core Collateral Vessels and (B)&nbsp;100% of the net cash proceeds from sales of Non-Core
Collateral Vessels may be distributed, in each case, within five business days after receipt, to the extent that the ratio of (x)&nbsp;the aggregate outstanding principal amount of loans under the Excel Vessel Bridge Facility (after taking account
of mandatory prepayments) to (y)&nbsp;the aggregate fair market value of the Core Collateral Vessels is not greater than 0.55 to 1.00; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">if the distribution is being made from other sources, on a pro forma basis after giving effect to such payment, (x)&nbsp;the aggregate outstanding principal amount of loans under the Excel Vessel Bridge Facility (after
taking account of mandatory prepayments) to (y)&nbsp;the aggregate fair market value of the Core Collateral Vessels is not greater than 0.70 to 1.00. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014, we were in compliance with financial and other covenants contained in our amended debt agreements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contractual Obligations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following
table sets forth our contractual obligations as of June&nbsp;30, 2014, on an historical basis: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
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<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Twelve month periods ending June&nbsp;30,<BR>(in thousands of U.S. Dollars)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020 and<BR>thereafter</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">253,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">41,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">82,257</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,477</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">46,714</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">44,932</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on long term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,643</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,035</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,731</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,202</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,428</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shipbuilding contracts and agreed extra costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">303,934</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,747</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">222,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases - upfront hire&nbsp;&amp; handling fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat commitments charterhire<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124,739</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,232</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>722,278</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>131,056</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>277,814</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>95,761</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>21,928</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>57,955</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>137,764</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The bareboat charterhire is comprised of a fixed and a variable portion, and the variable portion is calculated based on the six-month LIBOR rate of 0.327%, as of June&nbsp;30, 2014. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth our contractual obligations as of June&nbsp;30, 2014 on an
as-adjusted (pro forma) basis, giving effect to (i)&nbsp;the July 2014 Transactions (and the assumption of the long-term debt and other contractual commitments of Oceanbulk and the Pappas Companies) and (ii)&nbsp;the incurrence of the NIBC Facility
and the BNP Facility, which were agreed subsequent to June&nbsp;30, 2014 (the BNP Facility having been assumed pursuant to the July 2014 Transactions): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Twelve month periods ending June&nbsp;30,<BR>(in thousands of U.S. Dollars)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020 and<BR>thereafter</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long term debt<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">648,979</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">52,426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">73,048</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">114,320</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">50,696</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">183,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">174,886</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on long term debt<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85,554</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,424</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,855</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,337</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shipbuilding contracts and agreed extra costs<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase Commitments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">716,179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">403,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases - upfront hire and handling fees<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,679</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,547</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat commitments charterhire<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">540,665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,392</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,925</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,678</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">391,887</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,050,056</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>431,420</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>532,808</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>170,100</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>104,711</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>235,686</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>575,331</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The historical outstanding balance of our long-term debt with commercial banks at June&nbsp;30, 2014 was $253.9 million. The as-adjusted contractual obligations table includes also the expected repayments of the
obligations arising under (i)&nbsp;the NIBC Facility and the BNP Facility, which were agreed subsequent to June&nbsp;30, 2014 (the BNP Facility having been assumed pursuant to the July 2014 Transactions, as discussed under &#147;&#151;Recent
Developments&#148;), (ii)&nbsp;the as-adjusted long-term debt and other contractual commitments of Oceanbulk, which we assumed in the July 2014 Transactions (as discussed under &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations of Oceanbulk&#151;Contractual Obligations&#148;, contained in Exhibit 99.2 to this Report on Form 6-K) and (iii)&nbsp;the Dioriga Facility, which we assumed in the July 2014 Transactions (as discussed under
&#147;&#151;Recent Developments&#148;).&nbsp;The schedule of such expected repayments is based on (a)&nbsp;the actual drawdown dates, to the extent applicable, subsequent to June&nbsp;30, 2014 and (b)&nbsp;the financed newbuilding vessels&#146;
expected delivery dates (as described under &#147;&#151;Our Fleet&#148;), for those drawdowns under the Deutsche Bank Facility, the CEXIM Facility, the NIBC facility and the BNP Facility that had not yet occurred (as of August&nbsp;20, 2014) but are
expected concurrently with the relevant vessel deliveries. As-adjusted long-term debt does not reflect the incurrence of any amounts under the $231.0 million Excel Vessel Bridge Facility, which had $29.2 million outstanding as of September 5, 2014,
or any mandatory prepayments thereunder ($6.0 million each in March, June and September 2015), because it relates to a bridge loan, which shall be refinanced before or at its maturity with a new loan that shall have a longer maturity profile.
</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Our long-term debt outstanding as of June&nbsp;30, 2014 bears interest at a variable rate of three-month LIBOR plus a margin. The historical calculation of interest payments has been made assuming interest rates based
on the three-month LIBOR as of June&nbsp;30, 2014 and our various applicable margin rates under our historical debt as of June&nbsp;30, 2014. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The as-adjusted contractual obligations table includes also the expected interest payments under the as-adjusted long term debt discussed under
footnote (1). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">The amounts presented in the historical contractual obligations table represent our remaining obligations as of June&nbsp;30, 2014 with respect to the pipeline of our newbuilding program, excluding those applicable
under the bareboat lease agreements classified as capital leases, which are discussed under footnote (4)&nbsp;below. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
as-adjusted purchase commitments have been adjusted to exclude those commitments related to the financed vessels under the Deutsche Bank Facility, the CEXIM Facility, the NIBC facility and the BNP Facility, which payment obligations have been
reflected in as-adjusted long term debt, as described under footnote (1)&nbsp;above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">The amounts presented in the historical contractual obligations table represent our commitments under the bareboat lease arrangements with respect to the upfront fee, the handling fees and the charterhire, gross of any
address commissions we may be entitled to. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The as-adjusted bareboat commitments have been adjusted to include those
Oceanbulk bareboat commitments assumed as a result of the Transactions, as discussed in Exhibit 99.2 to this Report to Form 6-K under &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of Oceanbulk-
Contractual Obligations&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Significant Accounting Policies and Critical Accounting Policies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There have been no material changes to our significant accounting policies since December&nbsp;31, 2013. For a description of our critical
accounting policies and all of our significant accounting policies, see Note&nbsp;2 to our audited financial statements and &#147;Item 5 &#151; Operating and Financial Review and Prospects,&#148; included in our Annual Report on Form 20-F for the
year ended December&nbsp;31, 2013, which was filed with the Commission on March&nbsp;21, 2014 and Note&nbsp;2 to the unaudited interim condensed consolidated financial statements for the six month period ended June&nbsp;30, 2014, included elsewhere
in this report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FINANCIAL STATEMENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Consolidated Balance Sheets as of December&nbsp;31, 2013 and June&nbsp;30, 2014 (unaudited)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unaudited Interim Condensed Consolidated Statements of Operations for the six month periods ended June&nbsp;30, 2013 and 2014</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unaudited Interim Condensed Consolidated Statement of Stockholders&#146; Equity for the six month periods ended June&nbsp;30, 2013 and
2014</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six month periods ended June&nbsp;30, 2013 and 2014</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes to Unaudited Interim Condensed Consolidated Financial Statements</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated Balance Sheets </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>As of December&nbsp;31,
2013 and June&nbsp;30, 2014 (unaudited) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data) </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30, <BR>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">44,298</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash, current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,862</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,442</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,203</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,211</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories (Note 4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,726</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,227</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due from managers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due from related parties (Note 3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,953</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses and other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,773</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,061</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Current Assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>54,429</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>56,395</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FIXED ASSETS</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessels under construction and acquisition of vessels (Note 6)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,932</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessels and other fixed assets, net (Note 5)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">326,674</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">377,302</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Fixed Assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>394,606</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>459,096</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>OTHER NON-CURRENT ASSETS</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long term Investment (Note 3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred finance charges, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash, non-current</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,870</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,370</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative asset (Note 15)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fair value of above market acquired time charter (Note 7)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,978</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,829</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL ASSETS</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>468,088</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>535,963</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LIABILITIES&nbsp;&amp; STOCKHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT LIABILITIES</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of long term debt (Note 8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">18,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,638</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due to related parties (Note 3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,476</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,501</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,591</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative liabilities (Note 15)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">642</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">804</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Current Liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>29,734</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>46,461</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NON-CURRENT LIABILITIES</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long term debt (Note 8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">172,048</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">224,632</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative liability (Note 15)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other non-current liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL LIABILITIES</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>201,982</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>271,496</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>STOCKHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferred Stock; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December&nbsp;31, 2013 and June&nbsp;30,
2014 (Note 9)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock, $0.01 par value, 300,000,000 shares authorized; 29,059,671 shares issued and outstanding at December&nbsp;31, 2013 and
29,493,769 shares issued and outstanding at June&nbsp;30, 2014 (Note 9)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">291</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">295</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional paid in capital</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">668,219</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">670,446</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated deficit</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(402,404</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(406,274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Stockholders&#146; Equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>266,106</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>264,467</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>468,088</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>535,963</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Operations </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June&nbsp;30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">35,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">43,064</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fee income (Note 3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">456</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,861</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,818</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,925</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Expenses</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,505</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,721</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessel operating expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,732</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,062</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dry docking expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">572</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,709</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bad debt expense</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on sale of vessel (Note 5)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operational loss (Note 11)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operational gain (Note 10)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,647</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(407</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,584</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating income/ (loss)</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,234</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(16</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other Income / (Expenses)</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and finance costs (Note 8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,794</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,057</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gain/ (loss) on derivative financial instruments, net (Note 15)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(819</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and other income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total other expenses, net</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,270</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,855</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>INCOME/ (LOSS) BEFORE EQUITY IN INCOME OF INVESTEE</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,871</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity in income of investee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net Income / (loss)</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,964</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,870</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings / (loss) per share, basic (Note 12)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.13</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings / (loss) per share, diluted (Note 12)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.13</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of shares outstanding, basic (Note 12)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,414,998</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,973,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of shares outstanding, diluted (Note 12)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,443,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,973,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Stockholders&#146; Equity </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June&nbsp;30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Common Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>#&nbsp;of&nbsp;Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Par&nbsp;Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Additional<BR>Paid-in<BR>Capital<BR></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated</B><br><B>deficit</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total<BR>Stockholders&#146;<BR>Equity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>BALANCE, January&nbsp;1, 2013</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B> 5,400,810</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>54</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>520,946</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(404,254</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>116,746</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of vested and non-vested shares and amortization of stock-based compensation (Note&nbsp;13)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>BALANCE, June&nbsp;30, 2013</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,412,810</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>54</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>521,546</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(402,290</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>119,310</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>BALANCE, January&nbsp;1, 2014</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>29,059,671</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>291</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>668,219</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(402,404</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>266,106</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,870</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,870</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of common stock - Acquisition of 33% of Interchart (Note&nbsp;3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of vested and non-vested shares and amortization of stock-based compensation (Note&nbsp;13)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">411,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,899</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,903</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>BALANCE, June&nbsp;30, 2014</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>29,493,769</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>295</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>670,446</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(406,274</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>264,467</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June&nbsp;30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flows from Operating Activities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income / (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,870</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjustments to reconcile net loss to net cash provided by operating activities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of fair value of above market acquired time charters (Note 7)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of deferred finance charges (Note 8)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on sale of vessel (Note 5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stock-based compensation (Note 13)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,903</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in fair value of financial derivatives (Note 15)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(438</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bad debt expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gain from insurance claim (Note 10)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(397</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(237</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Changes in operating assets and liabilities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Increase)/Decrease in:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,257</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,223</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories (Note 4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,501</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses and other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(602</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due from related parties (Note 3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,467</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase/(Decrease) in:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,875</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,060</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due to related parties (Note 3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">139</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">917</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued liabilities and other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(608</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(441</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash provided by Operating Activities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,962</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,485</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flows from Investing Activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessels under construction and acquisition of vessels and other assets (Note 6)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(827</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(74,267</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long term investment</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(200</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash proceeds from vessel sale (Note 5)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,273</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Insurance proceeds</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">550</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Decrease in restricted cash</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,614</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in restricted cash</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,102</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash provided by / (used in) Investing Activities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,290</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(77,997</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flows from Financing Activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from bank loans</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loan repayment</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25,601</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,452</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financing fees paid</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(271</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(914</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash (used in) / provided by Financing Activities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25,872</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,634</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net increase / (decrease) in cash and cash equivalents</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,878</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash and cash equivalents at the beginning of the period</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,298</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash and cash equivalents at the end of the period</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">18,330</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>SUPPLEMENTAL CASH FLOW INFORMATION</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash paid during the period for:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,369</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,540</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June&nbsp;30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Basis of Presentation and General Information: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Star Bulk Carriers Corp. (&#147;Star
Bulk&#148; or the &#147;Company&#148;) is a public shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall Islands on December&nbsp;13, 2006 and maintains executive
offices in Athens, Greece. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Star Bulk shares started trading on the NASDAQ Global Select Market on December&nbsp;3, 2007, under the ticker
symbol SBLK. The accompanying unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its subsidiaries, which are hereinafter collectively referred to as the &#147;Company,&#148; and have been prepared in
accordance with accounting principles generally accepted in the United States of America (&#147;U.S. GAAP&#148;) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) for interim financial
information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements
and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation of the Company&#146;s financial position, results of operations and cash flows for the periods
presented. Operating results for the six months ended June&nbsp;30, 2014, are not necessarily indicative of the results that might be expected for the fiscal year ending December&nbsp;31, 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the
Company&#146;s Annual Report on Form 20-F for the year ended December&nbsp;31, 2013, filed with the SEC on March&nbsp;21, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Below is
the list of Star Bulk&#146;s subsidiaries, all wholly owned, as of June&nbsp;30, 2014: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:95.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Wholly Owned Subsidiaries</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:43.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Vessel Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:19.15pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>DWT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:76.60pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date<BR>Delivered&nbsp;to&nbsp;Star&nbsp;Bulk</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:35.75pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Year&nbsp;Built</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Bulk Management Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Starbulk S.A.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Bulk Manning LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Vessels in operation at June 30, 2014</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Aurora LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Aurora</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">171,199</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;8,&nbsp;2010</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Big LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Big</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">168,404</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">July 25, 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1996</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Borealis LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Borealis</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">179,678</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September 9, 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2011</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Mega LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Mega</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">170,631</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">August 16, 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1994</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Polaris LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Polaris</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">179,600</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14,&nbsp;2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2011</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Sirius LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Sirius</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">98,681</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March 7, 2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2011</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Vega LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Vega</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">98,681</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February 13, 2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2011</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Challenger I LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Challenger</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">61,462</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December 12, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2012</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Challenger II LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Fighter</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">61,455</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December 30, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2013</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Cosmo LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Cosmo</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">52,247</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">July 1, 2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2005</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Delta LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Delta </I>(ex <I>F Duckling</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">52,434</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January 2, 2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Epsilon LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Epsilon</I> (ex <I>G Duckling</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">52,402</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December 3, 2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2001</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Gamma LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Gamma</I> (ex <I>C Duckling</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">53,098</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January 4, 2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2002</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Kappa LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Kappa</I> (ex <I>E Duckling</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">52,055</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December 14, 2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2001</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Omicron LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Omicron</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">53,489</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">April 17, 2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2005</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Theta LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Theta</I> (ex <I>J Duckling</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">52,425</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December 6, 2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2003</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Star Zeta LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Star Zeta</I> (ex <I>I Duckling</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">52,994</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January 2, 2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2003</TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><B>Vessels disposed*</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lamda LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><I>Star Sigma</I></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">184,403</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">April 15, 2008</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">1991</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Star Alpha LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><I>Star Alpha</I> (ex <I>A Duckling</I>)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">175,075</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">January 9, 2008</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">1992</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Star Beta LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><I>Star Beta</I> (ex <I>B Duckling</I>)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">174,691</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">December&nbsp;28,&nbsp;2007</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">1993</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Star Ypsilon LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><I>Star Ypsilon</I></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">150,940</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">September&nbsp;18,&nbsp;2008</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">1991</TD></TR>
</TABLE></DIV> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">For vessels disposed refer to Note 5. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Basis of Presentation and General Information &#151; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Newbuildings at June&nbsp;30, 2014 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD style="width:9pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:9pt"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:95.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Wholly Owned Subsidiaries</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:68.65pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Newbuildings Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:17.35pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Type</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:19.15pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>DWT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:80.40pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Expected&nbsp;Delivery&nbsp;Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR CAPE I LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1338 (tbn <I>Star Aries</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">180,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">June 2015<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR ASIA I LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 5040 (tbn <I>Star Aquarius</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">60,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">June 2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR SEEKER</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1372 (tbn <I>Star Libra</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">208,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">July 2015<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR ASIA II LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 5043 (tbn <I>Star Pisces</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">60,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September 2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR AXE I LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN NE 196 (tbn <I>Star Antares</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">61,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;2015<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR AXE II LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN NE 197 (tbn <I>Star Lutas</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">61,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October 2015<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR BREEZER</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1371 (tbn <I>Star Virgo</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">208,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December 2015<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR CAPE II LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1339 (tbn <I>Star Taurus</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">180,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December 2015<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR CASTLE I LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1342 (tbn <I>Star Gemini</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">208,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January 2016</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR ENNEA LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN NE 198 (tbn <I>Star Poseidon</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">209,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February 2016<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">STAR CASTLE II LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1343 (tbn <I>Star Leo</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">208,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">April 2016</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Below is the list of the vessels which are under commercial and technical management by the Star Bulk&#146;s wholly owned subsidiary Starbulk
S.A. as of June&nbsp;30, 2014. For each vessel Starbulk S.A. receives a fixed management fee of $0.75 per day. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD style="width:9pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:9pt"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD style="width:17pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:17pt"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:85.75pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Vessel Owning Company</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:43.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Vessel Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:19.15pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>DWT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:93.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Effective Date<BR>of&nbsp;Management&nbsp;Agreement</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:35.75pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Year&nbsp;Built</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Global Cape Shipping LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Kymopolia</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">176,990</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January 30, 2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2006</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">OOCAPE1 Holdings LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Obelix</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">181,433</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October 19, 2012</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2011</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Pacific Cape Shipping LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Pantagruel</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">180,181</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October 24, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2004</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sea Cape Shipping LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Big Bang</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">174,109</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">August 30, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2007</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sky Cape Shipping LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Big Fish</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">177,662</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October 18, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2004</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Majestic Shipping LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Madredeus</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">98,681</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February 4, 2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2011</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Nautical Shipping LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Amami</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">98,681</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February 4, 2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2011</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Grain Shipping LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Pendulum</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">82,619</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February 17, 2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2006</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Mineral Shipping LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Mercurial&nbsp;Virgo</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">81,545</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February 17, 2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2011</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Hamon Shipping Inc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Marto</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">74,470</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">August 2, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2001</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Glory Supra Shipping LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Strange&nbsp;Attractor</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">55,742</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;24,&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2006</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Premier Voyage LLC*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Maiden Voyage</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">58,722</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;28,&nbsp;2012</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2012</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Serenity Maritime Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Serenity I</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">53,688</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">June 11, 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="4" ALIGN="center">2006</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">The respective companies are related parties, please refer to Note 3 </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Significant Accounting Policies: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A summary of the Company&#146;s significant accounting
policies is identified in Note 2 on the Company&#146;s consolidated financial statements included in the Annual Report on Form 20-F for the fiscal year ended December&nbsp;31, 2013, filed with the SEC on March&nbsp;21, 2014. There have been no
changes to the Company&#146;s significant accounting policies in the six month period ended June&nbsp;30, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revenue from
Contracts with Customers</I></B>: In May 2014, the FASB issued Accounting Standards Update (ASU) No.&nbsp;2014-09, <I>Revenue from Contracts with Customers</I>. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition
guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the
contract. ASU <FONT STYLE="white-space:nowrap">2014-09</FONT> will also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and
changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December&nbsp;15, 2016. Early application is not permitted. Entities can transition
to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on its financial statements and accompanying notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transactions with Related Parties: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Transactions and balances with related parties are
analyzed as follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Balance Sheet </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combine Marine Ltd (c)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oceanbulk Maritime S.A. (d)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">176</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Managed Vessels of Oceanbulk Shipping LLC (e)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,752</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Product Shipping&nbsp;&amp; Trading S.A. (f)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>486</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,953</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interchart Shipping Inc. (a)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management and Directors Fees (b)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Managed Vessels of Oceanbulk Shipping LLC (e)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">390</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>559</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,476</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Capitalized Expenses </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Advances for vessels under construction and acquisition of vessels and other assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oceanbulk Maritime S.A.- commission fee for newbuilding vessels&nbsp;(d)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,038</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Statements of Operations </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month&nbsp;period&nbsp;ended</B><br><B>June 30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commission on sale of vessel - Oceanbulk Maritime S.A. (d)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(90</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Executive directors consultancy fees (b)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(246</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(286</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non-executive directors compensation (b)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(51</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(71</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Office rent - Combine Marine Ltd. (c)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses-Interchart (a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(397</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(385</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fee income - Oceanbulk Maritime S.A. (d)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fee income - Managed Vessels of Oceanbulk Shipping LLC&nbsp;(e)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,299</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fee income Product Shipping&nbsp;&amp; Trading S.A. (f)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transactions with Related Parties &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(a)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Interchart Shipping Inc. or Interchart:</B> On February&nbsp;25, 2014, the Company acquired 33% of the total outstanding common stock of Interchart for a consideration of $200 in cash and 22,598 of the Company&#146;s
restricted common shares. The common shares were issued on April&nbsp;1, 2014, and the fair value per share of $14.51 was determined by reference to the closing price of the Company&#146;s common share on the issuance date. This transaction is
considered an equity method accounted investment. On February&nbsp;25, 2014, the Company entered into a services agreement (the &#147;Services Agreement&#148;) with Interchart, for chartering, brokering and commercial services for all the
Company&#146;s vessels for an annual fee of &#128;500,000 (approx. $685, using the exchange rate as of June&nbsp;30, 2014, which was $1.37 per euro). This fee is adjustable for changes in Company&#146;s fleet pursuant to the terms of the Services
Agreement. Under the Services Agreement, all previously agreed upon brokerage commissions due to Interchart were cancelled retroactively from January&nbsp;1, 2014. Previous to this Agreement, Interchart acted as chartering broker of all the
Company&#146;s vessels. As of December&nbsp;31, 2013 and June&nbsp;30, 2014, the Company had an outstanding payable of $58 and $77, respectively, to Interchart. During the six months ended June&nbsp;30, 2013 and 2014, the brokerage commission
charged by Interchart amounted to $397 and $385, respectively, and is included in &#147;Voyage expenses&#148; in the accompanying unaudited interim condensed consolidated statements of operations. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(b)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Management and Directors Fees:</B> On February&nbsp;7, 2011, Mr.&nbsp;Spyros Capralos was appointed as the Company&#146;s President and Chief Executive Officer, to succeed Mr.&nbsp;Akis Tsirigakis who resigned from
those positions on that date, and resigned from the Company&#146;s Board of Directors on March&nbsp;31, 2012. Effective February&nbsp;7, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company&#146;s
Chief Executive Officer, Mr Spyros Capralos. This agreement had a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company paid the Chief Executive Officer a base fee at an annual rate of not less
than &#128;160,000 (approx. $219, using the exchange rate as of June&nbsp;30, 2014, which was $1.37 per euro), additionally, the Chief Executive Officer was entitled to receive an annual discretionary bonus, as determined by the Company&#146;s Board
of Directors in its sole discretion and a minimum guaranteed incentive award of 28,000 shares of stock. These shares vested in three equal annual installments, the first installment of 9,333 shares vested on February&nbsp;7, 2012, the second
installment of 9,333 shares vested on February&nbsp;7, 2013 and the last installment of 9,334 shares vested on February&nbsp;7, 2014. During the six months ended June&nbsp;30, 2013, the consultancy fees under the specific consulting agreement with
the Company&#146;s Chief Executive Officer amounted to $79. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;2, 2011, the Company entered into a consulting
agreement with a company owned and controlled by Mr.&nbsp;Simos Spyrou, the Company&#146;s Chief Financial Officer. This agreement had a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company
paid the Chief Financial Officer a base fee at an annual rate of not less than &#128;56,000 (approx. $77, using the exchange rate as of June&nbsp;30, 2014, which was $1.37 per euro). Additionally, the Chief Financial Officer is entitled to receive
an annual discretionary bonus, as determined by the Company&#146;s Board of Directors in its sole discretion. During the six months ended June&nbsp;30, 2013, the consultancy fees under the specific consulting agreement with the Chief Financial
Officer amounted to $25. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transactions with Related Parties &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(b)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Management and Directors Fees &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;3, 2013, the Company entered into separate renewal consulting agreements with
companies owned and controlled by the Company&#146;s Chief Executive Officer and Chief Financial Officer. Under these agreements, each company controlled by the Company&#146;s Chief Executive Officer and Chief Financial Officer will receive an
annual consulting fee of not less than &#128;174,600 (approx. $239, using the exchange rate as of June&nbsp;30, 2014, which was $1.37 per euro) and &#128;102,000 (approx. $140), respectively. The respective agreements have a term of three years and
will be renewed for a successive year unless terminated earlier in accordance with their terms. Both the Company&#146;s Chief Executive Officer and Chief Financial Officer are entitled to receive an annual discretionary bonus, as determined by the
Company&#146;s Board of Directors in its sole discretion. In addition, under his renewed consulting agreement the Company&#146;s Chief Executive Officer is entitled to receive a minimum guaranteed incentive award of 28,000 shares of stock. These
shares vest in three equal annual installments, the first installment of 9,333 shares vested on May&nbsp;3, 2014, the second installment of 9,333 shares vests on May&nbsp;3, 2015 and the last installment of 9,334 shares vests on May&nbsp;3, 2016. On
May&nbsp;27, 2014, the Company issued the first installment of 9,333 shares. During the six months ended June&nbsp;30, 2013 and 2014, the consultancy fees in aggregate, under the renewal consulting agreements with the Company&#146;s Chief Executive
Officer and Chief Financial Officer amounted to $63 and $202, respectively. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;1, 2011, the Company entered into a consulting
agreement with a company owned and controlled by Mr.&nbsp;Zenon Kleopas, the Company&#146;s Chief Operating Officer. This agreement has an indefinite term and each party may terminate the agreement giving one month&#146;s notice. Under this
agreement, the Company pays the Chief Operating Officer a base fee at an annual rate of not less than &#128;117,519 (approx. $161, using the exchange rate as of June&nbsp;30, 2014, which was $1.37 per euro). During the six months ended June&nbsp;30,
2013 and 2014, the consultancy fees under the specific consulting agreement with the Chief Operating Officer amounted to $79, and $84, respectively. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The related expenses for the Company&#146;s executive officers for the six months ended June&nbsp;30, 2013 and 2014 were $246 and $286,
respectively, and are included under &#147;General and administrative expenses&#148; in the accompanying unaudited interim condensed consolidated statements of operations. As of December&nbsp;31, 2013 and June&nbsp;30, 2014, Star Bulk had an
outstanding payable balance of $111 and $71 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 of Non-executive directors for the six months ended June&nbsp;30, 2013 and 2014 amounted to $51 and $71, respectively and are included under &#147;General and administrative expenses&#148; in the accompanying unaudited interim
condensed consolidated statements of operations. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(c)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Combine Marine Ltd., or Combine Ltd.:</B> On January&nbsp;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&#146;s
directors, Mrs.&nbsp;Milena - Maria Pappas and by Mr.&nbsp;Alexandros Pappas, children of the Company&#146;s Chairman, Mr.&nbsp;Petros Pappas. The lease agreement provides for a monthly rental of &#128;2,500 (approximately $3.4, using the exchange
rate as of June&nbsp;30, 2014, which was $1.37 per euro). On January&nbsp;1, 2013, the agreement was renewed and unless terminated by either party, it will expire in eleven years. The related expense for the rent for the six months ended
June&nbsp;30, 2013 and 2014 was $20 and $21, respectively, and is included under &#147;General and administrative expenses&#148; in the accompanying unaudited interim condensed consolidated statements of operations. As of December&nbsp;31, 2013 and
as of June&nbsp;30, 2014, the Company had an outstanding receivable of $1 and nil, respectively, with Combine Marine Ltd. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transactions with Related Parties &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(d)</B></TD>
<TD ALIGN="left" VALIGN="top"><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&#146;s directors, Mrs.&nbsp;Milena-Maria Pappas. During the six months ended
June&nbsp;30, 2013, the Company paid to Oceanbulk a brokerage commission of $90 relating to the sale of the vessel <I>Star Sigma</I>. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;25, 2013, Company&#146;s Board of Directors approved to pay Oceanbulk Maritime S.A. a commission fee relative to the
negotiations with the shipyards on the construction of the Company&#146;s contracted newbuilding vessels (Note 6). The agreement is to pay a commission of 0.5% of the shipbuilding contract price for the two newbuilding Capesize vessels and the three
newbuilding Newcastlemax vessels and a flat fee of $200 per vessel for the four newbuilding Ultramax vessels. For the respective nine newbuilding vessels the total commission will amount to $2,077. The commission has been agreed to be paid in four
equal installments, the first two installments will be paid in cash and the remaining two installments will be paid with the issuance of common shares. The first and the second installment of $519 each were paid in cash in December 2013 and in April
2014, respectively. The total amount of $1,038 was capitalized and is included in the &#147;Advances for vessel under construction and acquisition of vessels&#148; in the accompanying consolidated balance sheets. The last two installments, to be
paid with the issuance of common shares are due in June 2015 and in April 2016, respectively. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;22, 2014, Starbulk S.A.
entered into an agreement with Oceanbulk, under which, the Company provides certain management services including crewing, purchasing, arranging insurance, vessel telecommunications and Master general accounts supervision, to the vessels which are
under the management of Oceanbulk. Pursuant to the terms of this agreement, Starbulk S.A. received a fixed management fee of $0.17 per day, per vessel, which as of June&nbsp;1, 2014, was changed to $0.11 per day, per vessel, based on an addendum
signed on May&nbsp;22, 2014. As of June&nbsp;30, 2014, the Company provided the respective services to six dry bulk carrier vessels. The related income for the six months ended June&nbsp;30, 2014, was $93 and is included under &#147;Management fee
income&#148; in the accompanying unaudited interim condensed consolidated statement of operations. As of December&nbsp;31, 2013 and June&nbsp;30, 2014, the Company had an outstanding receivable of $9 and $176, respectively, with Oceanbulk. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(e</B>)</TD>
<TD ALIGN="left" VALIGN="top"><B>Managed vessels of Oceanbulk Shipping LLC:</B> Oceanbulk Shipping LLC is a company minority owned by one of the Company&#146;s directors, Mrs.&nbsp;Milena-Maria Pappas. Starbulk S.A. has entered into vessel
management agreements with Maiden Voyage LLC, Premier Voyage LLC, OOCAPE1 Holdings LLC, Sea Cape Shipping LLC, Sky Cape Shipping LLC, Glory Supra Shipping LLC, Pacific Cape Shipping LLC, Global Cape Shipping LLC, Majestic Shipping LLC, Nautical
Shipping LLC, Mineral Shipping LLC and Grain Shipping LLC, entities owned and controlled by Oceanbulk Shipping LLC. Pursuant to the terms of these agreements, Starbulk S.A. receives a fixed management fee of $0.75 per day, per vessel. The related
income for the six months ended June&nbsp;30, 2013 and 2014, was $272 and $1,299, respectively, and is included under &#147;Management fee income&#148; in the accompanying unaudited interim condensed consolidated statement of operations. As of
December&nbsp;31, 2013, and as of June&nbsp;30, 2014, the Company had an outstanding receivable of $420 and $1,752, respectively, and an outstanding liability of $390 and $1,328, respectively, with the companies owned and controlled by Oceanbulk
Shipping LLC. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transactions with Related Parties &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(f)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Product Shipping&nbsp;&amp; Trading S.A.: </B>Product Shipping&nbsp;&amp; Trading S.A. is controlled by family members of the Company&#146;s Chairman, Mr.&nbsp;Petros Pappas. On June&nbsp;7, 2013, Starbulk S.A.
entered into an agreement with Product Shipping&nbsp;&amp; Trading S.A., a Marshall Islands company, under which, the Company provides certain management services including crewing, purchasing and arranging insurance to the vessels which are under
the management of Product Shipping&nbsp;&amp; Trading S.A. Pursuant to the terms of this agreement, Starbulk S.A. receives a fixed management fee of $0.13 per day, per vessel. In October, 2013 the Company decided to gradually cease providing the
above mentioned services to the vessels managed by Product Shipping&nbsp;&amp; Trading S.A., except for arranging insurance services, and, as a result, the management fee decreased to $0.02 per day, per vessel. As of June&nbsp;30, 2014, the Company
provided insurance services for 17 product tankers. The related income for the six months ended June&nbsp;30, 2013 and 2014 was $40 and $62, respectively, and is included under &#147;Management fee income&#148; in the accompanying unaudited interim
condensed consolidated statement of operations. As of December&nbsp;31, 2013 and June&nbsp;30, 2014, the Company had an outstanding receivable of $56 and $25, respectively, with Product Shipping&nbsp;&amp; Trading S.A. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(<B>g)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Merger Agreement with Oceanbulk: </B>On June 16, 2014, the Company entered into an Agreement and Plan of Merger, (as amended from time to time, the &#147;Merger Agreement&#148;) among Oceanbulk, Star Synergy LLC, a
Marshall Islands limited liability company and a wholly-owned subsidiary of the Company (&#147;Oaktree Holdco Merger Sub&#148;), Star Omas LLC, a Marshall Islands limited liability company and a wholly-owned subsidiary of the Company (&#147;Pappas
Holdco Merger Sub&#148; and together with Oaktree Holdco Merger Sub, the &#147;Merger Subs&#148;), Oaktree and, Millennia, pursuant to which Oaktree and Millennia would merge with and into one of the Merger Subs (the &#147;Merger&#148;), with the
Merger Subs continuing as the surviving companies and wholly-owned subsidiaries of the Company. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement also
provided for the acquisition (the &#147;Heron Transaction&#148;) by the Company of two Kamsarmax vessels (the &#147;Heron Vessels&#148;), from Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability company incorporated in Malta. The Merger
Agreement provided that the Company would issue 2,115,706 of its common shares into escrow as consideration for the Heron Vessels, which common shares will be released from escrow when Heron distributes its vessels to its equity holders, whereupon
the two Heron Vessels will be transferred to the Company. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Inventories: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The amounts shown in the accompanying consolidated balance sheets are
analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,<BR>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lubricants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,726</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,099</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bunkers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,726</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,227</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Vessels and Other Fixed Assets, Net: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The amounts in the accompanying consolidated
balance sheets are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,<BR>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cost</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessels</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">481,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">541,141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other fixed assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,083</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Cost</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>482,169</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>542,574</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated Depreciation</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(155,495</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(165,272</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Vessels and other fixed asset, net</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>326,674</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>377,302</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Vessels and Other Fixed Assets, Net &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Vessels acquired / disposed during the six month period ended June&nbsp;30, 2013 </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;14, 2013, the Company entered into an agreement with a third party to sell the Star Sigma, for a contracted price of $9,044 less
address commission of 3% and brokerage commission of 2%. The vessel was delivered to its purchasers on April&nbsp;10, 2013. The net carrying amount of Star Sigma as of the date of its delivery was $8,354, and the resulting loss of $81 is included
under &#147;Loss on sale of vessel&#148; in the accompanying unaudited interim condensed consolidated statement of operations for the six month period ended June&nbsp;30, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No vessel acquisitions took place in the six month period ended June&nbsp;30, 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Vessels acquired / disposed during the six month period ended June&nbsp;30, 2014 </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;24, 2014, the Company entered into two agreements to acquire from Glocal Maritime Ltd, or &#147;Glocal&#148;, an unaffiliated
third party, two 98,000 dwt Post Panamax vessels, <I>Star Vega</I> and <I>Star Sirius</I>, built 2011, for an aggregate purchase price of $60,000. The vessels <I>Star Vega</I> and <I>Star Sirius</I>, were delivered to the Company on
February&nbsp;13, 2014 and March&nbsp;7, 2014, respectively. The vessels, upon their delivery, were chartered back to Glocal for a daily rate of $15 less brokerage commission of 1.25% until at least June 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No vessel disposals took place in the six month period ended June&nbsp;30, 2014. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Advances for Vessels Acquisitions: </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,<BR>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pre-delivery Yard installments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">66,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">66,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases &#150; upfront hire&nbsp;&amp; handling fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,012</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capitalized interest and finance costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other capitalized costs (Note 3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>67,932</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>81,794</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;5, 2013, Star Bulk through two wholly-owned subsidiaries, Star Cape I LLC and Star Cape II LLC,
contracted with Shanghai Waigaoqiao Shipbuilding Co. Ltd., or SWS, shipyard to build two 180,000 dwt eco-type, fuel efficient Capesize dry bulk vessels, Hull 1338 and Hull 1339. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;23, 2013, Star Bulk through two wholly-owned subsidiaries, Star Castle I LLC and Star Castle II LLC, contracted with SWS, to
build two 208,000 dwt eco-type, fuel efficient Newcastlemax dry bulk vessels, Hull 1342 and Hull 1343 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;27, 2013, Star
Bulk through three wholly-owned subsidiaries, Star Axe I LLC, Star Axe II LLC and Star Ennea LLC, contracted with Nantong COSCO KHI Ship Engineering Co., or NACKS, shipyard to build two 61,000 dwt eco-type, fuel efficient Ultramax dry bulk vessels,
Hull NE 196 and Hull NE 197 and one 209,000 dwt eco-type, fuel efficient Newcastlemax dry bulk vessel, Hull NE 198. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;22,
2013, Star Bulk through two wholly-owned subsidiaries, Star Asia I LLC and Star Asia II LLC, contracted with Japan Marine United Corporation, or JMU, shipyard to build two 60,000 dwt eco-type, fuel efficient Ultramax dry bulk vessels, Hull 5040 and
Hull 5043. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Advances for Vessels Acquisitions &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The total aggregate contracted price for all nine newbuilding vessels is $367,400 plus agreed
extras costs of $3,314, payable in periodic installments up to their deliveries. During the year ended December&nbsp;31, 2013, and for the six month period ended June&nbsp;30, 2014, the Company paid advances to the shipyards amounting to $66,780.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;17, 2014, the Company entered into agreements, or the &#147;Bareboat Charters&#148;, with CSSC (Hong Kong) Shipping
Company Limited, or CSSC, an affiliate of SWS, to bareboat charter for ten years, two fuel efficient newbuilding Newcastlemax dry bulk vessels, Hull 1372 and Hull 1371, or the &#147;CSSC Vessels&#148;, each with a cargo carrying capacity of 208,000
dwt, which are under construction. The vessels are being constructed pursuant to shipbuilding contracts entered into between two pairings of affiliates of SWS. Each pair has one shipyard party (each, an &#147;SWS Builder&#148;) and one ship-owning
entity (each an &#147;SWS Owner&#148;). Delivery to the Company of each vessel is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder. An amount of $47,200 and $46,400, respectively, for the construction
cost of each vessel will be financed by the relevant SWS Owner, to whom the Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount corresponding to the LIBOR rate payable every six months. In addition, the Company
will pay for Hull 1371 an installment of $300 plus an additional amount of $378 per vessel for agreed extra costs. In addition, the Company is also obliged to pay an amount of $936 representing handling fees in two installments. The first
installment of $462 was paid upon the signing of the Bareboat Charters, and the second installment is due in one year. Under the terms of the Bareboat Charters, the Company has the option to purchase the CSSC Vessels at any time, such option
exercisable on a monthly basis against a predetermined, amortizing balance payment whilst it has a respective obligation of purchasing the vessels at the expiration of the bareboat term. Upon the earlier of the exercise of the purchase options or
the expiration of the Bareboat Charters, the Company will own the CSSC Vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on ASC Topic 840, the Company determined that the
bareboat charters should be classified as capital leases. In addition, based on the lease agreement provisions, the Company is deemed to have substantially all of the construction period risk and therefore is considered the owner of the vessels
during the construction period. Therefore the amount of $12,012 paid during the six months ended June&nbsp;30, 2014, representing the first installment of upfront hire and the handling fees for the two newbuilding vessels, has been capitalized and
is included under &#147;Advances for vessel acquisitions&#148; in the accompanying unaudited consolidated balance sheets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the
above Bareboat Charters is considered a sales type lease and will be accounted for as a sale and leaseback transaction upon the delivery of each newbuilding to the Company and the beginning of the lease term. At that time the financial liability and
the financial asset will be recognized in accordance with the applicable capital lease accounting guidance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts of $67,932 and
$81,794 are included in &#147;Advances for vessel acquisitions&#148; in the accompanying consolidated balance sheets, and represent amounts paid to shipyards for newbuilding vessels, upfront hire payments and handling fees payments for the bareboat
charters, capitalized interest and finance costs and other capitalized costs, as analyzed in the table in this Note. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Fair value of Above Market Acquired Time Charters: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amortization of fair value of
above-market acquired time charters related to the vessels <I>Star Big</I> and <I>Star Mega</I>, which were acquired in 2011, amounted to $3,150 and $3,149 for the six months ended June&nbsp;30, 2013 and 2014, respectively, and is included under
&#147;Voyage revenues&#148; in the accompanying unaudited interim condensed consolidated statements of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. Fair value of Above Market Acquired Time Charters &#150; (continued</B>) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The estimated aggregate amortization expense of the above market acquired time charters until their expiration is analyzed as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:101.05pt; font-size:8pt; font-family:Times New Roman"><B>Twelve month periods ending</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June&nbsp;30, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June&nbsp;30, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,304</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,829</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Long-term Debt: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Details of the Company&#146;s loan and credit facilities are discussed
in Note 9 of the Company&#146;s consolidated financial statements for the year ended December&nbsp;31, 2013, included in the Company&#146;s annual report on Form 20-F, except for two new loan agreements signed during the six months ended
June&nbsp;30, 2014, as noted below: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>a)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>HSH Nordbank AG $35,000 facility: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;6, 2014, the Company entered into a
new $35,000 secured term loan agreement with HSH Nordbank AG. The borrowing under this new loan agreement is used to partially finance the acquisition of the vessels <I>Star Challenger</I> and <I>Star Fighter</I>, which also provide the security for
this loan agreement. 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 will mature in February 2021
and is repayable in 28 consecutive quarterly installments, which commence in May 2014 and amount to $312.5 and $291.7, and a final balloon payment of $8,750 and $9,332.4, payable together with the last installments, for <I>Star Challenger</I> and
<I>Star Fighter</I> respectively. This senior secured credit facility bears interest at LIBOR plus a margin of 3.25%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This loan agreement
contains financial and other customary covenants, under which the Company, as corporate guarantor, shall ensure the following : (i)&nbsp;the market value adjusted leverage ratio shall not be greater than 75%, (ii)&nbsp;a ratio of EBITDA to interest
expense, no less than 2.0:1.0, (iii)&nbsp;minimum liquidity of $500 shall be maintained for each of the Company&#146;s vessels, (iv)&nbsp;a minimum market adjusted net worth shall not be less than $100,000, (v)&nbsp;an actual pledged amount of $300
shall be maintained per mortgaged vessel (the &#147; Mandatory Minimum Amount&#148;), and (vi)&nbsp;an additional actual pledged amount of $600 shall be maintained per vessel (the &#147;Additional Liquidity Amount&#148;), in case there is no time
charter employment in place (as defined in the loan agreement) on the drawdown date. The respective amounts pledged will be gradually reduced by $150 per annum per vessel on each anniversary of the drawdown date with respect to the relevant vessel.
The borrowers may not pay any dividends or make similar distributions if breach of covenant and/or event of default or will occur after such dividend or distribution. This senior secured credit facility also requires the borrowers to maintain an
aggregate charter-free fair market value of <I>Star Challenger</I> and <I>Star Fighter</I> of at least 125% of the amount outstanding including the Mandatory Minimum Amount and excluding the Additional Liquidity Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013 and June&nbsp;30, 2014, the Company had outstanding borrowings of $0 and $34,396, respectively, under this loan
agreement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>b)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Deutsche Bank AG $39,000 facility: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;14, 2014, the Company entered into a
new $39,000 secured term loan agreement with Deutsche Bank AG. The borrowings under this new loan agreement were used to partially finance the two Post Panamax vessels, <I>Star Sirius</I> and <I>Star Vega</I>, which are the collateral for this
facility. Under this 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 consists of two tranches of $19,500 each. This
senior secured credit facility will mature in March 2021. Each tranche is repayable in 28 consecutive installments of $390 each which commence in June 2014 and a final balloon payment of $8,580. Both tranches bear interest at LIBOR, plus a margin of
3.35%. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Long-term Debt &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This loan agreement contains financial and other covenants under which the Company, as the
corporate guarantor, shall maintain the following: (i)&nbsp;a market value adjusted leverage ratio of not greater than 70%; (ii)&nbsp;a minimum market adjusted net worth of not less than $100,000; (iii)&nbsp;a minimum interest coverage ratio of not
less than 2.0:1.0; (iv)&nbsp;minimum liquidity of $500 per vessel for each of the Company&#146;s vessels; (v)&nbsp;an actual pledged amount of $500 for each mortgaged vessel under this credit facility; and (vi)&nbsp;a minimum fair market value of
the vessels plus the pledged amount of cash of no less than 130% of the outstanding amount under that facility. In addition, the borrowers will not pay any dividends or make similar distributions if the Company is in breach of a covenant and/or an
event of default exists or will occur after such dividend or distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013 and June&nbsp;30, 2014, the
Company had outstanding borrowings of $0 and $38,220, respectively, under this loan agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal payments required to be made
after June&nbsp;30, 2014, for all outstanding debt, are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:101.05pt; font-size:8pt; font-family:Times New Roman"><B>Twelve month periods ending</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,257</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,477</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,714</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2020 and thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,932</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>253,882</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014, the Company was in compliance with the amended financial and other covenants
contained in its loan agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At June&nbsp;30, 2014, all of the Company&#146;s vessels, having a net carrying value of $376,643, are
first-priority mortgaged as collateral to its loan facilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest expense for the six month periods ended June&nbsp;30, 2013 and
2014, amounted to $3,455, and $2,684, respectively, amortization of deferred finance fees amounted to $292 and $284, respectively, and other finance fees amounted to $47 and $89, respectively, and are included under &#147;Interest and finance
costs&#148; in the accompanying unaudited interim condensed consolidated statements of operations as of June&nbsp;30, 2013, and 2014, respectively. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Preferred, Common Stock and Additional Paid in Capital: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 June&nbsp;30, 2014 the Company has not issued
any preferred stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Common Stock:</B> Until 2009, Star Bulk was authorized to issue 100,000,000 registered common shares, par value
$0.01. On November&nbsp;23, 2009 at the Company&#146;s annual meeting of shareholders, the Company&#146;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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each outstanding share of the Company&#146;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&#146;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&#146;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="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Operational Gain: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other operational gain for the six month period ended
June&nbsp;30, 2013, totaled $1,647 and represented non-recurring revenue of $1,250 from the settlement of a commercial claim and a gain from hull&nbsp;&amp; machinery claim of $397. For the six month period ended June&nbsp;30, 2014, other
operational gain totaling $407 consisted of a gain from a hull and machinery claim of $237 and a $170 rebate from Company&#146;s previous manning agent. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Operational Loss: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;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. During the six month period ended June&nbsp;30, 2013, an expense amounted to $562 incurred by the
Company towards the third party based on the agreement mentioned above. The expense of $562 was incurred in connection to the settlement amount of $1,250, described in Note 10 &#147;Other Operational Gain&#148;, above. This amount is presented in
&#147;Other operational loss&#148; in the accompanying unaudited interim condensed consolidated statement of operations for the period ended June&nbsp;30, 2013. Other operational loss for the six month period ended June&nbsp;30, 2014, amounted to
$94. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Earnings / Loss per Share: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All shares issued (including the restricted shares issued
under the Company&#146;s equity incentive plan) are the Company&#146;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
earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company calculates basic and diluted earnings per share as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six month period ended<BR>June 30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income / (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,870</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Basic earnings / (loss) per share:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average common shares outstanding, basic</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,414,998</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,973,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic earnings/ (loss) per share</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.13</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Effect of dilutive securities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dilutive effect of non-vested shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,641</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average common shares outstanding, diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,443,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,973,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted earnings / (loss) per share</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.13</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted average diluted common shares outstanding for the six month period ended June&nbsp;30, 2013
includes the effect of 28,641 shares being the number of incremental shares assumed to be issued under the treasury stock method and 6,807 shares has been excluded from this calculation due to their anti-dilutive effect. For the six month period
ended June&nbsp;30, 2014, and on the basis that the Company incurred a net loss, the effect of 412,834 non- vested shares would be anti-dilutive; therefore basic equals diluted loss per share. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Equity Incentive Plan: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;21, 2013, the Company&#146;s Board of Directors
adopted the 2013 Equity Incentive Plan (the 2013 Plan) and reserved for issuance 240,000 common shares thereunder. 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 an interest in the success of the Company, maximize their performance and enhance the long-term performance of the Company. As of
June&nbsp;30, 2014, all of the respective shares have been granted and vested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;21, 2013, 239,333 restricted common shares
were granted to certain directors, officers, employees of the Company, the respective shares were issued on September&nbsp;11, 2013, and vested on March&nbsp;21, 2014. Additionally, on the same day, 12,000 restricted common shares were granted to
the Company&#146;s former director Mr.&nbsp;Espig, the respective shares vested immediately and were issued on June&nbsp;27, 2013. The fair value of each share was $6.46 and was determined by reference to the closing price of the Company&#146;s
common stock on the grant date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;20, 2014, the Company&#146;s Board of Directors adopted the 2014 Equity Incentive Plan
(the 2014 Plan) and reserved for issuance 430,000 common shares thereunder. The terms and conditions of the 2014 Plan are substantially similar to the terms and conditions of Company&#146;s previous equity incentive plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;20, 2014, 394,167 restricted common shares were granted to certain directors, officers, employees of the Company, the
respective shares will vest on March&nbsp;20, 2015. Additionally, on the same day, 8,000 restricted common shares were granted to two Company&#146;s directors Mr.&nbsp;Softeland and Mr.&nbsp;Erhardt, which vested immediately. The fair value of each
share was $10.86, based on the closing price of the Company&#146;s common stock on the grant date. The respective shares were issued in May 2014 along with 9,333 common shares to the Company&#146;s Chief Executive Officer, representing the first
installment of his minimum guaranteed incentive award in accordance with his consultancy agreement dated May&nbsp;3, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All non-vested
shares vest based on upon the grantee&#146;s continued service as an employee of the Company, or as a director until the applicable vesting date. 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, although, the issued and non-vested shares pay dividends as declared. The dividends of these shares are forfeitable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&#146;s equity incentive plans remain restricted until they vest. For the six month periods ended June&nbsp;30, 2013 and 2014, stock based compensation cost was $600 and $1,903, respectively, and is included under &#147;General and
administrative expenses&#148; in the accompanying unaudited interim condensed consolidated statements of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Equity Incentive Plan &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A summary of the status of the Company&#146;s non-vested shares as of June&nbsp;30, 2014 and
the movement during the year ended December&nbsp;31, 2013 and the six month period ended June&nbsp;30, 2014, is presented below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number<BR>of shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted&nbsp;Average&nbsp;Grant<BR>Date Fair Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Unvested as at January&nbsp;1, 2013</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18,667</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>36.75</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">279,333</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vested</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,333</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Unvested as at June&nbsp;30, 2013</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>276,667</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7.46</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Unvested as at January&nbsp;1, 2014</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>276,667</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7.46</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">402,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vested</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(266,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Unvested as at June&nbsp;30, 2014</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>412,834</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10.65</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014, there was $2,917 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 0.74&nbsp;years. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Commitments and Contingencies: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>a)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Future minimum contractual charter revenue </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Future minimum contractual charter revenue,
based on vessels committed to non-cancelable, time charter contracts net of address commission which amounted to $657, as of June&nbsp;30, 2014, will be: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:101.05pt; font-size:8pt; font-family:Times New Roman"><B>Twelve month periods ending</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount*</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">24,419</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 30, 2020 and thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>39,725</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(*)</TD>
<TD ALIGN="left" VALIGN="top">These amounts do not include any assumed off-hire except for the scheduled dry-docking intermediate and special surveys of the vessels. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Commitments and Contingencies &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>b)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Contractual obligations </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the Company&#146;s contractual
obligations and their maturity as June&nbsp;30, 2014. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Twelve month periods ending June&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020 and<BR>thereafter</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shipbuilding contracts&nbsp;&amp; agreed extra costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>303,934</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>81,747</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>222,187</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases - upfront hire&nbsp;&amp; handling fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat commitments charter hire<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124,739</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,232</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>441,753</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>93,771</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>229,831</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>9,266</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>9,249</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>9,232</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>90,404</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.327%, as of June&nbsp;30, 2014 (please refer to Note 6). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>c)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Legal proceedings </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">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&#146;s vessels. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such
claims or contingent liabilities, for which it has not accrued for, requiring disclosure in the accompanying unaudited interim condensed consolidated financial statements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&amp;I Association in which
the Company&#146;s vessels are entered. The Company&#146;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 condensed consolidated financial
statements. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Fair value measurements: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ASC 815, &#147;Derivatives and Hedging&#148; requires
companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company recognizes all derivative instruments as either assets or liabilities at fair value on its consolidated balance sheets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Changes in the fair value of derivative instruments that have not been designated as hedging instruments are reported in the accompanying
unaudited interim condensed consolidated statements of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Fair value measurements &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Fair value on a recurring basis</U>: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Interest rate swaps </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company enters into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to its variable interest loans and credit facilities. The Company&#146;s interest rate swaps did not qualify
for hedge accounting, and therefore resulting gains or losses are recognized in the accompanying unaudited interim condensed consolidated statements of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In June 2013, the Company entered into two interest rate swap agreements of $26,840 and $28,628 notional amount, which will be effective by
November and August 2014, respectively, and mature in August and November 2018, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;28, 2014, the Company entered
into two interest rate swap agreements to fix forward 50% of its floating interest rate liabilities for the $35,000 loan facility with HSH Nordbank AG (see Note 8 a)), which will be in effect by September&nbsp;30, 2014 and mature in September 2018
respectively. Under the terms of the interest rate swap agreements, the Company will be paying on a quarterly basis a fixed rate of 1.765%&nbsp;per annum, while receiving a variable amount equal to the three month U.S. LIBOR rate, both applied on
the notional amount of the swaps outstanding at each settlement date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013, the Company had two interest rate
swap transactions outstanding, and the Company had four interest rate swap transactions outstanding as of June&nbsp;30, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The change
in the fair market value of the respective swaps for the six month periods ended June&nbsp;30, 2013 and 2014 resulted in a gain of $438 and in a loss of $819, respectively and are included in &#147;Gain / (loss) on derivative financial instruments,
net&#148; in the accompanying unaudited interim condensed consolidated statement of operations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month&nbsp;period&nbsp;ended<BR>June&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gain/(loss) on interest rate swaps</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(819</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>438</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(819</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Fair value measurements &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Fair value on a recurring basis &#150; (continued)</U>: </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The guidance for fair value measurements applies to all assets and liabilities that are being
measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information
used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: <U> </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Level 1:</U> Quoted market prices in active markets for identical assets or liabilities <U> </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Level 2:</U> Observable market-based inputs or unobservable inputs that are corroborated by market data <U> </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Level 3:</U> Unobservable inputs that are not corroborated by market data </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes the valuation of the Company&#146;s financial instruments as of December&nbsp;31, 2013 and June&nbsp;30, 2014.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Significant&nbsp;Other&nbsp;Observable&nbsp;Inputs&nbsp;(Level&nbsp;2)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,<BR>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest rate swaps - asset position</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>91</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LIABILITIES</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest rate swaps - liability position</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>728</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 June&nbsp;30, 2014. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Subsequent Events: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;3, 2014, the Company received a notice of termination
of the management agreement for the vessel Marto, one of the third-party owned vessels under the Company&#146;s management. The management agreement was terminated upon the vessel&#146;s delivery to its new managers, on August&nbsp;20, 2014. The
Company is entitled to receive management fees for a period of three months following the termination date, in accordance with the terms of the management agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;11, 2014, the Company completed a transaction that resulted in the acquisition of Oceanbulk Shipping LLC (&#147;Oceanbulk
Shipping&#148;) and Oceanbulk Carriers LLC (&#147;Oceanbulk Carriers&#148;, and, together with Oceanbulk Shipping, &#147;Oceanbulk&#148;) from Oaktree Dry Bulk Holdings LLC (including affiliated funds, &#147;Oaktree&#148;) and Millennia Holdings LLC
(&#147;Millennia Holdings&#148;, and together with Oaktree, the &#147;Sellers&#148;) through the merger of the Company&#146;s wholly-owned subsidiaries into Oceanbulk&#146;s holding companies (the &#147;Merger&#148;). Oceanbulk owned and operated a
fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding fuel-efficient Eco-type dry bulk vessels (one of which, <I>Peloreus</I> was delivered on July&nbsp;22, 2014) at shipyards in Japan and China. Millennia
Holdings is an entity that is affiliated with the family of Mr.&nbsp;Petros Pappas, who became the Company&#146;s Chief Executive Officer in connection with the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The agreement governing the Merger also provided for the acquisition (the &#147;Heron Transaction&#148;) by the Company of two Kamsarmax
vessels (the &#147;Heron Vessels&#148;), from Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability the Company incorporated in Malta. The Company issued 2,115,706 of its common shares into escrow as consideration for the Heron Vessels. The
common shares will be released from escrow to the Sellers at the time Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to the Company, and the Company expects to pay $25,000 in cash (for which
it may seek financing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, concurrently with the Merger, the Company completed a transaction (the &#147;Pappas
Transaction&#148;), in which it acquired all of the issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the &#147;Pappas Companies&#148;), which were entities owned and controlled by affiliates of the
family of Mr.&nbsp;Pappas (the &#147;Pappas Shareholders&#148;).&nbsp;The Pappas Companies owned and operated a dry bulk carrier vessel (<I>Tsu Ebisu</I>) and had a contract for the construction of a newbuilding dry bulk carrier vessel, HN 5016 (tbn
<I>Indomitable</I>).&nbsp;The Merger, the Heron Transaction and the Pappas Transaction are referred to, together, as the &#147;July 2014 Transactions&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A total of 54,104,200 of the Company&#146;s common shares were issued to the various selling parties in the July 2014 Transactions, of which
45,460,324 shares were issued to Oaktree, and 8,643,876 were issued to the Pappas Shareholders. As a result, Oaktree became the beneficial owner of approximately 61.3% of the Company&#146;s outstanding common shares, and the Pappas Shareholders
became the beneficial owners of approximately 12.6% of the Company&#146;s outstanding common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2014 and in connection with
the July 2014 Transactions, the Company&#146;s Board of Directors, or the Board, increased the number of directors constituting the Board to nine and, following the resignation of Mrs.&nbsp;Milena - Maria Pappas, appointed Mr.&nbsp;Rajath Shourie
and Mses. Emily Stephens and Renee Kemp and Mr.&nbsp;Stelios Zavvos pursuant to the terms and subject to the conditions of the July 2014 Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During July 2014, the Company obtained the consent of the various relevant lenders to complete the July 2014 Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2014 and in connection with the July 2014 Transactions, Mr.&nbsp;Petros Pappas was appointed Chief Executive Officer, Mr.&nbsp;Hamish
Norton was appointed President, Mr.&nbsp;Christos Begleris was appointed Co-Chief Financial Officer, Mr.&nbsp;Nicos Rescos was appointed Chief Operating Officer, and Sophia Damigou was appointed Co-General Counsel. Mr.&nbsp;Spyros Capralos resigned
as Chief Executive Officer and will remain the Company&#146;s Chairman and Zenon Kleopas will continue as the Company&#146;s Executive Vice President &#150; Technical Operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-24 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Subsequent Events &#150; (continued): </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the July 2014 Transactions, the Company assumed an additional $208,237
aggregate principal amount of vessel financing, all of which is secured by the vessels financed, some of which is guaranteed either by the Company or by certain of its subsidiaries. All of the vessel financing agreements have various negative and
financial maintenance covenants. In addition, the Company also assumed bareboat charters with respect to four newbuilding vessels being built at New Yangzijiang and five newbuilding vessels being built at SWS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Of the $208,237 aggregate principal amount of vessel financing that the Company assumed, $20,000 is outstanding under a facility (the
&#147;Dioriga Facility&#148;) provided by HSBC Bank plc to Dioriga Shipping Co. (&#147;Dioriga&#148;) to partially finance the construction cost of <I>Tsu Ebisu</I>, which was delivered in April 2014. The Company assumed the Dioriga Facility when it
purchased all of the outstanding equity of Dioriga in the Pappas Transaction. The Dioriga Facility will mature in March 2019 and will be repayable in 20 quarterly installments of $350 each, commencing three months after the drawdown, plus a balloon
payment of $13,000 due together with the last installment. The loan bears interest at LIBOR plus a margin of 3.2%&nbsp;per annum (as long as ACR exceeds 143%) or 4.30%&nbsp;per annum (if ACR falls below 143%). The Dioriga Facility is secured by a
first priority mortgage over the financed vessel and general and specific assignments. The Dioriga Facility includes certain negative covenants, including covenants against (i)&nbsp;changes in the management or legal or beneficial ownership of
Dioriga and (ii)&nbsp;encumbrance on the assets of Dioriga. The Dioriga Facility includes the following financial maintenance covenants: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a market value of the vessel to loan (including interest rate swap exposure) ratio to exceed 130%; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity to exceed $700, to be maintained in an account with HSBC Bank plc. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
July&nbsp;11, 2014, 15,000 common shares were granted to the Company&#146;s directors, Mr.&nbsp;Softeland and Mr.&nbsp;Schmitz, and vested on the same date. The Company plans to issue the shares in connection with these grants during the third
quarter of 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;16, 2014, the Company executed a binding term sheet with NIBC Bank N.V. (the &#147;NIBC Facility&#148;) for
financing an aggregate amount of $32,000, which will be available in two tranches of $16,000, to partially finance the construction cost of two Ultramax bulk carriers currently under construction by Japan Marine United Corporation (Hulls HN 5040,
tbn <I>Star Acquarius</I> and HN 5043, tbn <I>Star Pisces</I>), with expected delivery in June 2015 and September 2015, respectively. Execution of the definitive agreements relating to this facility is scheduled on or before September&nbsp;15, 2014.
The facility will mature six years after the signing date. Each tranche is expected to be drawn with the delivery of the relevant vessel and will be repayable in consecutive quarterly installments of $268, commencing three months after the drawdown,
plus a balloon payment of $10,650, for HN 5040, and $10,918, for HN 5043, both due in September 2020. The NIBC Facility will bear interest at LIBOR plus a margin of 2.80%&nbsp;per annum. It will be secured by a first priority cross collateralized
mortgage over the financed vessels and general and specific assignments and will be guaranteed by the Company. The definitive agreements of the NIBC Facility will contain negative and financial covenants customary for facilities of this type. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;22, 2014, <I>Peloreus</I>, a Capesize vessel with a capacity of 182,000 dwt, was delivered to us by JMU. The delivery installment
payment of $34,625 was partially financed by $32,500 drawn under a loan facility with Deutsche Bank AG, and the remaining amount of $2,125 was financed by existing cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July, 2014, Positive Shipping Company executed a binding term sheet with BNP Paribas (the &#147;BNP Facility&#148;) for financing an amount
of $32,500 to partially finance the construction cost of its Capesize bulk carrier currently under construction by Japan Marine United Corporation (Hull HN 5016, tbn <I>Indomitable</I>), with expected delivery in October 2014. Execution of the
definitive agreement relating to this facility is scheduled on or before September&nbsp;30, 2014. The facility is expected to be drawn with the delivery of the vessel and will be repaid in 20 equal, consecutive, quarterly principal payments of
$537.5 each with the first becoming due and payable three months from the drawdown date together with a balloon installment of $21,750 payable simultaneously with the 20th installment. The BNP Facility will bear interest at LIBOR plus a margin of
2.50%&nbsp;per annum. It will be secured </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
by a first priority mortgage over the financed vessel and general and specific assignments and will be guaranteed by the Company. The definitive agreement of the BNP Facility will contain
negative and financial covenants customary for facilities of this type. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;4, 2014, pursuant to a termination agreement
between the Company and Mr.&nbsp;Spyros Capralos, former Chief Executive Officer and current Non-Executive Chairman, dated July&nbsp;31, 2014, the Company made a severance payment of 168,842 common shares and &#128;644,000 of cash to
Mr.&nbsp;Capralos. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2014, the Company entered into definitive agreements with Excel Maritime Carriers Ltd. (&#147;Excel&#148;),
pursuant to which the Company will acquire 34 dry bulk carrier vessels, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels (collectively, the &#147;Excel Vessels&#148;) for an aggregate
of 29,917,312 common shares (the &#147;Excel Vessel Share Consideration&#148;) and $288,391 in cash. The Excel Vessels will be transferred to the Company in a series of closings, on a vessel-by-vessel basis, in general upon reaching port after their
current voyages and cargoes are discharged. In the case of three Excel Vessels (<I>Christine</I> (tbn <I>Star Martha</I>), <I>Sandra</I> (tbn <I>Star Pauline</I>) and <I>Lowlands Beilun</I> (tbn <I>Star Despoina</I>)) which are being transferred
subject to existing charters, the Company will receive the outstanding equity interests of the vessel-owning subsidiaries that own those Excel Vessels (although no liabilities and other assets of such vessel-owning subsidiaries will be transferred).
The Company expects to complete all of the Excel Vessel closings by the end of 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Entities affiliated with Oaktree (the &#147;Oaktree
Excel Investors&#148;) and entities affiliated with Angelo, Gordon&nbsp;&amp; Co. (the &#147;Angelo, Gordon Excel Investors&#148;) are holders of 48.1% and 24.3%, respectively, of the outstanding equity of Excel. The Excel Transactions were approved
by the disinterested members of the Company&#146;s board of directors, based upon the recommendation of a transaction committee of disinterested directors, which considered the Excel Transactions on the Company&#146;s behalf in coordination with the
Company&#146;s management team. The total consideration was determined based on the average of three vessel appraisals by independent vessel appraisers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the transfer of each Excel Vessel, the Company will pay the cash and share consideration for such Excel Vessel to Excel. The Company
expects to use cash on hand, together with borrowings under a new $231,000 secured bridge loan facility (the &#147;Excel Vessel Bridge Facility&#148;) extended to the Company by entities affiliated with Oaktree and entities affiliated with Angelo,
Gordon&nbsp;&amp; Co. to fund the cash consideration for the Excel Vessels. Excel will use the cash consideration to cause an amount of outstanding indebtedness under its senior secured credit agreement to be repaid, such that all liens and
obligations with respect to the transferred Excel Vessels (or vessel-owning subsidiary) are released upon the transfer to the Company. The Company has been informed that Excel expects to distribute the Excel Vessel Share Consideration to its equity
holders, including the Oaktree Excel Investors and the Angelo, Gordon Excel Investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company refers to the foregoing transactions
relating to the acquisition of the Excel Vessels as the &#147;Excel Transactions&#148;, and the Company refers to the Excel Transactions and the July 2014 Transactions as the &#147;Transactions&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A total of 54,104,200 of the Company&#146;s common shares were issued to the various selling parties in the July 2014 Transactions, of which
45,460,324 shares were issued to Oaktree, and 8,643,876 shares were issued to the owners of the Pappas Companies and Millennia Holding. After the July 2014 Transactions, Oaktree was the beneficial owner of approximately 61.3% of the Company&#146;s
outstanding common shares, and the Pappas Shareholders were the beneficial owners of approximately 12.6% of the Company&#146;s outstanding common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Giving effect to the completion of the Excel Transactions (which we expect to occur by the end of 2014), and assuming the full distribution of
the Excel Vessel Share Consideration to Excel&#146;s equity holders, Oaktree will beneficially own 57.3% of the Company&#146;s outstanding common shares, and the Angelo Gordon Investors will beneficially own 7.8% of the Company&#146;s outstanding
common shares. As a result of the issuance of the Excel Vessel Share Consideration, the Pappas Shareholders will beneficially own 9.3% of the Company&#146;s outstanding common shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Condensed Consolidated Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the six month periods ended June 30, 2013 and 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Oaktree Shareholders Agreement, with certain limited exceptions, Oaktree
effectively cannot vote more than 33% of the Company&#146;s outstanding common shares (subject to adjustment under certain circumstances), and the Pappas Shareholders are subject to a similar limitation under the Pappas Shareholders Agreement of 15%
(subject to adjustment under certain circumstances). For more information regarding these voting limitations, see Exhibit 99.3 to this Report on Form 6-K. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of September 5, 2014, five Excel Vessels had been delivered to the Company in exchange for 3,548,372 common shares and 3,678 of cash. As of
the same date, there was $29,240 of outstanding borrowings under the Excel Vessel Bridge Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;5, 2014, Oceanbulk
Shipping, which is now a subsidiary of the Company as a result of the July 2014 Transactions, entered into a term sheet with ABY Group Holdings Limited (&#147;ABY Group&#148;) and Heron. The term sheet provides for the conversion of the existing
convertible notes (the &#147;Convertible Notes&#148;) issued by Heron to Oceanbulk Shipping into 50% of the equity of Heron (with the remaining 50% of Heron&#146;s equity to be held by ABY Group). Among other things, the term sheet contains
customary governance provisions and provisions relating to the liquidation of Heron following the conversion of the Convertible Notes. Under the term sheet, as soon as practicable, Oceanbulk Shipping will receive as a distribution the ABYO Gwyneth
and the ABYO Angelina (two Kamsarmax vessels of 82,790 dwt and 82,987 dwt, respectively), and ABY Group will receive as a distribution the ABYO Audrey (a Capesize vessel of 175,125 dwt) and the ABYO Oprah (a Kamsarmax vessel of 82,551 dwt). Subject
to the lender&#146;s approval, the remaining amount of debt under Heron&#146;s existing credit facility (the &#147;CiT Facility&#148;), will be assigned to each equity holder based on the amount of the CiT Facility corresponding to the vessels being
distributed to such equity holder. The conversion of the Convertible Notes is expected to occur during September 2014, as soon as all customary conditions precedent are satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As further discussed in the notes to the Company&#146;s unaudited condensed combined pro forma financial statements contained in
Exhibit&nbsp;99.2 to this Report on Form 6-K, pursuant to the agreement governing the Merger, the Company expects the Sellers will remain as the ultimate beneficial owners of Heron until Heron is dissolved. In addition, upon the distribution of the
Heron Vessels to its equity holders, the Company will be required to pay $25,000 in cash in respect of the debt secured by the Heron Vessels and instruct the escrow agent to release the 2,115,706 common shares held in escrow in order to acquire the
two vessels distributed to Oceanbulk Shipping. The Company expects that the transfer of the two Heron Vessels will be completed within the second half of 2014. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-27 </P>

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<DESCRIPTION>EX-99.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit&nbsp;99.2 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STAR BULK CARRIERS CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNAUDITED PRO FORMA CONDENSED COMBINED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On
July&nbsp;11, 2014, pursuant to an Agreement and Plan of Merger, dated as of June&nbsp;16, 2014 (as amended from time to time, the &#147;Merger Agreement&#148;), Star Bulk Carriers Corp. (&#147;Star Bulk&#148;) completed a transaction that resulted
in a merger of two of its subsidiaries with Oceanbulk Shipping LLC (&#147;Oceanbulk Shipping&#148;) and Oceanbulk Carriers LLC (&#147;Oceanbulk Carriers&#148; and, together with Oceanbulk Shipping, &#147;Oceanbulk&#148;) (the &#147;Merger&#148;).
Oceanbulk owned and operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding dry bulk vessels fuel-efficient Eco-type vessels (one of which, <I>Peloreus</I> was delivered on July&nbsp;22, 2014) at
shipyards in Japan and China. The consideration paid by Star Bulk in the Merger was 48,395,765 common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The agreement governing the
Merger also provides for the acquisition (the &#147;Heron Transaction&#148;) of two Kamsarmax vessels (the &#147;Heron Vessels&#148;), from Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability company incorporated in Malta. Star Bulk issued
2,115,706 of its common shares into escrow as consideration for the Heron Vessels. The common shares will be released from escrow to the sellers under the Merger Agreement at the time Heron distributes its vessels to its equity holders, whereupon
the two Heron Vessels will be transferred to Star Bulk, and Star Bulk expects to pay $25.0 million in cash (for which it may seek financing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In addition, concurrently with the Merger, Star Bulk completed a transaction (the &#147;Pappas Transaction&#148;), in which it acquired all of
the issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the &#147;Pappas Companies&#148;), which are entities owned and controlled by affiliates of the family of Mr.&nbsp;Pappas (the &#147;Pappas
Shareholders&#148;). The Pappas Companies owned and operated a dry bulk carrier vessel (<I>Tsu Ebisu</I>) and had a contract for the construction of a newbuilding dry bulk carrier vessel, HN 5016 (tbn <I>Indomitable</I>). The consideration paid by
Star Bulk in the Pappas Transaction was 3,592,728 common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The accompanying unaudited pro forma condensed combined financial
statements of Star Bulk reflect: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Merger; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Pappas Transaction. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In addition, the unaudited pro forma condensed combined balance sheet
gives effect to changes in stockholders equity, debt issued and vessel acquisitions of Star Bulk, the Oceanbulk Companies and the Pappas Companies and the purchase of the two Heron Vessels, subsequent to June&nbsp;30, 2014, as if such transactions
occurred on June&nbsp;30, 2014, all of which are discussed in Note&nbsp;2a and Note&nbsp;2i. We refer to all of the foregoing transactions as the &#147;Pro Forma Transactions.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Merger and the Pappas Transaction have been reflected in the unaudited pro forma condensed combined financial information as purchases of
businesses pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 805, &#147;<I>Business Combinations</I>&#148; (&#147;ASC Topic 805&#148;). In addition, Star Bulk will purchase two vessels from the Heron
(the &#147;Heron Transaction&#148;). The Heron Transaction has been reflected in the Pro Forma Adjustments in the unaudited pro forma condensed combined financial information as a purchase of assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The accompanying unaudited pro forma condensed combined financial statements of Star Bulk do not reflect the acquisition of vessels (the
&#147;Excel Vessels&#148;) from Excel Maritime Carriers Ltd. (&#147;Excel&#148;) pursuant to a vessel purchase agreement entered into on August&nbsp;19, 2014. The Excel Vessels will be transferred to Star Bulk from Excel in separate closings that
are expected to occur through the end of 2014. The financial statements of Star Bulk will reflect each Excel Vessel as a purchase of asset and therefore the operations of such Excel Vessel will be reflected in our financial statements from the date
it is transferred to Star Bulk. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The unaudited pro forma condensed combined balance sheet as of June&nbsp;30, 2014 is presented in
thousands of U.S. dollars and gives effect to the Merger, the Pappas Transaction and the Heron Transaction as if such transactions were consummated on June&nbsp;30, 2014. The unaudited pro forma condensed combined statements of income for the year
ended December&nbsp;31, 2013, and six months ended June&nbsp;30, 2014, are presented in thousands of U.S. dollars and give effect to the Merger and the Pappas Transaction as if such transactions closed on January&nbsp;1, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">These unaudited pro forma condensed combined financial statements are being presented for illustrative purposes only and, therefore, are not
necessarily indicative of the financial position or results of operations that might have been achieved had the Pro Forma Transactions actually occurred on June&nbsp;30, 2014 and January&nbsp;1, 2013, respectively. They are not necessarily
indicative of the results of operations or financial position of Star Bulk that may, or may not be expected to occur in the future. The unaudited pro forma condensed combined financial statements do not reflect any special items such as payments
pursuant to change-of-control provisions or restructuring and integration costs that may be incurred as a result of the Pro Forma Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The following unaudited pro forma condensed combined financial information was derived from and should be read in conjunction with Star
Bulk&#146;s audited consolidated financial statements and the related notes included in Star Bulk&#146;s Annual Report on Form 20-F for the year ended December&nbsp;31, 2013, filed with the SEC on March&nbsp;21, 2014, Star Bulk&#146;s unaudited
interim condensed consolidated financial statements for the six months ended June&nbsp;30, 2014 (contained in Exhibit 99.1 to this Report on Form 6-K) and in conjunction with Oceanbulk&#146;s audited and unaudited combined financial statements and
the related notes included in this Exhibit&nbsp;99.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The cost of the acquisition of the Oceanbulk Companies and the Pappas Companies has
been allocated to the estimated fair values of the identifiable assets and liabilities of the Oceanbulk Companies and the Pappas Companies pursuant to the acquisition method of accounting prescribed by ASC Topic 805, and is based on preliminary
estimates of such respective fair values. Therefore, the cost of the business combination and the cost of the Heron Transaction are based on the average closing market price of Star Bulk&#146;s common shares, as determined over a period of two
trading days before and two trading days after, and inclusive, of July&nbsp;11, 2014, (the &#147;Market Price Per Common Share&#148;). Accordingly, the purchase price allocation and resulting pro forma adjustments have been made solely for the
purpose of preparing the unaudited pro forma condensed combined financial statements for this Exhibit&nbsp;99.2. As a consequence, the purchase price allocation is preliminary and subject to revision based on the finalization of the balance sheets
of Oceanbulk and the Pappas Companies as of July&nbsp;11, 2014. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STAR BULK CARRIERS CORP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF JUNE 30, 2014 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" COLSPAN="20" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of June&nbsp;30, 2014</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Star Bulk</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Oceanbulk</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pappas<BR>Companies</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B><br><B>Adjustments</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro&nbsp;Forma</B></TD>
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<TD VALIGN="bottom" COLSPAN="20" ALIGN="center"><I>(in thousands of U.S. Dollars, except for share and per share data)</I></TD>
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<TD VALIGN="bottom" ALIGN="center"><B>Note</B></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT ASSETS</B></P></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">89,793</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(9,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>2b</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">121,062</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash, current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,442</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,211</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,184</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,222</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,227</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,468</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due from managers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due from related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,953</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(372</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>2c</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses and other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,061</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,239</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred finance charges, net, current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">712</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(754</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>2b</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Current Assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>56,395</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>102,616</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,981</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(10,126</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>150,866</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FIXED ASSETS</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessels under construction and acquisition of vessels</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">142,705</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,854</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">183,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2i</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">422,956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessels and other fixed assets, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">377,302</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">315,977</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,038</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,985</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2j</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">803,302</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Fixed Assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>459,096</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>458,682</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>45,892</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>262,588</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,226,258</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>OTHER NON-CURRENT ASSETS</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long term Investment</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Convertible loan receivable</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,680</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2h</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred finance charges, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,230</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2b</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash, non-current</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,370</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,370</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fair value of above market acquired time charter</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,829</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2d</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL ASSETS</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>535,963</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>593,082</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>47,999</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>228,519</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,405,563</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LIABILITIES&nbsp;&amp; STOCKHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT LIABILITIES</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of long term debt</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,783</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">276</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,034</TD>
<TD NOWRAP VALIGN="bottom">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,723</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due to related parties</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,476</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">372</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(372</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,591</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,203</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,713</TD>
<TD NOWRAP VALIGN="bottom">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">804</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial liability</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">642</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(155</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2a</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,678</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Current Liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>45,461</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>31,120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,693</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(4,274</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>76,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NON-CURRENT LIABILITIES</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long term debt</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">224,632</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">170,786</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2b</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">414,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative liability</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(143</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2a</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,778</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other non-current liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL LIABILITIES</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>271,496</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>204,741</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>21,293</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(4,417</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>493,113</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="20" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of June&nbsp;30, 2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Star Bulk</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Oceanbulk</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pappas<BR>Companies</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B><br><B>Adjustments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro&nbsp;Forma</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="20" ALIGN="center"><I>(in thousands of U.S. Dollars, except for share and per share data)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>STOCKHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferred Stock;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">295</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">836</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">415,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(415,037</TD>
<TD NOWRAP VALIGN="bottom">)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional paid in capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">670,446</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">613,690</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,311,256</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated Other Comprehensive income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,454</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(406,274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,242</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(414</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(399,642</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Stockholders&#146; Equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">264,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">388,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,706</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">232,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2b</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">912,450</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>535,963</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>593,082</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>47,999</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>228,519</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,405,563</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STAR BULK CARRIERS CORP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR THE SIX MONTHS ENDED JUNE 30, 2014 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="20" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six Months Ended June&nbsp;30, 2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Star&nbsp;Bulk</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Oceanbulk</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pappas</B><br><B>Companies</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B><br><B>Adjustments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro&nbsp;forma</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="23" ALIGN="center"><I>(in thousands of U.S. Dollars, except for share and per share data)</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Note</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">43,064</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">692</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(583</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>2d</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">72,886</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fee income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,861</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,299</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>2e</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,925</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">692</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,882</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,448</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Expenses</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,721</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessel operating expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,062</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,260</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">628</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dry docking expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">914</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">202</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,295</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2f</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,808</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,747</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,294</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,353</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,299</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2e</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on bad debt</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operational loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operational gain</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(407</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(407</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating income</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(16</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,347</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(143</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>869</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(4,637</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other Income / (Expenses):</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and finance costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,057</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,383</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(228</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,668</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on Members Loans</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,816</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2g</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(819</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,968</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and other income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total other expenses, net</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,855</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,367</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(228</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,634</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income/ (Loss) Before Equity in Income of Investee</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,871</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(371</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,685</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,271</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity in income of investee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net Income / (loss)</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,870</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(10,714</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(371</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,685</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(12,270</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings / (loss) per share, basic</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.13</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.15</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings / (loss) per share, diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.13</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.15</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of shares outstanding, basic</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,973,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,077,821</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2k</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of shares outstanding, diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,973,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,077,821</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2k</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STAR BULK CARRIERS CORP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR THE YEAR ENDED DECEMBER 31, 2013 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="20" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31, 2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Star&nbsp;Bulk</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Oceanbulk</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pappas</B><br><B>Companies</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B><br><B>Adjustments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro&nbsp;Forma</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="23" ALIGN="center"><I>(in thousands of U.S. Dollars, except for share and per share data)</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Note</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">68,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,165</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>2d</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fee income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(660</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>2e</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">938</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,894</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,825</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Expenses</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessel operating expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,087</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dry docking expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,248</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,767</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,061</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,656</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2f</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,910</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,097</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(660</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2e</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on sale of vessel</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operational loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operational gain</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,787</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,787</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating income</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,702</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,172</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other Income / (Expenses):</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and finance costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,814</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(786</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,630</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on Members Loans</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,412</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2g</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,423</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,332</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and other income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total other expenses, net</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(6,493</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,616</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(30</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,412</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(8,727</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income/ (Loss) Before Equity in Income of Investee</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,850</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(44</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,290</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,899</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity in income of investee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net Income / (loss)</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,850</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(10,415</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(44</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,290</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(9,899</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferential Deemed Dividend</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(705</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(705</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Income / (loss) available to Members</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,850</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(11,120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(44</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,290</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(10,604</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings / (loss) per share, basic</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.15</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings / (loss) per share, diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.15</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of shares outstanding, basic</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,051,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,155,544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2k</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of shares outstanding, diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,116,389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,155,544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2k</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note&nbsp;1&#151;Basis of presentation: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><I>Assumptions </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The
unaudited pro forma condensed combined balance sheet as of June&nbsp;30, 2014, is presented in thousands of U.S. dollars and gives effect to the Merger, the Pappas Transaction and the Heron Transaction as if such transactions were consummated on
June&nbsp;30, 2014. The unaudited pro forma condensed combined statements of income for the year ended December&nbsp;31, 2013 and six months ended June&nbsp;30, 2014, are presented in thousands of U.S. dollars and give effect to the Merger and the
Pappas Transaction as if such transactions closed on January&nbsp;1, 2013. All of the pro forma adjustments, including those related to the Heron Transaction, made to the unaudited pro forma condensed combined balance sheet and the unaudited pro
forma condensed combined statements of income are discussed in Note&nbsp;2, below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">With respect to the pro forma adjustments related to
the unaudited pro forma condensed combined statements of income, only adjustments that are expected to have a continuing effect on the combined financial statements are taken into consideration. For example, the unaudited pro forma condensed
combined financial statements do not reflect any restructuring expenses, payments pursuant to change-of-control provisions or integration costs that may be incurred as a result of the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Only adjustments that are factually supportable and that can be estimated reliably are taken into consideration. For example, the unaudited
pro forma condensed combined financial statements do not reflect any cost savings potentially realizable from the elimination of certain expenses or from potential synergies, if any. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The cost of the acquisition of the Oceanbulk and the Pappas Companies has been allocated to the estimated fair values of the identifiable
assets and liabilities of Oceanbulk and the Pappas Companies pursuant to the acquisition method of accounting prescribed by ASC Topic 805, and is based on preliminary estimates of such respective fair values. Therefore, the cost of the business
combination and the cost of the Heron Transaction are based on the average closing market price of Star Bulk&#146;s common shares, as determined over a period of two trading days before and two trading days after, and inclusive, of July&nbsp;11,
2014, (the &#147;Market Price Per Common Share&#148;). Accordingly, the purchase price allocation and resulting pro forma adjustments have been made solely for the purpose of preparing the unaudited pro forma condensed combined financial statements
for this Exhibit&nbsp;99.2 to the Form 6-K. As a consequence, the purchase price allocation is preliminary and subject to revision based on the finalization of the balance sheets of Oceanbulk and the Pappas Companies as of July&nbsp;11, 2014. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note&nbsp;2&#151;Pro forma adjustments related to the Merger Agreement and Pappas Agreement: </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>a.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Preliminary Purchase Price Allocation </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Upon the completion of the Merger and the
Pappas Transaction, all of the outstanding membership interests of Oceanbulk and all of the membership interests of the Pappas Companies were automatically converted into the right to receive an aggregate of 48,395,766 and 3,592,728, respectively,
common shares of Star Bulk, which Star Bulk issued following the completion of the Merger. In addition, at the closing of the Merger, the Company issued and deposited into escrow an aggregate of 2,115,706 common shares, representing a portion of
consideration for the acquisition of the two Heron Vessels. The shares issued for the two Heron Vessels were issued into escrow and will be released as described in &#147;the Merger Agreement&#148;, which is contained in Exhibit 99.3 to this Report
on Form 6-K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In accordance with ASC Topic 805, the cost of the acquisition has been allocated to the estimated fair value of the
identifiable assets of Oceanbulk and the Pappas Companies pursuant to the acquisition method under ASC Topic 805 &#147;<I>Business Combinations</I>&#148; and is based on preliminary estimates of their respective fair values. The fair value of the
share consideration is based on the Market Price Per Common Share of $11.854. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Oceanbulk</B><br><B>Companies</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pappas</B><br><B>Entities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><I>(in thousands of U.S. Dollars)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Preliminary Purchase Consideration</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amount to be paid in Star Bulk common shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">573,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">42,588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">616,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>(i)</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Preliminary Purchase Consideration</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>573,683</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>42,588</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>616,271</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Less: Net Assets as of June&nbsp;30, 2014 adjusted as follows:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net Assets as of June&nbsp;30, 2014</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>388,341</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>26,706</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>415,047</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustment to write-off of Oceanbulk Companies&#146; Convertible loan receivable from Heron (Note 2h)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>(ii)</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted Net Assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>364,661</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>26,706</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>391,367</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">224,904</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Allocation of Purchase Consideration to reflect estimated Fair Value</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessels under construction</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">148,723</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">158,523</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>(iii)</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessels</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,273</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,712</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,985</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>(iii)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fair value of above market acquired time charter</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>Note&nbsp;2d</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Write-off of deferred finance fees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,816</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(168</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,984</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>(v)</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest Rate Swap as of July&nbsp;11, 2014</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">298</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">298</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>(iv)</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>224,445</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>12,344</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>236,789</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Fair Value of Net Assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>589,106</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>39,050</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>628,156</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Preliminary Estimated Goodwill/(Gain from Bargain Purchase)</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(15,423</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,538</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(11,885</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">The total amount to be paid in Star Bulk&#146;s common shares is calculated based on the number of shares to be issued in the Pro Forma Transactions, as stated above, and the Market Price Per Common Share of $11.854.
</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">This amount represents the adjustment of a convertible loan receivable provided to Heron by Oceanbulk, since the total purchase consideration for the Oceanbulk Companies does not include this convertible loan receivable
(See Note&nbsp;2h). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">The amount indicates the estimated fair value of the vessels and newbuilding contracts of the Oceanbulk Companies and the Pappas Companies as quoted by independent vessel appraisers as of June&nbsp;23, 2014, which,
according to a third party appraiser and based on then current market trends would not be materially different from the values on July&nbsp;11, 2014. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">The amount represents the market value of the Oceanbulk Companies&#146; interest rate swap agreement as of July&nbsp;11, 2014. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">Deferred financing fees relating to existing loan agreements were written off as part of the purchase price allocation. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Based on the aforementioned assumptions and adjustments and the preliminary allocation of the purchase price, the Company estimates that the
Pro Forma Transactions will result in a gain from bargain purchase of $11,885. This gain from bargain purchase is based on the excess of the estimated fair value of the net assets acquired of $628,156 in the Pro Forma Transactions over the aggregate
purchase consideration of $616,271. The gain from bargain purchase is primarily attributable to the estimations made under the Merger Agreement and agreement governing the Pappas Transaction of the value of the assets included in those agreements
and the subsequent stability or slightly declined market value of dry bulk vessels since the signing of the agreements. This relative stability of the market for dry bulk vessels along with the simultaneous decline in stock prices for most U.S.
listed shipping companies, including Star Bulk, which have decreased by a greater amount than their net asset values, has resulted in the gain from bargain purchase of $11,885. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>b.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Cash, Deferred Finance Charges, Long-Term Debt, Members&#146; loan and Stockholders Equity </I></B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DR/ (CR)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Long Term Debt</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash&nbsp;and&nbsp;cash<BR>equivalents</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Deferred<BR>finance<BR>charges,&nbsp;net</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Current<BR>portion</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Long term</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Stockholders&#146;<BR>equity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><I>(in thousands of U.S. dollars)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">As per Star Bulk unaudited balance sheet as of June&nbsp;30, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(29,250</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(224,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(264,467</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">As per Oceanbulk Companies unaudited balance sheet as of June&nbsp;30, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89,793</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,451</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(170,786</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(388,341</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">As per Pappas Companies unaudited balance sheet as of June&nbsp;30, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,600</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,706</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>Pro forma adjustments:</U></B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Estimated transaction costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reversal of historically recognized transaction costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,747</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Write-off of deferred financing fees as part of the purchase price allocation exercise</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,984</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reflect the consideration to be settled in Star Bulk&#146;s common shares which will be held in escrow for Heron Vessels<SUP
STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25,080</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reflect the consideration to be settled in Star Bulk&#146;s common shares for the acquisition of Oceanbulk and Pappas Companies<SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(616,271</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reversal of Oceanbulk Companies net assets as of June&nbsp;30, 2014</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">388,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reversal of Pappas Companies net assets as of June&nbsp;30, 2014</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,706</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gain from bargain purchase</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,885</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(9,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(2,984</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(232,936</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unaudited pro forma amounts as of June&nbsp;30, 2014</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">121,062</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,101</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(414,018</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(912,450</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">This amount is calculated based on the 2,115,706 Star Bulk common shares issued at the Market Price Per Common Share of $11.854, for the acquisition of the Heron Vessels. Such common shares were deposited into escrow.
Refer to Note&nbsp;2h below. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">This amount is calculated based on the 51,988,494 Star Bulk common shares issued at the Market Price Per Common Share of $11.854, for the acquisition of Oceanbulk and the Pappas Companies. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>c.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Due from related parties / Due to related parties </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All intercompany balances
arising from the management of Oceanbulk vessels from Star Bulk are eliminated. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>d.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Fair value of above market acquired time charters </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The amount relates to assets
arising from the fair value of Oceanbulk&#146;s long term time charter contracts (&#147;Charters Assumed&#148;) at above market terms to be assumed by Star Bulk upon consummation of the Transactions. Fair value is determined by reference to market
data. The preliminary estimated amounts reflected as an asset in the unaudited pro forma condensed combined balance sheet are based on the difference between the current fair value of charters with similar characteristics as the Charters Assumed and
the net present value of future contractual cash flows from the Charters Assumed. The respective assets are amortized as a reduction of revenue over the period of the charters assumed. The remaining useful life of the Charters Assumed is two years.
This reduction for the twelve months ended December&nbsp;31, 2013, and six months ended June&nbsp;30, 2014, was $1,165 and $583, respectively. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>e.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Management fee income/ Management fee </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All intercompany revenues and expenses
arising from Star Bulk&#146;s management of Oceanbulk&#146;s vessels are eliminated. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>f.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Depreciation </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">To record increased depreciation of vessels based on the
preliminary fair values assigned to the vessels using Star Bulk&#146;s estimated useful life of 25 years and net of adjustment of scrap value price of $200 per ton in line with Star Bulk&#146;s accounting policy. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>g.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Interest on Members&#146; Loans </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Interest expense with respect to the
Members&#146; Loans is eliminated as a result of the conversion of the Members&#146; Loans into equity as if it had occurred on January&nbsp;1, 2013. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>h.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Convertible loan receivable and acquisition of Heron Vessels </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Reflects the
assumption by Star Bulk (through its acquisition of Oceanbulk) of an outstanding loan receivable that is convertible into 50% of the equity interests of Heron. Pursuant to the Merger Agreement, Star Bulk issued 2,115,706 of its common shares into
escrow. The escrowed common shares will be released to the Sellers at the time Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to Star Bulk, and Star Bulk expects to pay $25,000 in cash (for
which it may seek financing) in respect of debt that is currently secured by the Heron Vessels. The completion of this transaction will ultimately result in a decrease in the convertible loan receivable and an increase in vessels and other fixed
assets, net. Based on the provisions of the Merger Agreement, Star Bulk expects that the transfer of the two Heron Vessels will be completed within the second half of 2014, with the following key milestones occurring after the closing of the Merger:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Star Bulk will exercise its option to convert the convertible loan into a 50% equity interest in Heron, and the Oceanbulk Sellers will remain as ultimate beneficial owners of Heron, until Heron is dissolved.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The two Heron Vessels will be distributed to Star Bulk from Heron. Upon such distribution, Star Bulk will instruct the escrow agent to release the 2,115,706 common shares held in Escrow and to disburse $25,000 in cash
to the former owners of Oceanbulk. Star Bulk expects that the $25,000 cash payment will be financed by a debt facility. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Giving effect to all of the above transactions by the end of the second half of 2014, Star Bulk will have acquired: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top">The two Heron Vessels in exchange for 2,115,706 common shares and $25,000 in cash; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">50% of the equity capital of Heron. This investment is estimated to have zero value for Starbulk since the $5,000 in cash that will be retained by Heron will be used to satisfy future liabilities. Heron will have no
vessels or other operating expenses. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Heron will be liquidated, and any remaining cash will be distributed to Star Bulk and further transferred to the former owners of Oceanbulk as per the Merger Agreement. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Based on the above expected sequence of events, Star Bulk assessed that after the completion of
the aforementioned events and prior to the final liquidation of Heron, the accounting effect on its financial position will be: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Star Bulk will have acquired the two Heron Vessels for a total consideration of 2,115,706 common shares and $25,000 in cash; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Under the Merger Agreement, Star Bulk has agreed to incur new debt of $25,000 to finance the $25,000 cash payment in respect of the two Heron Vessels; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Star Bulk will also own the 50% of the equity capital of Heron, and per the provisions of the Merger Agreement, any cash left after the final liquidation of Heron will be transferred to the former owners of Oceanbulk,
and Star Bulk will have no economic benefit from the Heron liquidation process. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Consequently for the purposes of
preparation of these unaudited pro forma condensed combined financial statements and the allocation of the purchase price in the Pro Forma Transactions, Star Bulk has elected to make the following pro forma adjustments to reflect: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the acquisition by Star Bulk of the two Heron Vessels; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the conversion of the $23,680 outstanding convertible loan into a 50% equity interest in Heron, for which based on the sequence of events stated above Star Bulk estimates has a fair value equal to $0, as no economic
benefit will be provided to Star Bulk from the process described above. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>i.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Advances for vessels under construction and acquisition of vessels </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The pro forma
adjustments to Advances for vessels under construction and acquisition of vessels are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pro forma adjustment to reflect fair values of Advances for vessels under construction</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">158,523</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>Note&nbsp;2a</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for Heron Vessels paid in common shares held in escrow</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>Note&nbsp;2a</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>183,603</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>j.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Vessels and other fixed assets, net </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Reflects the write-up of the carrying values
of the vessels acquired to their respective fair market values. See Note 2a. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>k.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Pro forma weighted average number of shares outstanding, basic and diluted </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Pro
forma weighted average number of shares outstanding, basic and diluted for the six months ended June&nbsp;30, 2014 and for the year ended December&nbsp;31, 2013, includes (i)&nbsp;51,988,494 Star Bulk common shares to be issued upon the consummation
of the Merger and the Pappas Transaction and (ii)&nbsp;2,115,706 common shares to be issued and will be held in escrow pending the transfer of the Heron Vessels from Heron. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Pro forma weighted average number of shares outstanding, diluted for the year ended December&nbsp;31, 2013, does not include the dilutive
effect of 65,045 non vested issuable under Star Bulk&#146;s equity incentive plan which was included in the historical year ended December&nbsp;31, 2013, since the pro forma result is net loss and therefore their effect would be anti-dilutive. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUMMARY HISTORICAL COMBINED FINANCIAL AND OTHER OPERATING DATA OF OCEANBULK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The financial statements that are discussed in this Summary Historical Combined Financial and Other Operating Data of Oceanbulk are the
combined results of Oceanbulk Shipping and Oceanbulk Carriers and their wholly owned, consolidated subsidiaries for the periods and as of the dates indicated. The historical results of operations, assets and liabilities of Oceanbulk Shipping and
Oceanbulk Carriers have been combined because they were under common control by the members of Oaktree OBC Holdings LLC (the &#147;Oaktree Holdco&#148;) and Millennia Limited Liability Company (the &#147;Pappas Holdco&#148; and, together with the
Oaktree Holdco, the &#147;Oceanbulk Holdcos&#148;). </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The summary historical combined financial data of Oceanbulk as of and for the
year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012 were derived from the audited historical financial statements of Oceanbulk, which have been prepared in accordance with accounting principles
generally accepted in the United States (&#147;U.S. GAAP&#148;). Oceanbulk&#146;s summary historical combined financial data presented below as of and for the six month periods ended June&nbsp;30, 2014 and 2013 have been prepared on the same basis
as its audited combined financial statements. Such data are derived from Oceanbulk&#146;s unaudited interim condensed combined financial statements included in this Exhibit 99.2 and, in the opinion of management, include all adjustments (consisting
of only normal, recurring adjustments) necessary for a fair presentation thereof. The historical results of operations, assets and liabilities of Oceanbulk have been combined because they were under common control by the members of the Oceanbulk
Holdcos. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk&#146;s historical results are not necessarily indicative of future operating results. The summary combined financial
data presented below is qualified in its entirety by reference to, and should be read in conjunction with, &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of Oceanbulk&#148; and the historical
combined financial statements of Oceanbulk included elsewhere in this Exhibit 99.2. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month&nbsp;period<BR>ended<BR>June&nbsp;30,&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month&nbsp;period<BR>ended<BR>June&nbsp;30,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended</B><br><B>December&nbsp;31,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Period&nbsp;from</B><br><B>October&nbsp;4,&nbsp;2012</B><br><B>through</B><br><B>December&nbsp;31,&nbsp;2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>($ in thousands, except per day amounts)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income Statement Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,490</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,706</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,017</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,431</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessel operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,260</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,001</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,142</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(574</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,353</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(136</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(660</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(76</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,235</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(662</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,656</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(271</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dry docking and special survey costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(914</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,248</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses to related parties<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,257</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,963</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,683</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(860</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,551</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(414</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,347</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,929</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,241</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on long-term debt</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,930</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(628</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of deferred financing fees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(136</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other bank and financing charges</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(317</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(135</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on Members&#146; Loans<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,816</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(427</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,412</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(167</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,423</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(10,714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(2,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(10,415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,408</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month&nbsp;period<BR>ended<BR>June&nbsp;30,&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month&nbsp;period<BR>ended<BR>June&nbsp;30,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year ended</B><br><B>December&nbsp;31,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Period&nbsp;from</B><br><B>October&nbsp;4,&nbsp;2012</B><br><B>through</B><br><B>December&nbsp;31,&nbsp;2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>($ in thousands, except per day amounts)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flow Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Cash used in/provided by Operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,582</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,895</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4,352</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Cash used in Investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(224,177</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(202,229</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,302</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Cash provided by Financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">285,573</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Number of vessels at the end of the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average number of vessels in operation<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average age of vessels in operation at end of period (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ownership Days<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">880</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Available Days<SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,746</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">797</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time Charter Equivalent Rate per day<SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,010</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,552</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,442</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fleet Utilization<SUP STYLE="font-size:85%; vertical-align:top">(8)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating Expenses per day<SUP STYLE="font-size:85%; vertical-align:top">(9)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,083</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,783</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA<SUP STYLE="font-size:85%; vertical-align:top">(10)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,267</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(895</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(970</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>($ in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance Sheet Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">89,793</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,979</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102,616</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessel acquisition and vessels under construction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">142,705</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessels, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">315,977</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">593,082</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">306,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,953</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term debt, excluding current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">170,786</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,688</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">226,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Members&#146; / Stockholders equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">388,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(12,528</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Management fees include mainly technical management fees that were paid to Starbulk S.A. by Oceanbulk Shipping and Oceanbulk Carriers of $0.7 million and $0.1 million, respectively, in the year ended December&nbsp;31,
2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, as well as for the six month periods ended June&nbsp;30, 2014 and 2013 of $1.3 million and $0.1 million, respectively. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Oceanbulk Maritime S.A., an entity affiliated with the family of Mr.&nbsp;Pappas, has historically provided commercial management and administrative services to Oceanbulk. During the year ended December&nbsp;31, 2013
and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, $3.7 million and $0.9 million, respectively, as well as for the six month periods ended June&nbsp;30, 2014 and 2013 of $2.3 million and $2.0 million, respectively, of fees were
recorded as General and administrative expenses. In addition $0.1 million and $nil, respectively, relating to the supervision of Oceanbulk&#146;s newbuilding vessels, by Oceanbulk Maritime, during the year ended December&nbsp;31, 2013 and the period
from October&nbsp;4, 2012 through December&nbsp;31, 2012 as well as $0.4 million and $0.1 million, respectively, for the six month periods ended June&nbsp;30, 2014 and 2013, were capitalized within advances for vessels under construction.
</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Represents interest on loans (provided in the form of convertible notes) by the Oceanbulk Holdcos. On May&nbsp;28, 2014 such loans (together with accrued interest) were converted into membership units of Oceanbulk.
Accordingly no further interest on Members&#146; Loans was recorded following May&nbsp;28, 2014. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">Represents the average number of vessels that constituted Oceanbulk&#146;s fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of Oceanbulk&#146;s fleet during the period
divided by the number of calendar days in the period. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">Ownership Days are the total calendar days each vessel was owned by Oceanbulk for the relevant period. Ownership Days are an indicator of the size of Oceanbulk&#146;s fleet over a period and affect both the amount of
revenues and the amount of expenses that Oceanbulk records during a period. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">Available Days are the total number of Oceanbulk&#146;s Ownership Days less the aggregate number of days that Oceanbulk&#146;s vessels were off-hire due to scheduled repairs or repairs under guarantees, vessel upgrades
or special surveys and the aggregate amount of time that Oceanbulk spent positioning its vessels for such events. The shipping industry uses Available Days to measure the number of days in a period during which vessels should be capable of
generating revenues. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">Time Charter Equivalent Rate per day is a measure of the average daily revenue performance of a vessel. For time charters, this is calculated by dividing total voyage revenues, less any voyage expenses, by the number of
Available Days during that period. Under a time charter, the charterer pays substantially all of the vessel voyage-related expenses. However, Oceanbulk may incur voyage-related expenses when positioning or repositioning vessels before or after the
period of a time charter, during periods of commercial waiting time or while off-hire during dry docking or due to other unforeseen circumstances. The TCE rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure), and should
not be considered as an alternative to voyage revenues, the most directly comparable U.S. GAAP measure, or any other measure of financial performance presented in accordance with U.S. GAAP. However, TCE rate is a standard shipping industry
performance measure used primarily to compare period-to-period changes in a company&#146;s performance and assists Oceanbulk&#146;s management in making decisions regarding the deployment and use of its vessels and in evaluating their financial
performance. Oceanbulk&#146;s calculation of TCE rates may not be comparable to that reported by other companies. The following table reflects the calculation of Oceanbulk&#146;s TCE rates for the periods indicated (amounts in thousands of U.S.
dollars, except for TCE rates, which are expressed in U.S. dollars and Available Days): </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month</B><br><B>period&nbsp;ended</B><br><B>June&nbsp;30,&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month</B><br><B>period&nbsp;ended</B><br><B>June&nbsp;30,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended</B><br><B>December&nbsp;31,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Period&nbsp;from</B><br><B>October&nbsp;4,&nbsp;2012</B><br><B>through</B><br><B>December&nbsp;31,&nbsp;2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage Revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,490</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,706</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,017</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,431</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time charter equivalent revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Available Days</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,746</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">797</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Time charter equivalent rate per day</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,010</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,552</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,442</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top">Fleet Utilization (which reflects off-hire days during which vessels are unavailable due to scheduled maintenance and dry docking) is the percentage of time that Oceanbulk&#146;s vessels were available for revenue
generation, and is determined by dividing Available Days by fleet Ownership Days during that period. The shipping industry uses Fleet Utilization to measure a company&#146;s efficiency in finding employment for its vessels. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top">Operating Expenses include crew costs, provisions, deck and engine stores, lubricating oil, insurance, and maintenance and repairs, and are calculated by dividing vessel operating expenses, excluding any one-off
expenses incurred in the period of the vessel&#146;s delivery, by fleet Ownership Days for the relevant time period. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top">EBITDA is a non-GAAP performance measure that is calculated by adding depreciation and amortization expense, interest and taxes to net income (loss). Adjusted EBITDA is calculated by further adjusting EBITDA to exclude
dry docking and special survey costs (for comparability purposes, as a number of Oceanbulk&#146;s peers use the deferral method of accounting for such costs, which records them as amortization expense for the respective period), other bank and
financing charges, expenses relating to the merger with Star Bulk Carriers Corp. and the effects of various items that in Oceanbulk&#146;s management&#146;s opinion do not directly reflect the ordinary-course of operations of Oceanbulk&#146;s, such
as gain (loss) on derivative financial instruments and other income (expense). Oceanbulk expects in the future that it may further adjust EBITDA to eliminate the effects of other such items, including non-cash compensation expense.
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk believes that Adjusted EBITDA assists its management and investors by providing useful information that increases
the comparability of its operating performance from period to period and against the operating performance of other companies in its industry that provide EBITDA-based information. This increased comparability is achieved by excluding the
potentially disparate effects between periods or companies of interest, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items
may significantly affect net income/loss between periods. In addition, Oceanbulk presents Adjusted EBITDA as a supplemental measure of its performance because Oceanbulk believes it represents a meaningful presentation of the financial performance of
its core operations, without the impact of the various items excluded, in order to provide period-to-period comparisons that are more consistent and more easily understood. Oceanbulk believes that including Adjusted EBITDA as a measure of operating
performance may help investors in (a)&nbsp;selecting between investing in Oceanbulk and other investment alternatives and (b)&nbsp;monitoring Oceanbulk&#146;s ongoing financial and operational strength in assessing whether to continue to hold
interests in Oceanbulk. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP. Oceanbulk&#146;s
EBITDA-based measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of Oceanbulk&#146;s results as reported under U.S. GAAP. Some of these limitations are: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">they do not reflect every expenditure, future requirements for capital expenditures or contractual commitments; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">they do not reflect the significant interest expense or the amounts necessary to service interest or principal payments on Oceanbulk&#146;s debt; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">they do not reflect income tax expense, and because the payment of taxes is part of Oceanbulk&#146;s operations, tax expense is a necessary element of Oceanbulk&#146;s costs and ability to operate; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">although depreciation and amortization are eliminated in the calculation of EBITDA-based measures, the assets being depreciated and amortized will often have to be replaced or will require improvements in the future,
and Oceanbulk&#146;s EBITDA-based measures do not reflect any costs of such replacements or improvements; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">they do not reflect the impact of earnings or charges resulting from matters Oceanbulk considers not to be indicative of its ongoing operations; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">other companies in Oceanbulk&#146;s industry may calculate these measures differently from the way it does, limiting their usefulness as comparative measures. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk compensates for these limitations by using its EBITDA-based measures along with other
comparative tools, together with U.S. GAAP measures, to assist in the evaluation of operating performance. Such U.S. GAAP measures include operating income/loss, net income/loss, cash flows from operations and other cash flow data. Oceanbulk has
significant uses of cash, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in its EBITDA-based measures. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk&#146;s EBITDA-based measures are not measures of financial performance under U.S. GAAP and are not intended as alternatives to net
income/loss as indicators of its operating performance or as alternatives to any other measure of performance in conformity with U.S. GAAP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following table reconciles EBITDA and Adjusted EBITDA to Oceanbulk&#146;s net loss, the most directly comparable U.S. GAAP measure, for the
periods presented: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month</B><br><B>period&nbsp;ended</B><br><B>June&nbsp;30,&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six&nbsp;month</B><br><B>period&nbsp;ended</B><br><B>June&nbsp;30,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended</B><br><B>December&nbsp;31,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Period&nbsp;from</B><br><B>October&nbsp;4,&nbsp;2012</B><br><B>through</B><br><B>December&nbsp;31,&nbsp;2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(10,714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(2,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(10,415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,408</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,930</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">628</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on Members&#146; Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">427</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,656</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of deferred financing fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EBITDA</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,597</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(5,696</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(970</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenses relating to the merger with Star Bulk Carriers Corp.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,384</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,423</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dry docking and special survey costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">914</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,248</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other bank and financing costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,267</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(895</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(970</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND RESULTS OF OPERATIONS OF OCEANBULK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following discussion and analysis should be read in conjunction with the &#147;Summary Historical Combined Financial and Other
Operating Data of Oceanbulk&#148; and the accompanying combined financial statements and related notes included elsewhere in this Exhibit 99.2. The following discussion contains forward-looking statements that reflect Oceanbulk&#146;s future plans,
estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside Oceanbulk&#146;s control. Oceanbulk&#146;s actual results could differ materially from those discussed
in these forward-looking statements. Please read &#147;Cautionary Statements Regarding Forward-Looking Statements&#148;, included in this Report on Form 6-K. In light of these risks, uncertainties and assumptions, the forward-looking events
discussed may not occur. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The financial statements that are discussed in this Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations of Oceanbulk are the combined results of Oceanbulk Shipping and Oceanbulk Carriers and their wholly owned, consolidated subsidiaries for the periods and as of the dates indicated. The historical results
of operations, assets and liabilities of Oceanbulk Shipping and Oceanbulk Carriers have been combined because they were under common control by the Oceanbulk Holdcos. All vessel statistics discussed in this Management&#146;s Discussion and Analysis
of Financial Condition and Results of Operations of Oceanbulk do not include the vessels owned by Heron JV. References to &#147;eco-vessels&#148; are to vessels that are designed to be more fuel efficient than standard vessels of similar size.
</I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On July&nbsp;11, 2014,
pursuant to an Agreement and Plan of Merger (as amended from time to time, the &#147;Merger Agreement&#148;), dated as of June&nbsp;16, 2014, among Star Bulk Carriers Corp., two merger subsidiaries of Star Bulk Carriers Corp., Oaktree OBC Holdings
LLC (the &#147;Oaktree Holdco&#148;), Millennia Limited Liability Company (the &#147;Pappas Holdco&#148;), Oaktree Dry Bulk Holdings LLC (the &#147;Oaktree Seller&#148;) and Millennia Holdings LLC (the &#147;Pappas Seller&#148; and, together with
the Oaktree Seller, the &#147;Sellers&#148;), the parties thereto completed a transaction that resulted in a merger (the &#147;Merger&#148;) of the Oaktree Holdco and the Pappas Holdco into the two merger subsidiaries of Star Bulk Carriers Corp.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Oaktree Holdco and the Pappas Holdco were the equity holders of Oceanbulk Shipping and Oceanbulk Carriers. Oceanbulk owned and
operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding dry bulk vessels fuel-efficient Eco-type vessels (one of which, <I>Peloreus</I> was delivered on July&nbsp;22, 2014) at shipyards in Japan and
China. The consideration paid by Star Bulk Carriers Corp. in the Merger to the Sellers was 48,395,765 common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the Merger,
on a fully delivered basis, Oceanbulk was expected to have a fleet of 37 vessels consisting primarily of Newcastlemax/Capesize as well as Kamsarmax and Ultramax vessels with a carrying capacity between 55,000 dwt and 209,000 dwt. Prior to the
Merger, Oceanbulk&#146;s fleet consisted of 12 existing vessels, including the newly built and delivered Eco-type vessel, <I>Magnum Opus</I>, and 25 vessels under construction in Japan and China. Oceanbulk&#146;s vessels transport a broad range of
major and minor bulk commodities, including ores, coal, grains and fertilizers, along worldwide shipping routes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of August&nbsp;20,
2014, Oceanbulk&#146;s existing fleet of 13 vessels has an aggregate capacity of approximately 1.6&nbsp;million dwt, and Oceanbulk had under contract 24 Eco-type vessels, 21 of which were scheduled to be delivered during 2014 and 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Historically, Oceanbulk has primarily employed its vessels under spot or voyage charters. The vessel owner benefits from any fuel savings that
can be achieved in a spot or voyage charter (particularly for eco-vessels) because fuel is paid for by the vessel owner. Two of Oceanbulk&#146;s Post-Panamax vessels, <I>Amami</I> and <I>Madredeus</I>, were acquired subject to long-term charters to
Glocal Japan Inc. through April and June 2016, respectively, at a gross charterhire rate of $15,000 per day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk Shipping was formed in October 2012, and Oceanbulk Carriers was formed in April 2013.
While Oceanbulk did have historical vessel operations during the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, as well as during the six month periods ended June&nbsp;30, 2014 and 2013,
such operations are likely not to be indicative of Oceanbulk&#146;s vessel operations once its fleet is fully built. The following table indicates the number of wholly owned vessels (and the aggregate capacity of those vessels) that were in
operation as of the dates specified: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of</B><br><B>Vessels&nbsp;in&nbsp;Operation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate</B><br><B>Capacity&nbsp;(dwt)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;31, 2012<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June&nbsp;30, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;31, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">827,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March&nbsp;31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,366,365</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June&nbsp;30, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,447,387</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">There was one vessel in operation until two additional vessels were acquired in July 2013. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Profits
Interests </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to an agreement (the &#147;Profits Interest Agreement&#148;) among affiliates of Oaktree, Oceanbulk Maritime S.A.
and Messrs. Petros Pappas and Hamish Norton, Messrs. Pappas and Norton are eligible for a share of the profits of Oaktree, subject to Oaktree and its affiliates achieving certain internal rate of return and capital multiples on their original
investment in Oceanbulk. This award will be payable only by affiliates of Oaktree so Oceanbulk will not be responsible for making such payments. Nevertheless, when award payments vest or are deemed probable to vest and are required to be made under
the agreement with respect to Oceanbulk, a non-cash compensation expense will be reflected in Oceanbulk&#146;s General and administrative expenses with a corresponding increase in Oceanbulk&#146;s equity as a deemed contribution from
Oceanbulk&#146;s stockholders. As of June&nbsp;30, 2014 and December&nbsp;31, 2013, no awards had vested, and no payments had yet been made under the Profits Interest Agreement. While Oceanbulk is, as of June&nbsp;30, 2014, a party to a side letter
to the Profits Interest Agreement, the Profits Interest Agreement is expected to be amended following the Merger, to remove Oceanbulk Carriers and Oceanbulk Shipping as parties. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Key Performance Indicators </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk
believes that the following are the most important measures for analyzing its results of operations: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Average number of vessels</I>: Average number of vessels is the average number of vessels that constituted Oceanbulk&#146;s fleet for the relevant period, as measured by the sum of the number of days each vessel was
a part of Oceanbulk&#146;s fleet during the period divided by the number of calendar days in the period. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Ownership Days</I>: Ownership Days are the total calendar days each vessel in Oceanbulk&#146;s fleet was owned by Oceanbulk for the relevant period. Ownership Days are an indicator of the size of Oceanbulk&#146;s
fleet over a period and affect both the amount of revenues and the amount of expenses that Oceanbulk records during a period. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Available Days</I>: Available Days are the total number of Oceanbulk&#146;s Ownership Days less the aggregate number of days that Oceanbulk&#146;s vessels were off-hire due to scheduled repairs or repairs under
guarantees, vessel upgrades or special surveys and the aggregate amount of time that Oceanbulk spent positioning its vessels for such events. The shipping industry uses Available Days to measure the number of days in a period during which vessels
should be capable of generating revenues. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><I>Time charter equivalent rates</I>: Time charter equivalent rate per day is a measure of the average daily revenue performance of a vessel. For time
charters, this is calculated by dividing total voyage revenues, less any voyage expenses, by the number of Available Days during that period. Under a time charter, the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-family:Times New Roman; font-size:10pt">
charterer pays substantially all of the vessel voyage-related expenses. However, Oceanbulk may incur voyage-related expenses when positioning or repositioning vessels before or after the period
of a time charter, during periods of commercial waiting time or while off-hire during dry docking or due to other unforeseen circumstances. The TCE rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure), and should not be
considered as an alternative to voyage revenues, the most directly comparable U.S. GAAP measure, or any other measure of financial performance presented in accordance with U.S. GAAP. However, TCE rate is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a company&#146;s performance and assists Oceanbulk&#146;s management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance.
Oceanbulk&#146;s calculation of TCE rates may not be comparable to that reported by other companies. The following table reflects the calculation of Oceanbulk&#146;s TCE rates for the periods indicated (amounts in thousands of U.S. dollars, except
for TCE rates, which are expressed in U.S. dollars, and Available Days): </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>6&nbsp;month</B><br><B>period</B><br><B>ended</B><br><B>June&nbsp;30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>6&nbsp;month</B><br><B>period</B><br><B>ended</B><br><B>June&nbsp;30,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended</B><br><B>December&nbsp;31,&nbsp;2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Period&nbsp;from</B><br><B>October&nbsp;4,&nbsp;2012</B><br><B>through</B><br><B>December&nbsp;31,&nbsp;2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage Revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,490</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,706</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,017</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,431</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time charter equivalent revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Available Days</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,746</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">797</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Time charter equivalent rate per day</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,010</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,552</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,442</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Fleet Utilization</I>: Fleet Utilization (which reflects off-hire days during which vessels are unavailable due to scheduled maintenance and dry docking) is the percentage of time that Oceanbulk&#146;s vessels were
available for revenue generating, and is determined by dividing Available Days by fleet Ownership Days during that period. The shipping industry uses Fleet Utilization to measure a company&#146;s efficiency in finding employment for its vessels.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Daily Vessel Operating expenses</I>: Daily vessel operating expenses include crew costs, provisions, deck and engine stores, lubricating oil, insurance, and maintenance and repairs, and are calculated by dividing
vessel operating expenses, excluding any one-off expenses incurred in the period of the vessel&#146;s delivery, by fleet Ownership Days for the relevant time period. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Adjusted EBITDA</I>: EBITDA is a non-GAAP performance measure that is calculated by adding depreciation and amortization expense, interest and taxes to net income (loss). Adjusted EBITDA is calculated by further
adjusting EBITDA to exclude dry docking and special survey costs (for comparability purposes, as a number of Oceanbulk&#146;s peers use the deferral method of accounting for such costs, which records them as amortization expense for the respective
period), other bank and financing charges, expenses relating to the merger with Star Bulk Carrier Corp. and the effects of various items that in Oceanbulk&#146;s management&#146;s opinion do not directly reflect the ordinary-course of operations of
Oceanbulk, such as gain (loss) on derivative financial instruments and other income (expense). Oceanbulk expects in the future that it may further adjust EBITDA to eliminate the effects of other such items, including non-cash compensation expense.
For more information regarding the uses and limitations of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net loss, see note (10)&nbsp;to &#147;Summary Historical Combined Financial and Other Operating Data of Oceanbulk,&#148; which is
included in this Exhibit 99.2. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Presentation of Financial information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Voyage Revenues </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Voyage revenues
consist primarily of revenues from voyage and time charters of Oceanbulk&#146;s vessels. Oceanbulk&#146;s revenues are driven primarily by the number of vessels in its fleet, the number of days during which its vessels operate and the daily
charterhire rates that its vessels earn under charters, which, in turn, are affected by a number of factors, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the duration of its charters; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">its decisions relating to vessel acquisitions and disposals; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the amount of time that it spends positioning its vessels; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the amount of time that its vessels spend in dry dock undergoing repairs and maintenance; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maintenance and upgrade work; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the age, condition and specifications of its vessels; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">levels of supply and demand in the dry bulk shipping industry; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">other factors affecting spot market charter rates for dry bulk carriers. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk has
historically chartered its vessels to charterers primarily under voyage or time charters. A spot market voyage charter is generally a contract to carry a specific cargo from a load port to a discharge port for an agreed freight per ton of cargo or a
specified total amount. Under spot market voyage charters, Oceanbulk pays specific voyage expenses, such as port, canal and bunker fuel costs, as well as operating expenses, such as crew, insurance, repair services, spares, stores and lubricants. As
a result of this arrangement, any cost savings due to reduced fuel consumption are directly for the account of the shipowner, and therefore spot market voyage charters may be more advantageous for more fuel-efficient vessels. Spot charter rates are
volatile and fluctuate on a seasonal and year-to-year basis. Fluctuations may result from imbalances in the availability of cargoes for shipment and the number of vessels available at any given time to transport these cargoes. Vessels operating in
the spot market generate revenue that is less predictable, but operating in this market may enable Oceanbulk to capture increased profit margins during periods of improvements in dry bulk vessel charter rates. In addition, the vessel owner benefits
from any fuel savings than can be achieved in a spot or voyage charter (particularly for eco-vessels) because fuel is paid for by the vessel owner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Time charters give Oceanbulk fixed revenue for a known period of time and stable cash flows. Under time charters, Oceanbulk covers operating
expenses, but the charterer covers voyage expenses, including port, canal and bunker fuel costs. As a result, negotiation of a time charter rate depends in part on the anticipated fuel consumption of a vessel, and there is no guarantee that a time
charter will fully compensate Oceanbulk for the savings realized by the charterer when chartering a ship that is more fuel efficient than a typical vessel. Oceanbulk also entered into time charter contracts with profit-sharing agreements, which
enabled it to benefit from spot market rate increases. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Voyage Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Voyage expenses, primarily consisting of port, canal and bunker fuel expenses that are unique to a particular charter, are paid for by the
charterer under the time charter arrangements or by the owner under voyage charter arrangements, except for commissions, which are always paid by the owner, regardless of charter type. Voyage expenses are also paid by Oceanbulk during periods when
its ships are off-hire, and such voyage expenses are recognized when incurred. Oceanbulk may incur voyage-related expenses for a vessel when positioning or repositioning the vessel before or after the period of a charter, during periods of
commercial waiting time or while the vessel is off-hire during a period of dry docking. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Vessel Operating Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses for repairs and maintenance, the cost of spares
and consumable stores, lubricant costs, statutory and classification expenses, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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forwarding and communications expenses and other miscellaneous expenses. Vessel operating expenses also include all peripheral expenses incurred while vessels perform their classification special
survey and dry docking, such as spare parts, port dues, tugs, service engineer attendance etc. Vessel operating expenses are paid by Oceanbulk for its vessels under spot and time charters and are recognized when incurred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dry docking and special survey costs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk must periodically dry dock each of its vessels for inspection, repairs and maintenance and any modifications required to comply with
industry certification or governmental requirements. Oceanbulk dry docks its vessels at least once every 60 months until the vessel is 15 years old, after which it dry docks its vessels at least once every 30 months, as required for the renewal of
certifications required by classification societies. The number of dry dockings undertaken in a given period and the nature of the work performed during that period determine the level of dry docking expenditures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Two of Oceanbulk&#146;s wholly owned vessels underwent dry docking during 2013 and none did during the first six months of 2014.
Oceanbulk&#146;s dry docking schedule for its existing wholly owned vessels as of August&nbsp;20, 2014 was as follows (in number of vessels): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:64.85pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Remainder&nbsp;of&nbsp;2014</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>2015</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>2018</B></P></TD></TR>


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<TD VALIGN="bottom" ALIGN="center">2</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk estimates the cost to dry dock a vessel is between $0.5 million and $1.5 million, depending on the
size and condition of the vessel. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Depreciation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk&#146;s depreciation expenses include a depreciation charge for the acquisition cost of each of its vessels, less an estimated
residual value. Oceanbulk depreciates its vessels on a straight-line basis over their remaining economic useful life from the time when they are ready for their intended use. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interest and Finance Costs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk incurs interest expense on outstanding indebtedness under its existing credit facilities, including ship financing. The amount of
interest expense depends on Oceanbulk&#146;s overall level of borrowings and may significantly increase when it acquires or refinances ships. During construction of a newbuilding vessel, interest expense incurred related to the financing of these
newbuilding vessels is capitalized in the cost of the newbuilding. Oceanbulk&#146;s bank loan arrangements provide for a variable interest rate per annum. Interest expense relating to Oceanbulk&#146;s bank loan arrangements may change depending on
the prevailing interest rates. While Oceanbulk has entered into interest rate swap agreements, they were not designated as accounting hedges for its exposure to variable interest-rate expenses related to its bank loan arrangements up to
March&nbsp;31, 2014. On April&nbsp;1, 2014, Oceanbulk designated the swaps as cash flow hedges in accordance with ASC Topic 815 &#147;<I>Derivatives and Hedging</I>&#148;, and accordingly, the effective portion of these cash flow hedges during the
second quarter of 2014 were reported in Accumulated Other Comprehensive Income (loss) on the June 30, 2014 combined balance sheet, with the outstanding fair value (based on Level 2 inputs of the fair value hierarchy) as of the same date and as of
December&nbsp;31, 2013 being reflected as Derivative Financial Instruments within current and non-current liabilities. Any ineffective portion of these cash flow hedges is reported as gain or loss in the statement of operations for the relevant
period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk also incurs financing costs and legal costs in connection with establishing credit facilities, which are deferred and
amortized to interest and finance costs using the effective interest method. Oceanbulk will incur additional interest expense in the future on its outstanding borrowings and under future borrowings. For a description of its existing credit
facilities see &#147;&#151;Oceanbulk&#146;s Borrowing Activities.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interest on Members&#146; Loans </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Pursuant to the constituent documents of Oceanbulk Shipping and Oceanbulk Carriers, the Oceanbulk Holdcos have been permitted, as members, to
lend amounts to them as Members&#146; Loans, evidenced by Convertible Notes due December 2042 (the &#147;Convertible Notes&#148;). There were $409.2 million and $223.1 million aggregate principal amount of Members&#146; Loans outstanding as of
May&nbsp;28, 2014 and December&nbsp;31, 2013, respectively. The Convertible Notes bear interest at a rate of 2.0%&nbsp;per annum, accruing quarterly in arrears. There was $5.8 million and $2.9 million of total accrued interest outstanding as of
May&nbsp;28, 2014 and December&nbsp;31, 2013, respectively. On May&nbsp;28, 2014, the total outstanding Members&#146; Loans of $415.0 million were converted into 373,533 and 41,504 Class&nbsp;A Units issued by Oceanbulk Shipping and Oceanbulk
Carriers to Oaktree and Millennia Limited Liability Company (&#147;Millennia&#148;), respectively. During construction of a newbuilding vessel, interest expense on the Members&#146; Loans incurred related to the financing of these newbuilding
vessels was capitalized in the cost of the newbuilding. During the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, Oceanbulk incurred $2.7 million and $0.2 million, respectively, of interest
accrued on the Convertible Notes, of which $1.3 million and $0.04 million, was capitalized to vessel cost and the remaining $1.4 million and $0.17 million, respectively, was expensed in Oceanbulk&#146;s historical results of operations. In addition,
during the six month periods ended June&nbsp;30, 2014 and 2013, Oceanbulk incurred $3.0 million and $0.7 million, respectively, of interest accrued on the Convertible Notes, of which $1.2 million and $0.3 million, respectively, was capitalized to
vessel cost and the remaining $1.8 million and $0.4 million, respectively, was expensed in Oceanbulk&#146;s historical results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Vessel Lives and Impairment </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Vessels are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be
recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, Oceanbulk compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying
value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds the asset&#146;s fair value. Fair value is determined through various valuation techniques,
including discounted cash flow models, quoted market values and third-party independent appraisals. To date, Oceanbulk has not recorded any vessel impairment charges. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Critical Accounting Policies </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The
discussion and analysis of Oceanbulk&#146;s financial condition and results of operations is based upon Oceanbulk&#146;s combined financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of those financial
statements requires Oceanbulk to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure at the date of Oceanbulk&#146;s financial statements. Actual results may differ
from these estimates under different assumptions and conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Critical accounting policies are those that reflect significant
judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. Oceanbulk has described below what it believes are its most critical accounting policies, because they generally involve a
comparatively higher degree of judgment in their application. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Voyage Revenues and related expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk generates revenues from charterers for the charterhire of its vessels. Vessels are chartered using either voyage charters, under
which parties contract in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, under which parties contract for the use of a vessel for a specific period of time at a specified daily
charterhire rate and, where applicable, such parties agree to any profit share over the daily charterhire rate. If a charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized as it is earned ratably
over the duration of the period of each voyage or time charter. Revenue on any profit share is recognized following the same criteria. Time charter revenues are recorded over the term of the charter as service is provided. Under a voyage charter,
the revenues are recognized proportionately over the duration of the voyage. A voyage is deemed to commence upon the completion of discharge of the vessel&#146;s previous </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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cargo and the vessel&#146;s sail to the next fixed loading port and is deemed to end upon the completion of discharge of the current cargo. A voyage charter contract with a charterer consists of
sailing to the load port (the positioning leg), loading the cargo, sailing to the discharge port and discharging the cargo. The charter contract therefore requires the relevant vessel to proceed to the port or place as ordered by the charterer and
is not cancellable in the positioning leg, provided that Oceanbulk fulfils its contractual commitment. Performance under the contract begins upon sailing to the load port (the positioning leg). Non-cancelable voyage contracts are generally arranged
prior to the completion of an existing contract. Assuming, therefore, that a non-cancelable voyage charter agreement is in place, voyage revenue recognition, under the discharge-to-discharge method, commences once the discharge of the previous
charter&#146;s cargo is complete and the vessel sails for loading. The voyage is deemed complete at the point the vessel has left the discharge terminal. Demurrage income represents payments by the charterer to the vessel owner when loading or
discharging time exceeded the stipulated time in the voyage charter and is recognized as it is earned. Unearned revenue includes cash received prior to the balance sheet date that is related to revenue earned after such date. Voyage expenses,
primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under the time charter arrangements or by Oceanbulk under voyage charter arrangements, except for commissions, which are
always paid for by Oceanbulk, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions paid to brokers are deferred and amortized over the related voyage charter period to the
extent revenue has been deferred because commissions are earned as Oceanbulk&#146;s revenues are earned. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Depreciation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The cost of each of Oceanbulk&#146;s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis
over the vessel&#146;s remaining economic useful life, after considering the estimated residual value, which is equal to the product of its lightweight tonnage and estimated scrap rate. Effective January&nbsp;1, 2013 and following Oceanbulk&#146;s
reassessment of the residual value of the vessels, the estimated scrap value per light weight ton was increased to $300 from $200, which is based on the historical average demolition prices prevailing in the market. The effect of this change in
accounting estimate, which did not require retrospective application as per ASC 250 &#147;<I>Accounting Changes and Error Corrections</I>,&#148; was to decrease net loss for the year ended December&nbsp;31, 2013 by $0.2 million. Oceanbulk estimates
the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, her remaining useful life is adjusted at the
date such regulations become effective. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dry docking and special survey costs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk must periodically dry docks each of its vessels for inspection, repairs and maintenance and any modifications required to comply with
industry certification or governmental requirements. Special survey and dry docking costs (mainly shipyard costs, paints and class renewal expense) are expensed as incurred. The number of dry dockings undertaken in a given period and the nature of
the work performed determine the level of dry docking expenditures. Oceanbulk expenses costs related to routine repairs and maintenance performed during dry docking or as otherwise incurred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Impairment of Long-lived Assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The carrying value of Oceanbulk&#146;s vessels represents their historical acquisition or construction cost, including capitalized interest,
supervision, technical and delivery cost, net of accumulated depreciation and impairment loss, if any. Expenditures for subsequent conversions and major improvements are capitalized provided that such costs increase the earnings capacity or improve
the efficiency or safety of the vessels. Oceanbulk depreciates the original cost, less an estimated residual value, of its vessels on a straight-line basis over their estimated useful lives. The carrying values of Oceanbulk&#146;s vessels may not
represent their market value at any point in time because the market prices of secondhand vessels tend to fluctuate with changes in charterhire rates and the cost of newbuilding vessels. Both charterhire rates and newbuilding costs tend to be
cyclical in nature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk reviews vessels for impairment whenever events or changes in circumstances indicate the carrying value of
an asset may not be recoverable, which occurs when the asset&#146;s carrying value is greater than the future undiscounted net operating cash flows the asset is expected to generate over its remaining useful life. Oceanbulk determines undiscounted
projected net operating cash flows for each vessel and compares it to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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vessel&#146;s carrying value. In developing estimates of future cash flows, Oceanbulk must make assumptions about future charter rates, vessel operating expenses, fleet utilization, and the
estimated remaining useful life of the vessels. These assumptions are based on historical trends as well as future expectations. The projected net operating cash flows are determined by considering the charter revenues from existing charters for the
fixed fleet days and the historical 10-year average of charter rates for the unfixed days. If the estimated future undiscounted cash flows of an asset exceed the asset&#146;s carrying value, no impairment is recognized even though the fair value of
the asset may be lower than its carrying value. If the estimated future undiscounted cash flows of an asset are less than the asset&#146;s carrying value and the fair value of the asset is less than its carrying value, the asset is written down to
its fair value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk determines the fair value of its vessels based on its estimates and assumptions and by making use of available
market data and taking into consideration third-party valuations. Oceanbulk&#146;s estimates of basic market value are inherently uncertain because Oceanbulk obtains information from various industry and other sources. In addition, vessel values are
highly volatile and, as such, Oceanbulk&#146;s estimates may not be indicative of the current or future basic market value of its vessels or prices that Oceanbulk could achieve if it were to sell them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Illustrative Comparison of Possible Excess of Carrying Value Over Estimated Charter-Free Market Value of Oceanbulk&#146;s Vessels </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk&#146;s policy for impairing the carrying values of its vessels is discussed under the caption &#147;&#151;Impairment of Long-lived
Assets&#148;. During the past few years, the market values of vessels have experienced particular volatility, with substantial declines in many vessel classes also affecting their charter-free market value, or basic market value. Oceanbulk&#146;s
estimates of basic market value assume that its vessels are all in good and seaworthy condition without the need for repair and, if inspected, would be certified in class without notations of any kind. The fair values are determined through Level 2
inputs of the fair value hierarchy as defined in ASC Topic 820 &#147;<I>Fair value measurements and disclosures</I>&#148; and are derived principally from various industry sources, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reports by industry analysts and data providers that focus on Oceanbulk&#146;s industry and related dynamics affecting vessel values; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">news and industry reports of similar vessel sales; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">news and industry reports of sales of vessels that are not similar to Ocanbulk&#146;s vessels, which can be used, after certain adjustments, to derive information used to inform Oceanbulk&#146;s estimates;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">approximate market values for Oceanbulk&#146;s vessels or similar vessels that Oceanbulk has received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">offers that Oceanbulk may have received from potential purchasers of its vessels; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">vessel sale prices and values of which Oceanbulk becomes aware through both formal and informal communications with shipowners, shipbrokers, industry analysts and various other shipping industry participants and
observers. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The carrying value of Oceanbulk vessels as of June&nbsp;30, 2014 and December&nbsp;31, 2013 was $316.0 million
and $152.0 million, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk&#146;s estimates of basic market value are inherently uncertain because it obtains
information from various industry and other sources. In addition, vessel values are highly volatile and, as such, Oceanbulk&#146;s estimates may not be indicative of the current or future basic market value of its vessels or prices that Oceanbulk
could realize if it were to sell them. The market values of Oceanbulk&#146;s vessels may decline, which could limit the amount of funds that it can borrow, cause a breach of certain financial covenants in its credit facilities (including ship
financing facilities) or result in an impairment charge, and Oceanbulk may incur a loss if it sells vessels following a decline in their market value.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recent Accounting Pronouncements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><I>Revenue from Contracts with Customers</I></B>: The FASB and the International Accounting Standards Board (IASB) (collectively, the
Boards) jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in US&nbsp;GAAP and IFRS and&nbsp;is effective for annual periods beginning on or after December&nbsp;15, 2016. The standard establishes
a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard&#146;s requirements will also apply to the recognition and
measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity&#146;s ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including
disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the impact of the new
standard on Oceanbulk&#146;s financial position and performance. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Results of Operations of Oceanbulk for the six month periods ended June&nbsp;30, 2014
and 2013 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014 and June&nbsp;30, 2013, Oceanbulk&#146;s fleet consisted of twelve vessels and one vessel,
respectively, and on an average basis during the six month periods ended June&nbsp;30, 2014 and 2013, Oceanbulk had 9.7 vessels and 1.0 vessel, respectively. In the six month period ended June&nbsp;30, 2014 its fleet Available Days totaled 1,746
days, compared to 181 days in the six month period ended June&nbsp;30, 2013. In the six month period ended June&nbsp;30, 2014, its fleet Ownership Days totaled 1,757 days, compared to 181 days in the six month period ended June&nbsp;30, 2013.
Ownership Days are the primary driver of vessel operating expenses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Voyage revenues </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Voyage revenues increased by $26.2 million to $ 29.7&nbsp;million in the six month period ended June&nbsp;30, 2014, compared to $3.5 million
for the six month period ended June&nbsp;30, 2013, which was primarily attributable to the growth of Oceanbulk&#146;s fleet, which resulted in more Available Days, and the improved charter agreements Oceanbulk entered into, reflecting both the
implementation of Oceanbulk&#146;s chartering strategy and improved prevailing market conditions compared to the respective period in 2013. The TCE rate per ship for the six month period ended June&nbsp;30, 2014 was $11,010, compared to a TCE rate
per ship of $10,138 for the six month period ended June&nbsp;30, 2013. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Voyage expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Voyage expenses increased by $8.8 million to $10.5 million for the six month period ended June&nbsp;30, 2014, compared to $1.7 million for the
six month period ended June&nbsp;30, 2013. This increase was primarily driven by the increase in Available Days as well as the different mix of voyage and time charters used between 2014 and 2013. In particular, in 2013 almost all of
Oceanbulk&#146;s revenues were derived from voyage charter agreements, while in 2014, 65% of its revenues were derived from short-term time charter agreements and 35% were derived from voyage charter agreements, leading to lower voyage expenses as a
percentage of revenue in 2014 (35.3%)&nbsp;as compared to 2013 (48.6%). Bunkering costs and port expense, which are at the expense of the owner when the vessel is under a voyage charter and at the expense of the chartering party when the vessel is
under a time charter, decreased as a percentage of total revenues from 43% in 2013 to 31% in 2014, reflecting the effects of the different chartering mix. Brokerage commissions slightly increased as a percentage of total revenues, from 1.1% to 1.3%
during the six month period ended June&nbsp;30, 2014, compared to June&nbsp;30, 2013. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Vessel operating expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Vessel operating expenses increased by $10.3 million to $11.3 million for the six month period ended June&nbsp;30, 2014 as compared to $1.0
million for the six month period ended June&nbsp;30, 2013, due to the growth of Oceanbulk&#146;s fleet, which resulted in an increase in Ownership Days and expenses for initial supplies acquired upon delivery of Oceanbulk&#146;s vessels. Daily
vessel operating expenses per vessel decreased by $337 per day, or 6.22%, to $5,083 for the six month period ended June&nbsp;30, 2014, compared to $5,420 for the six month period ended June&nbsp;30, 2013, mainly due the decrease in daily crew costs,
which are the major component of vessel operating expenses. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Management fees </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Management fees increased by $1.3 million to $1.4 million for the six month period ended June&nbsp;30, 2014 from $0.1 million for the six month
period ended June&nbsp;30, 2013, which was directly attributable to the growth of Oceanbulk&#146;s fleet, which resulted in an increase in fleet Ownership Days in 2014. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Depreciation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Depreciation
expenses increased by $4.5 million to $5.2 million for the six month period ended June&nbsp;30, 2014 from $0.7 million for the six month period ended June&nbsp;30, 2013, which was due to the growth of Oceanbulk&#146;s fleet, which resulted in an
increase in fleet Ownership Days in 2014. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dry docking and special survey costs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">During the six month period ended June&nbsp;30, 2014, Oceanbulk incurred dry docking and special survey costs of approximately $0.9 million,
relating to the additional 11 days of the dry docking of its vessel <I>Pantagruel</I>, which had begun in 2013. None of Oceanbulk&#146;s vessels underwent dry docking in the six month period ended June&nbsp;30, 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>General and administrative expenses, including general and administrative expenses to related parties </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">General and administrative expenses increased to $5.8 million in the six month period ended June&nbsp;30, 2014 from $2.0 million in the six
month period ended June&nbsp;30, 2013 due to the increased fees charged by Oceanbulk Maritime as part of Oceanbulk&#146;s fleet&#146;s growth, additional needs in administrative services and $1.4 million of expenses relating to the Merger. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interest and finance costs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Interest and finance costs increased to $2.4 million in the six month period ended June&nbsp;30, 2014 from an insignificant amount in the six
month period ended June&nbsp;30, 2013 due to the secured debt incurred in mid 2013 for six of Oceanbulk&#146;s operating vessels, as well as the additional secured debt that was incurred during the six-month period ended June&nbsp;30, 2014 for the
six additional vessels acquired. Interest and finance costs in the six month period ended June&nbsp;30, 2014 included interest of $1.9 million on long-term debt (bank financing), $0.1 million of amortization of deferred finance fees and $0.4 million
of other bank and finance charges. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interest on Members&#146; Loans </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Interest on Members&#146; Loans during the six month period ended June&nbsp;30, 2014 was $1.8 million, compared to $0.4 million in the six
month period ended June&nbsp;30, 2013. The amount of interest on Members&#146; Loans increased during 2014 due to an increase in the outstanding amount of Members&#146; Loans, from $87.2 million as of June&nbsp;30, 2013 to $409.2 million as of
May&nbsp;28, 2014, when the Members&#146; Loans (including accrued interest) were converted into membership units of Oceanbulk Shipping and Oceanbulk Carriers. Accordingly, no further interest on Members&#146; Loans was recorded following
May&nbsp;28, 2014. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Loss on derivative financial instruments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments was $1.15 million for the six month period ended June&nbsp;30, 2014 and was related primarily to the
unrealized loss attributable to the mark-to-market valuation of Oceanbulk&#146;s derivative financial instruments. Prior to April&nbsp;1, 2014, Oceanbulk&#146;s interest rate swaps were not designated as hedges under ASC Topic 815, so changes in
their fair value were recorded as gains or losses on derivative instruments within the statement of operations. On April&nbsp;1, 2014, Oceanbulk designated the swaps as cash flow hedges in accordance with ASC Topic 815, and accordingly, from that
date, gains or losses will only be recorded in Oceanbulk&#146;s statement of operations to the extent that the swaps are ineffective cash flow hedges, otherwise such changes will be reported within other comprehensive income (loss). No corresponding
losses existed in the six month period ended June&nbsp;30, 2013, since Oceanbulk entered into the swap agreements during the third quarter of 2013. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Results of Operations for the Year Ended December&nbsp;31, 2013 and the Period from October&nbsp;4, 2012 (date
of Oceanbulk&#146;s inception) through December&nbsp;31, 2012 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013 and December&nbsp;31, 2012,
Oceanbulk&#146;s fleet consisted of six vessels and one vessel, respectively, and on an average basis during the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, Oceanbulk had 2.4 vessels and
0.2 vessels, respectively. In the year ended December&nbsp;31, 2013, Oceanbulk&#146;s fleet Available Days totaled 797 days, compared to 73 days in the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. In the year ended
December&nbsp;31, 2013, Oceanbulk&#146;s fleet Ownership Days totaled 880 days, compared to 73 days in the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. Ownership Days are the primary driver of vessel operating expenses. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Voyage revenues </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Voyage revenues
increased by $12.0 million to $14.0 million in the year ended December&nbsp;31, 2013, compared to $2.0 million for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, which was primarily attributable to the growth of
Oceanbulk&#146;s fleet, which resulted in more Available Days, and the improved charter agreements Oceanbulk entered into, reflecting both its management&#146;s core competences and improved prevailing market conditions compared to the period in
2012. TCE per vessel for the year ended December&nbsp;31, 2013 was $12,552, compared to TCE rate per vessel of $7,442 for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Voyage expenses </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Voyage expenses
increased by $2.6 million to $4.0 million for the year ended December&nbsp;31, 2013, compared to $1.4 million for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. This increase was primarily driven by the increase in
Oceanbulk&#146;s fleet Available Days as well as the different mix of spot and time charters Oceanbulk used between 2013 and 2012. In particular, in 2012 almost all of Oceanbulk&#146;s revenues were derived from voyage charter agreements, while in
2013 68% of Oceanbulk&#146;s revenues were derived from short-term time charter agreements and 32% were derived from voyage charter agreements, leading to lower voyage expenses as a percentage of revenue in 2013 (28%)&nbsp;as compared to 2012 (72%).
Bunkering costs and port expense, which are at the expense of the owner when the vessel is under a voyage charter and at the expense of the chartering party when the vessel is under a time charter, decreased as a percentage of total revenues from
69% in 2012 to 24% in 2013, reflecting the effects of the different chartering mix. Commissions remained at the same levels as a percentage of total revenues, approximately 4%, in both periods. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Vessel operating expenses </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Vessel
operating expenses increased by $5.5 million to $6.1 million for the year ended December&nbsp;31, 2013 as compared to $0.6 million for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, due to the growth of Oceanbulk&#146;s fleet,
which resulted in an increase in Ownership Days and expenses for initial supplies acquired upon delivery of its vessels. Daily vessel operating expenses per vessel decreased by $406 per day, or 7%, to $5,377 for the year ended December&nbsp;31,
2013, compared to $5,783 for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, despite the increase in the average age of the fleet, due to efficiency gains from its cost management programs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Management fees </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Management fees
increased by $0.6 million to $0.7 million for the year ended December&nbsp;31, 2013 from $0.1 million for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, which was directly attributable to the growth of Oceanbulk&#146;s fleet,
which resulted in an increase in fleet Ownership Days in 2013. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Depreciation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Depreciation expenses increased by $2.4 million to $2.7 million for the year ended December&nbsp;31, 2013 from $0.3 million for the period from
October&nbsp;4, 2012 through December&nbsp;31, 2012, which was due to the growth of Oceanbulk&#146;s fleet, which resulted in an increase in fleet Ownership Days in 2013. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dry docking and special survey costs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">During the year ended December&nbsp;31, 2013, Oceanbulk incurred dry docking and special survey costs of approximately $3.2 million relating to
its vessels <I>Pantagruel</I> and <I>Strange Attractor</I>, which lasted 61 and 22 days, respectively. None of Oceanbulk&#146;s vessels underwent dry docking in the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>General and administrative expenses, including general and administrative expenses to related parties </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">General and administrative expenses increased to $4.1 million in the year ended December&nbsp;31, 2013 from $0.9 million in the period from
October&nbsp;4, 2012 through December&nbsp;31, 2012 due to the increased fees charged by Oceanbulk Maritime as part of Oceanbulk&#146;s fleet growth and additional needs in administrative services. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interest and finance costs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Interest and finance costs increased to $0.8 million in the year ended December&nbsp;31, 2013 from $nil in the period from October&nbsp;4, 2012
through December&nbsp;31, 2012 due to the secured debt incurred in 2013 for Oceanbulk&#146;s operating vessels. Interest and finance costs in 2013 included interest of $0.6 million on long-term debt (bank financing), $0.02 million of amortization of
deferred finance fees and $0.1 million of other bank and finance charges. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interest on Members&#146; Loans </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Interest on Members&#146; Loans during the year ended December&nbsp;31, 2013 was $1.4 million, compared to $0.2 million in the period from
October&nbsp;4, 2012 through December&nbsp;31, 2012. The amount of interest on Members&#146; Loans increased during 2013 due to an increase in the outstanding principal amount of Members&#146; Loans, from $67.8 million as of December&nbsp;31, 2012
to $223.1 million as of December&nbsp;31, 2013, excluding accrued interest. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Loss on derivative financial instruments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments was $1.4 million for the year ended December&nbsp;31, 2013 and was related to the unrealized loss
attributable to the mark-to-market valuation of its derivative financial instruments because Oceanbulk&#146;s outstanding interest rate swaps were not designated as hedges for purposes of ASC Topic 815. Oceanbulk had no corresponding losses in the
period from October&nbsp;4, 2012 through December&nbsp;31, 2012, since Oceanbulk entered into the swap agreements during the third quarter of 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Liquidity and Capital Resources </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Prior to
the Merger, Oceanbulk has historically financed the purchase of dry bulk carriers through a combination of Members&#146; Loans and borrowings from commercial banks. As a stand- alone entity, Oceanbulk would finance its capital and other cash
requirements from borrowings under ship financing and other credit facilities (including acquisition facilities), other debt or equity financings and cash from operations. Oceanbulk&#146;s liquidity requirements related to servicing its debt and
funding capital expenditures and working capital. Oceanbulk&#146;s revenues are generated from chartering its vessels, and Oceanbulk receives charter payments monthly or semi-monthly and in advance when it employs vessels under time charter
arrangements or in partial installments during the voyage period when it employs the vessels in the spot market. The majority of Oceanbulk&#146;s operating costs are paid on a monthly basis. Oceanbulk&#146;s short-term liquidity requirements relate
to funding working capital, including vessel operating expenses and payments under its management agreements. Oceanbulk&#146;s long-term liquidity requirements relate to funding capital expenditures, including the acquisition of its newbuilding and
secondhand vessels or any possible future acquisition of additional vessels and the service of its long-term debt and capital leases under bareboat charter agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Prior to the Merger, Oceanbulk&#146;s principal uses of funds were capital expenditures to establish and grow its fleet, comply with
international shipping standards, environmental laws and regulations and fund working capital requirements. Cash and cash equivalents were held primarily in U.S. dollars. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014, Oceanbulk had cash and cash equivalents of $89.8 million which
increased by $59.8 million compared to $30.0 million, as of December&nbsp;31, 2013, due primarily to amounts borrowed under Oceanbulk&#146;s loan facilities, as well as the proceeds from Members&#146; Loans, partially offset by capital payments
towards Oceanbulk&#146;s newbuilding vessels as well as its investment in Heron. More specifically, as of June&nbsp;30, 2014 and December&nbsp;31, 2013, Oceanbulk had an aggregate of $nil million and $226.0 million, respectively of indebtedness
outstanding under Members&#146; Loans, including principal and capitalized accrued interest. The decrease was due to the fact that on May&nbsp;28, 2014, the entire $415.0 million amount of Members&#146; Loans outstanding (including principal and
accrued interest thereon) was converted into 373,533 and 41,504 Class&nbsp;A Units issued by Oceanbulk Shipping and Oceanbulk Carriers to Oaktree and Millennia, respectively. In addition, as of June&nbsp;30, 2014 and December&nbsp;31, 2013,
Oceanbulk had an aggregate of $188.2 million and $86.6 million, respectively, of indebtedness outstanding under credit agreements with commercial banks. See &#147;&#151;Oceanbulk&#146;s Borrowing Activities.&#148; In addition, as of June&nbsp;30,
2014, Oceanbulk had restricted cash, relating to bank balances that are required under its borrowing arrangements, of $6.2 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As of
June&nbsp;30, 2014 Oceanbulk had a working capital surplus of $71.5 million primarily due to the proceeds from the HSBC Facility of $86.6 million, which was drawn down in order to finance the acquisition of operating vessels in the first half of
2014. See &#147;&#151;Oceanbulk&#146;s Borrowing Activities.&#148; As of December&nbsp;31, 2013, Oceanbulk had a working capital surplus of $22.0 million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cash Flows </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The following table
summarizes Oceanbulk&#146;s net cash flows from operating, investing and financing activities and its cash and cash equivalents for the six month periods ended June&nbsp;30, 2014 and 2013: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>6&nbsp;month&nbsp;period<BR>ended June&nbsp;30,<BR>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>6&nbsp;month&nbsp;period<BR>ended June&nbsp;30,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year ended<BR>December&nbsp;31,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Period from<BR>October&nbsp;4 to<BR>December&nbsp;31,<BR>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">($ in thousands)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">($ in thousands)</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flow Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Cash used in/provided by Operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,582</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,895</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4,352</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Cash used in Investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(224,177</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(202,229</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,302</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Cash provided by Financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">285,573</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net increase in cash and cash equivalents</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,814</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at beginning of period</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,979</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at end of the period</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">89,793</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,841</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,979</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Net cash used in/provided by operating activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Net cash used in operating activities was $1.6 million for the six month period ended June&nbsp;30, 2014, compared to net cash provided by
operating activities of $0.7 million for the six month period ended June&nbsp;30, 2013, a net decrease in operating cash flows of $2.3 million. The decrease in operating cash flows was primarily attributable to the increased needs of
Oceanbulk&#146;s newly delivered vessels for initial supplies upon delivery and costs of dry docking surveys incurred during the first six month period of 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Net cash flows used in operating activities decreased by $0.5 million to $3.9 million for the year ended December&nbsp;31, 2013, compared to
$4.4 million for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. The decrease was primarily attributable to the increased needs of Oceanbulk&#146;s newly delivered vessels for initial supplies upon delivery in 2013 and costs of
dry docking surveys incurred in 2013. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Net cash used in investing activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Net cash flows used in investing activities increased by $204.8 million to $224.2 million for the six month period ended June&nbsp;30, 2014,
compared to $19.4 million for the six month period ended June&nbsp;30, 2013. Net cash flows used in investing activities for the six month period ended June&nbsp;30, 2014 consisted of $160.0 million used for acquisitions of secondhand vessels, as
well as of the newbuilding vessel, <I>Magnum Opus</I>, $40.5 million in advances paid for newbuilding vessels, and a $23.7 million investment in Heron. Net cash flows used in investing activities for the six month period ended June&nbsp;30, 2013
consisted of $19.4 million of advances paid for newbuilding vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Net cash flows used in investing activities increased by $139.9
million to $202.2 million for the year ended December&nbsp;31, 2013, compared to $62.3 million for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. Net cash flows used in investing activities for the year ended December&nbsp;31,
2013 consisted of $119.0 million paid to acquire secondhand vessels, $80.3 million in advances paid for new building vessels, $0.1 million in capitalized expenses and $2.8 million in advances for acquisition of secondhand vessels. Net cash flows
used in investing activities for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012 consisted of $36.6 million in acquisitions of secondhand vessels and $25.7 million in advances paid for new building vessels. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Net cash provided by financing activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Net cash flows provided by financing activities increased by $266.2 million to $285.6 million for the six month period ended June&nbsp;30,
2014, compared to $19.4 million for the six month period ended June&nbsp;30, 2013. Net cash flows provided by financing activities for the six month period ended June&nbsp;30, 2014 consisted primarily of loan proceeds of $106.6 million, $4.9 million
repayment of long term debt, $2.2 million payments of financing fees and $186.1 million of proceeds from Members&#146; Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Net cash
flows provided by financing activities for the six month period ended June&nbsp;30, 2013 consisted only of proceeds from Members&#146; Loans of $19.4 million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Net cash flows provided by financing activities increased by $167.2 million to $235.0 million for the year ended December&nbsp;31, 2013,
compared to $67.8 million for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. Net cash flows provided by financing activities for the year ended December&nbsp;31, 2013 consisted of: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">a $6.2 million increase in restricted cash; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">$87.5 million of proceeds from long-term debt; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">a $0.9 million repayment of long-term debt; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">$173.3 million of proceeds from Members&#146; Loans; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">an $18.0 million repayment of Members&#146; Loans; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">a $0.8 million payment of financing fees. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Net cash flows provided by financing activities for
the period from October&nbsp;4, 2012 through December&nbsp;31, 2012 consisted only of proceeds from Members&#146; Loans of $67.8 million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Oceanbulk&#146;s Borrowing Activities </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Loan
financings from commercial banks </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>ABN Facility.</I> On August&nbsp;1, 2013, Oceanbulk entered into a $34.5 million credit
facility with ABN Amro N.V. (the &#147;ABN Facility&#148;) in order to partially finance the acquisition cost of the vessels <I>Obelix</I> and <I>Maiden Voyage</I>. On August&nbsp;6, 2013, Oceanbulk drew down the available amount fully in order to
finance the vessel acquisitions and pay an arrangement fee of $0.2 million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On December&nbsp;18, 2013, the ABN Facility was amended to add an additional credit facility of
$53.0 million to partially finance the acquisition cost of the vessels <I>Big Bang</I>, <I>Strange Attractor</I>, <I>Big Fish</I> and <I>Pantagruel</I>. On December&nbsp;20, 2013, Oceanbulk drew down the entire available amount to finance the vessel
acquisitions and pay an arrangement fee of $0.6 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The following table describes the various tranches of loans under the ABN
Facility as of June&nbsp;30, 2014: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:21.30pt; font-size:8pt; font-family:Times New Roman"><B>Vessel</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date Drawn</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal<BR>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Quarterly Installments</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Balloon Payment</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Obelix</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">August 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19.2 million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17 x $0.38 million</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">through August
2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">$12.8 million due</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">August 2018</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Maiden Voyage</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">August 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13.1 million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13 x $0.25 million</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">through&nbsp;September&nbsp;2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">$9.9 million due</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">September
2017</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Big Bang</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">December&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15.1&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18 x $0.45 million</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">through December
2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">$7.0 million due</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">December 2018</P></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Strange Attractor</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">December 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9.4 million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18 x $0.30 million</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">through December
2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">$4.0 million due</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">December 2018</P></TD></TR>

<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Big Fish</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">December 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12.4 million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18 x $0.55 million</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">through December
2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">$2.5 million due</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">December 2018</P></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Pantagruel</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">December 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12.4 million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18 x $0.55 million</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">through December
2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">$2.5 million due</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">December 2018</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Loans outstanding under the ABN Facility bear interest at three-month LIBOR plus a margin ranging from 3.75%
to 3.9%&nbsp;per annum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ABN Facility is secured by a first-priority ship mortgage on the financed vessels, general assignments,
charter assignments, and operating account assignments and is guaranteed by Oceanbulk Shipping the &#147;Guarantor&#148;. The ABN Facility contains a number of negative covenants, including limitations on additional indebtedness, additional liens on
the collateral, restricted payments and changes in management and ownership. In addition, the ABN Facility contains the following financial maintenance covenants: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">aggregate vessel value must exceed 140% of the aggregate principal amount of outstanding loans under the ABN Facility; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maximum consolidated adjusted market value leverage ratio of the Guarantor (defined as the Guarantor&#146;s total liabilities to market value adjusted total assets, excluding Members&#146; Loans and available cash) of
70%; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum consolidated EBITDA to interest coverage ratio of 2.0x, applicable after September&nbsp;30, 2016; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity of the higher of $1.0 million per collateral vessel or $0.5 million per other vessel owned by the Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ABN Facility also prohibits the Guarantor from paying dividends while a default has occurred and is continuing. The ABN Facility also
contains cross-default provisions triggered by a payment default or the acceleration or cancelation by reason of default of indebtedness in excess of $5.0 million for the Guarantor&#146;s indebtedness and $1.0 million for any borrower&#146;s
indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Deutsche Bank Facility</I>. On May&nbsp;20, 2014, Oceanbulk entered into a loan agreement with Deutsche Bank AG Filiale
Deutschlandgesch&auml;ft for financing in an aggregate amount of $85.0 million, which will partially finance the construction cost of one Kamsarmax bulk carrier <I>Magnum Opus, </I>which was delivered on May&nbsp;27, 2014, and two Capesize bulk
carriers, one of which had been delivered to Oceanbulk on July&nbsp;22, 2014 (i.e. Hull HN 213-JMU (named <I>Peloreus</I>)) and one of which is currently under construction at JMU (i.e. HN 214-JMU (to be named <I>Leviathan</I>)), with expected
delivery in September 2014. One loan, which matures five years after the drawdown date, can be drawn for each vessel being financed. Each loan is subject to 19 quarterly amortization payments equal </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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to 1/60th of the loan amount, with the 20th payment equal to the remaining amount outstanding on the loan. The loans bear interest at three-month LIBOR plus a margin of 3.4%&nbsp;per annum. The
Deutsche Bank Facility is secured by first priority cross-collateralized ship mortgages on the financed vessels, charter assignments, insurance and earnings assignments and is guaranteed by the Guarantor. The Deutsche Bank Facility includes certain
negative covenants, including limitations on changes of ownership or control, additional indebtedness and the payment of dividends or other distributions until March&nbsp;31, 2015, after which Oceanbulk may only pay dividends if no event of default
has occurred or is continuing. The Deutsche Bank Facility also requires that the aggregate fair market value of the financed vessels exceeds 130% of the outstanding loans under the Deutsche Bank Facility. The Deutsche Bank Facility includes also the
following financial maintenance covenants, which are applicable to the Guarantor: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maximum ratio of total liabilities to total assets (on a market value adjusted basis) of less than 70%; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum EBITDA to interest ratio of 2.0x, tested annually for 2014 and 2015, and 2.5x thereafter; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity of the greater of (x)&nbsp;$10 million and (y)&nbsp;$0.5 million in unencumbered cash per vessel directly or indirectly owned by the Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Deutsche Bank Facility also contains cross-default provisions triggered by a payment default or the acceleration or cancelation by reason
of a default or indebtedness in excess of $10.0 million on a consolidated basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July 4, 2014, Oceanbulk executed an amendment to the
facility with Deutsche Bank AG in order to add ITF International Transport Finance Suisse AG as a lender and align the loan terms with the effects of the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>HSBC Facility</I>. On April&nbsp;1, 2014, Oceanbulk executed a binding term sheet and on June&nbsp;16, 2014, Oceanbulk entered into a loan
agreement with HSBC Bank plc. for financing in an aggregate amount of $86.6 million, to partially finance the acquisition cost of the secondhand vessels <I>Kymopolia, Mercurial Virgo, Pendulum, Amami </I>and <I>Madredeus, </I>all of which have been
delivered. The loan, which was drawn in June 2014, matures in the second quarter of 2019 (59 months from the drawdown date) and is repayable in 20 quarterly installments, commencing three months after the drawdown, of $1.6 million plus a balloon
payment of $55.5 million due together with the last installment. The loan bears interest at LIBOR plus a margin of 3.3%&nbsp;per annum, as long as the ratio of the fair value of the vessels to the outstanding loan (including any interest rate swap
exposure) (the &#147;ACR&#148;) exceeds 143% or 4.10%&nbsp;per annum, as long as the ACR falls below 143%. The HSBC Facility is secured by first priority mortgage over the financed vessels, and general and specific assignments and is guaranteed by
the Guarantor. The HSBC Facility includes certain negative covenants, including limitations on changes of ownership or control, other than as part of an initial public offering and as long as the borrowers are not in an event of default and
shareholding thresholds applicable to the Pappas family interests. It also includes dividend restrictions if an event of default has occurred or is continuing or if the ACR falls below 143% while it also requires that the aggregate ACR exceeds 135%
and minimum free liquidity to be maintained by the borrowers in the aggregate of $2.5 million. In addition, a portion of 10% of the initial HSBC Facility shall be prepaid from the proceeds of the first capital increase of the Guarantor after
January&nbsp;1, 2016. The HSBC Facility includes the following financial maintenance covenants, which are applicable to the Guarantor: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">maximum leverage ratio (calculated based on long term debt net of available cash divided by total assets net of available cash) not to exceed 70%; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">minimum EBITDA to interest expense ratio of 2.0x, in relation to the preceding four fiscal quarters, effective from the second anniversary of the execution date; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity to exceed $0.5 million in free cash balances per vessel owned by the Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>CEXIM Facility</I>. On March&nbsp;21, 2014, Oceanbulk executed a binding term sheet and on June&nbsp;26, 2014 entered into a loan agreement
with the Export-Import Bank of China for financing in an aggregate amount of $57.4 million, which will be available in two tranches of $28.7 million to partially finance the construction cost of two Capesize bulk carriers currently under
construction at SWS (HN 1312-SWS and HN 1313-SWS), with expected delivery in April and June 2015. Each tranche will mature 10 years from the delivery date of the last delivered vessel and will be repayable in 20 semi-annual installments of $1.1
million plus a balloon payment of $5.7 million, the first installment being due on the first January&nbsp;21 or July&nbsp;21 six months after the delivery of each vessel. The loans will bear interest at six-month LIBOR plus a margin of
3.25%&nbsp;per annum. The CEXIM Facility will be secured by first priority cross-collateralized ship mortgages on the financed vessels, charter assignments, insurance and earnings assignments and will be guaranteed by the Guarantor. The CEXIM
Facility will include certain negative covenants, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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including limitations on changes of ownership or control. The CEXIM Facility also requires that the aggregate value of the financed vessels exceeds 125% of the outstanding loans under the CEXIM
Facility and that each vessel owning subsidiary must maintain minimum cash of not less than $0.5 million. The CEXIM Facility will include the following financial maintenance covenants, which are applicable to the Guarantor: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum equity ratio calculated based on book value of equity to total book value of assets of no less than 30%; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum book value of equity of not less than $250 million after December&nbsp;31, 2015; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity of $0.5 million in unencumbered cash per vessel directly or indirectly owned by the Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014, no amounts had been drawn under the CEXIM Facility. In addition as of June&nbsp;30, 2014, Oceanbulk was in
compliance with the applicable covenants under the existing loan facilities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Members&#146; Loans </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to the provisions of the limited liability agreements of Oceanbulk Shipping and Oceanbulk Carriers, the Oceanbulk Holdcos, as
members, could, from time to time, make investments in Oceanbulk Shipping and Oceanbulk Carriers either in the form of capital contributions in exchange for the companies&#146; Class&nbsp;A Units or in the form of Members&#146; Loans, evidenced by
Convertible Notes. The Convertible Notes bore fixed interest at 2%&nbsp;per annum, accruing quarterly in arrears and maturing on December&nbsp;31, 2042. On May&nbsp;28, 2014, the entire $415.0 million principal amount of Members&#146; Loans was
converted into 373,533 Class&nbsp;A Units issued by Oceanbulk Shipping and Oceanbulk Carriers to Oaktree OBC Holdings LLC (the &#147;Oaktree Holdco&#148;) and 41,504 Class&nbsp;A Units issued by Oceanbulk Shipping and Oceanbulk Carriers to Millennia
Limited Liability Company (the &#147;Pappas Holdco&#148;), respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the year ended December&nbsp;31, 2013 and the period from
October&nbsp;4, 2012 through December&nbsp;31, 2012, Oceanbulk incurred $2.7 million and $0.2 million, respectively, of interest accrued on the Convertible Notes, of which $1.3 million and $0.04 million, respectively, was capitalized to vessel cost
and the remaining $1.4 million and $0.2 million, respectively, was expensed in its historical results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, during
the six month periods ended June&nbsp;30, 2014 and 2013, Oceanbulk incurred $3.0 million and $0.7 million, respectively, of interest accrued on the Convertible Notes, of which $1.2 million and $0.3 million, respectively, was capitalized to vessel
cost and the remaining $1.8 million and $0.4 million was expensed in Oceanbulk&#146;s historical results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Bareboat charters
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;17, 2013, Oceanbulk entered into separate bareboat charter party contracts with affiliates of New Yangzijiang
shipyards for eight-year bareboat charters of four newbuilding 64,000 dwt Ultramax vessels (HN 1061, HN 1062, HN 1063 and HN 1064) being built at New Yangzijiang. The vessels are being constructed pursuant to four shipbuilding contracts entered into
between four pairings of affiliates of New Yangzijiang. Each pair has one shipyard party (each, a &#147;New YJ Builder&#148;) and one ship-owning entity (each a &#147;New YJ Owner&#148;). Delivery to Oceanbulk of each vessel is deemed to occur upon
delivery of the vessel to the New YJ Owner from the corresponding New YJ Builder. An amount of $20.7 million for each vessel will be financed by the relevant New YJ Owner, to whom Oceanbulk will pay a pre-agreed daily bareboat charter hire rate.
After each vessel&#146;s delivery, Oceanbulk has monthly purchase options to acquire the vessel at pre-determined, amortizing-during-the-charter-period prices. On the eighth anniversary of the delivery of a vessel, Oceanbulk has the obligation to
purchase the vessel at a purchase price of $6.0 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;27, 2013, Oceanbulk entered into separate bareboat charter
party contracts with affiliates of SWS shipyards for ten-year bareboat charters of five newbuilding 208,000 dwt Newcastlemax vessels (Hulls HN 1359, HN 1360, HN 1361, HN 1362 and HN 1363) being built at SWS. The vessels are being constructed
pursuant to shipbuilding contracts entered into between five pairings of affiliates of SWS. Each pair has one shipyard party (each, an &#147;SWS Builder&#148;) and one ship-owning entity (each an &#147;SWS Owner&#148;). Delivery to Oceanbulk of each
vessel is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder. An </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
amount of $46.4 million for each vessel will be financed by the relevant SWS Owner, to whom Oceanbulk will pay a daily bareboat charter hire rate payable monthly plus a variable amount
corresponding to the LIBOR rate payable every six months and a one-time handling fee of $0.5 million. After each vessel&#146;s delivery, Oceanbulk has monthly purchase options to acquire the vessel at pre-determined,
amortizing-during-the-charter-period prices. At the end of the ten-year charter period for each vessel, Oceanbulk has the obligation to purchase the vessel at a purchase price of $13.9 million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Off-balance sheet arrangements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Investment in Heron Ventures and Guarantee of CiT Facility by Oceanbulk Shipping.</I> On February&nbsp;19, 2014, Oceanbulk Shipping provided
$3.1 million and &#128;14.9&nbsp;million of capital in the form of a convertible loan (each a &#147;Convertible Loan&#148;) to Heron Ventures Ltd. a limited liability company incorporated in Malta whose sole stockholder was ABY Group Holding Limited
(itself a joint venture between Augustea-Bunge and York). The Convertible Loan is convertible into 50% of the outstanding equity of Heron, so upon conversion of the Convertible Loan, Heron would be a 50-50 joint venture between Oceanbulk Shipping
and ABY Group Holding Limited. The purpose of the Convertible Loan was to partially finance the acquisition out of bankruptcy of Deiulemar Shipping S.p.A., an operator of 12 dry bulk vessels, for which Heron had bid &#128;82.5&nbsp;million and was
the sole and winning bidder. On February&nbsp;13, 2014, Heron entered into a $95.2 million loan agreement with CiT Finance LLC, which is severally guaranteed on a 50-50, unsecured basis by Oceanbulk Shipping and ABY Group Holding Limited. On
March&nbsp;10, 2014, deeds of transfer in respect of the vessels in the Ex-Deiulemar fleet were executed in favor of Heron. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The CiT
Facility was divided into two portions, a &#147;Core Portion&#148; of $65.2 million and a &#147;Non-Core Portion&#148; of $30.0 million. The Core Portion is secured by four vessels (the &#147;Core Heron Vessels&#148;), consisting of three Kamsarmax
vessels and one Capesize vessel intended to be retained by Heron (or its equityholders), and matures in June 2019. The Non-Core Portion was secured by eight vessels (the &#147;Non-Core Heron Vessels&#148;) of various sizes but was repaid in full
during the second quarter of 2014. Interest accrues on the CiT Facility at a rate of 4.25%&nbsp;per annum. The Core Portion is subject to scheduled quarterly amortization payments of $1.6 million, beginning on June&nbsp;30, 2014, and the Non-Core
Portion is not subject to scheduled amortization and is repayable in full on June&nbsp;30, 2015. Heron may voluntarily prepay the outstanding principal amount of the loans under the CiT Facility at any time, subject to a prepayment premium of 2%
during the first year and 1% during the second year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon a sale or loss of a Core Heron Vessel, the Core Portion must be prepaid based
on a scheduled release price for the Core Heron Vessel. Upon a sale or loss of a Non-Core Heron Vessel, the net proceeds must be used to prepay the Non-Core Portion and then applied to the budgeted cost of intermediate surveys during 2014 of the
Core Heron Vessels. As of June&nbsp;30, 2014 the outstanding balance of the Core Portion was $63.6 million, while the Non- Core Portion had been fully repaid within the second quarter of 2014. As of August&nbsp;20, 2014, one Non-Core Heron Vessel
was still owned by Heron. The CiT Facility contains the following financial covenants that Heron must comply with: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a minimum cash balance at all times of $1.0 million per Core Heron Vessel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity at all times of $185,000 per Non-Core Heron Vessel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">a minimum Fixed Charge Coverage Ratio (as defined therein and calculated based on annualized EBITDA less capital expenditures divided by the debt service for the relevant period) of 1.10x, measured quarterly after the
quarter ending March&nbsp;31, 2015; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">Core Portion minimum asset coverage test (tested semiannually starting on September&nbsp;30, 2014), which requires that each Core Heron Vessel&#146;s charter-free fair market value be not less than 140% (150% after the
quarter ending March&nbsp;31, 2016) of the Core Portion balance outstanding against it. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the CiT Facility, Heron may
only make quarterly distributions to its members from accumulated unrestricted excess cash in operating accounts so long as no event of default has occurred and is continuing or would occur as a result of such distribution, so long as (i)&nbsp;the
Non-Core Portion has been paid in full, (ii)&nbsp;an amount corresponding to the budgeted cost of all 2014 Core Heron Vessel intermediate surveys has been deposited in a restricted account at CiT and (iii)&nbsp;the outstanding amount under the CiT
Facility does not exceed 60% of the combined fair market value of the vessels owned by Heron. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the distribution of the Core Heron Vessels to the Heron equity holders (and
discussions with CiT to appropriately refinance the CiT Facility with new vessel financing), Oceanbulk expects that the Convertible Loan will be converted into Heron equity during September 2014. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contractual Obligations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following
table sets forth Oceanbulk&#146;s contractual obligations and their maturity dates as of June&nbsp;30, 2014 on an historical basis. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="28" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Historical contractual obligations for the twelve month periods ended June&nbsp;30,</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020 and<BR>thereafter</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center"><I>($ in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long term debt<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">109,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">188,237</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on long term debt<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,980</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,616</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,465</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase commitments<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">367,015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">197,154</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">564,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat commitments &#150; upfront fee<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,599</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat commitments &#150; charterhire<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,804</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">32,951</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">301,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">415,926</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">427,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">250,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">53,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">62,652</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">145,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">301,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,240,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth Oceanbulk&#146;s contractual obligations and their maturity dates as of
June&nbsp;30, 2014 on an as-adjusted basis, giving effect to (i)&nbsp;the incurrence subsequent to June&nbsp;30, 2014 of the Deutsche Bank Facility and the CEXIM Facility, and the interest thereon: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="28" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Pro-forma contractual obligations for the twelve month periods ended June&nbsp;30,</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020 and<BR>thereafter</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center"><I>($ in thousands)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long term debt<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">20,701</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">35,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">118,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">83,421</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">310,596</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on long term debt<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,422</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,077</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,099</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase commitments<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">244,655</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">197,154</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">441,809</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat commitments &#150; upfront fee<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,599</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat commitments &#150; charterhire<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,804</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">32,951</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">301,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">415,926</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">310,492</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">263,244</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">66,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">75,035</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">157,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">390,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,262,488</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The historical outstanding balance of Oceanbulk&#146;s long-term debt with commercial banks at June&nbsp;30, 2014 was $188.2 million. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The as-adjusted contractual obligations table includes also the expected repayment of the
obligations arising under the Deutsche Bank Facility and the CEXIM Facility discussed under &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of Oceanbulk&#151;Oceanbulk&#146;s Borrowing
Activities&#151;Loan financings from commercial banks,&#148; for the portion of the facilities that were entered into subsequent to June&nbsp;30, 2014 and will be fully utilized to pay part of the purchase obligations discussed in footnote (5). Such
expected repayment is based on (i)&nbsp;the actual drawdown dates, to the extent applicable, subsequent to June&nbsp;30, 2014 and (ii)&nbsp;the financed newbuilding vessels&#146; expected delivery dates, for those drawdowns under the Deutsche Bank
Facility and the CEXIM Facility that had not yet occurred subsequently to June&nbsp;30, 2014 but are expected concurrently with the relevant vessel deliveries. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Oceanbulk&#146;s historical long-term debt outstanding as of June&nbsp;30, 2014 bears interest at a variable rate of three-month LIBOR plus a margin. The calculation of interest payments has been made assuming interest
rates based on the 3-month LIBOR as of June&nbsp;30, 2014, and Oceanbulk&#146;s various applicable margin rates under its historical debt as of June&nbsp;30, 2014 ranging from 3.4% to 3.9%&nbsp;per annum. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The as-adjusted contractual obligations table includes also the expected interest payments under the Deutsche Bank Facility and the CEXIM
Facility as discussed under footnote (1)&nbsp;above. The calculation of such interest payments has been made assuming interest rates based on the 3-month LIBOR as of June&nbsp;30, 2014 and Oceanbulk&#146;s various applicable margin rates under the
respective facilities ranging from 3.25% to 3.4%&nbsp;per annum. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">The amounts represent amounts payable within two months under Oceanbulk&#146;s management agreements discussed in Note 3 to Oceanbulk&#146;s unaudited interim combined financial statements for those vessels in operation
as of June&nbsp;30, 2014. The management agreements are terminable at either party&#146;s option upon two months&#146; notice, and the relevant fees will be payable at half rate for a further period of three calendar months from the termination
date. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">The amounts presented in the historical contractual obligations table represent Oceanbulk&#146;s remaining obligations as of June&nbsp;30, 2014 with respect to the pipeline of its newbuilding program, excluding those
applicable under the bareboat lease agreements classified as capital leases which are discussed under footnote (5)&nbsp;below. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The as adjusted purchase commitments have been adjusted to exclude those commitments under the financed vessels under the Deutsche Bank
Facility and the CEXIM Facility which payment obligation has been reflected in the as adjusted Long term debt under footnote (1)&nbsp;above. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">The amounts presented in the historical and as-adjusted contractual obligations table represent Oceanbulk&#146;s commitments under the bareboat lease arrangements under the upfront fee and the charterhire, gross of any
address commissions Oceanbulk may be entitled to. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quantitative and Qualitative Disclosures About Market Risk </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk is exposed to various market risks, including changes in interest rates, foreign-currency fluctuations, inflation and credit risk.
Other than interest rate risk, Oceanbulk does not currently hedge its exposure to those risks through derivative contracts, but its management monitors fluctuations on a continuous basis and will seek to enter into hedge transactions when
appropriate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interest Rate Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The international shipping industry is capital intensive, requiring significant amounts of capital provided in the form of long-term debt.
Oceanbulk&#146;s debt from commercial banks bears interest at floating rates based on LIBOR. Increasing interest rates could increase Oceanbulk&#146;s interest expense and adversely impact its future earnings. Oceanbulk uses interest rate swaps to
manage net exposure to interest rate fluctuations related to these borrowings and to lower its overall borrowing costs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">During the third quarter of 2013, Oceanbulk entered into five interest rate swaps with Goldman
Sachs Bank USA, effective from October&nbsp;1, 2014 and maturing on April&nbsp;1, 2018. Under their terms, Oceanbulk will make quarterly payments to the counterparty at fixed rates for each swap, ranging from 1.79% to 2.07%&nbsp;per annum, based on
a changing notional amount beginning, in the aggregate of the five swaps at $186.3 million and extending up to $461.3 million, during the life of the instruments. The counterparty will make quarterly floating rate payments at three-month U.S. dollar
LIBOR to Oceanbulk based on the same notional amount. During the three month period ended March&nbsp;31, 2014, the swaps were not designated as accounting hedges and accordingly changes in their fair value in the three month period ended
March&nbsp;31, 2014 of $1,118 were reported in earnings as a Loss on Derivative Financial Instruments. On April&nbsp;1, 2014, Oceanbulk designated the swaps as cash flow hedges in accordance with ASC Topic 815, and accordingly, since the effective
portion of these cash flow hedges during the second quarter of 2014 were reported in Accumulated Other Comprehensive Income (loss) on the June 30, 2014 combined balance sheet, with the outstanding fair value (based on Level 2 inputs of the fair
value hierarchy) as of the same date and as of December&nbsp;31, 2013 being separately reflected as Derivative Financial Instruments within current and non-current liabilities. Any ineffective portion of these cash flow hedges is reported as gain or
loss in the Statement of Operations for the relevant period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As an indication of the extent of Oceanbulk&#146;s sensitivity to interest
rate changes, an increase in three-month LIBOR of 1% would have increased its net loss and decreased its cash flows during the period ended June&nbsp;30, 2014 by approximately $0.5 million based upon its debt level during 2014. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Inflation and Cost Increases </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Although inflation has had a moderate impact on operating expenses, interest costs, dry docking expenses and overhead, Oceanbulk does not
expect inflation to have a significant impact on direct costs in the current and foreseeable economic environment, other than potentially affecting insurance costs and crew costs. It is anticipated that insurance costs will continue to rise over the
next few years and rates may increase at a rate that exceeds the general rate of inflation. Recently, there has been an increased demand for qualified crews, which has, and may continue to, put inflationary pressure on crew costs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Foreign Currency Exchange Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk generates all of its revenue in U.S. dollars, and the majority of its expenses are denominated in U.S. dollars. However, a portion of
Oceanbulk&#146;s ship operating and administrative expenses are denominated in currencies other than U.S. dollars. For the year ended December&nbsp;31, 2013 and the six month period ended June&nbsp;30, 2014, Oceanbulk incurred approximately 33% of
its operating expenses and the majority of its General and administrative expenses in currencies other than U.S. dollars. For accounting purposes, expenses incurred in currencies other than U.S. dollars are converted into U.S. dollars at the
exchange rate prevailing on the date of each transaction. Because a significant portion of Oceanbulk&#146;s expenses are incurred in currencies other than U.S. dollars, its expenses may, from time to time, increase relative to its revenues as a
result of fluctuations in exchange rates, which could affect the amount of net income/loss that Oceanbulk reports in future periods. As of June&nbsp;30, 2014 and December&nbsp;31, 2013, the net effect of a 1% adverse movement in U.S. dollar/Euro
exchange rates would not have had a material effect on Oceanbulk&#146;s net loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Oceanbulk does not currently hedge movements in
currency exchange rates, but its management monitors exchange-rate fluctuations on a continuous basis. It may seek to hedge this currency fluctuation risk in the future. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Concentration of Credit Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">During the six month periods ended June&nbsp;30, 2014 and 2013, charterers that individually accounted for more than 10% of Oceanbulk&#146;s
voyage revenues were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:34.65pt; font-size:8pt; font-family:Times New Roman"><B>Charterer</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">E</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">F</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As Oceanbulk continues to get delivery of its new building vessels and its fleet expands, its
credit risk arising for concentration to a small number of charterers will spread out. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk performs ongoing credit evaluations of
its charterers, and it generally does not require collateral in its business agreements. Oceanbulk maintains provisions for potential credit losses when necessary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Oceanbulk has bank deposits that expose it to credit risk arising from possible default by the counterparty. It manages the risk
by using credit-worthy financial institutions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Lack of Historical Operating Data for Vessels Before Their Acquisition </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Oceanbulk acquires vessels. Accordingly, Oceanbulk will not obtain the historical operating data for the vessels from the sellers because that information is not material
to its decision to make acquisitions, nor does Oceanbulk believes it would be helpful to potential investors in its common shares in assessing its 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&#146;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&#146;s technical manager and the seller is automatically terminated and the vessel&#146;s trading certificates are revoked by its flag state following a change in ownership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Consistent with shipping industry practice, Oceanbulk treats the acquisition of a vessel (whether acquired with or without charter) as the
acquisition of an asset rather than a business. Although vessels are generally acquired free of charter, Oceanbulk may, in the future, acquire vessels with existing time charters, such as the two Post-Panamax vessels acquired in 2014. 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. 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&#146;s consent and the buyer&#146;s entering into a separate direct 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When Oceanbulk purchases a vessel and assumes or renegotiates a related time charter, Oceanbulk must take the following steps before the
vessel will be ready to commence operations: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">obtain the charterer&#146;s consent to Oceanbulk as the new owner; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">obtain the charterer&#146;s consent to a new technical manager; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">obtain the charterer&#146;s consent to a new flag for the vessel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">arrange for a new crew for the vessel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">replace all hired equipment on board, such as gas cylinders and communication equipment; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">negotiate and enter into new insurance contracts for the vessel through Oceanbulk&#146;s own insurance brokers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">register the vessel under a flag state and perform the related inspections in order to obtain new trading certificates from the flag state; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">implement a new planned maintenance program for the vessel; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">ensure that the new technical manager obtains new certificates for compliance with the safety and vessel security regulations of the flag state. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEX TO OCEANBULK FINANCIAL STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Index to Combined Financial Statements of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Report of Independent Registered Public Accounting Firm</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Audited Combined Financial Statements:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combined Balance Sheets as of December&nbsp;31, 2013 and 2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combined Statements of Operations for the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through
December&nbsp;31, 2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combined Statements of Members&#146; Equity for the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through
December&nbsp;31, 2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combined Statements of Cash Flows for the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through
December&nbsp;31, 2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes to Combined Financial Statements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Index to Unaudited Interim Combined Financial Statements of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Unaudited Interim Combined Financial Statements:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combined Balance Sheets as of June&nbsp;30, 2014 and December&nbsp;31, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combined Statements of Operations for the six month periods ended June&nbsp;30, 2014 and 2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combined Statements of Members&#146; Equity for the six month periods ended June&nbsp;30, 2014 and 2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combined Statements of Cash Flows for the six month periods ended June&nbsp;30, 2014 and 2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes to Combined Financial Statements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors of Oceanbulk Shipping LLC and Oceanbulk Carriers LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have audited the accompanying combined balance sheets of Oceanbulk Shipping LLC and Oceanbulk Carriers LLC (together, the &#147;Company&#148;), as of
December&nbsp;31, 2013 and 2012, and the related combined statements of operations, members&#146; equity, and cash flows for the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. These
financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We conducted our audits 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. We were not engaged to perform an audit of the Company&#146;s internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#146;s
internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our opinion, the financial statements referred to above present fairly, in all material respects, the combined financial position of Oceanbulk Shipping LLC
and Oceanbulk Carriers LLC at December&nbsp;31, 2013 and 2012, and the combined results of their operations and their cash flows for the year ended December&nbsp;31, 2013, and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, in
conformity with U.S. generally accepted accounting principles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ernst&nbsp;&amp; Young (Hellas) Certified Auditors Accountants S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Athens, Greece </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;2, 2014 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Combined Balance Sheets </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31, 2013 and 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of U.S. Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT ASSETS:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents (Note&nbsp;2(f))</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,979</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted Cash (Notes 2(g) and 7)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable trade (Note&nbsp;2(h))</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,966</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,926</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories (Notes 2(i)&nbsp;and 4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,736</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,810</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepayments and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">722</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due from related parties (Note&nbsp;3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of deferred charges, net (Note&nbsp;2(n))</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">225</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total current assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>38,002</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,905</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FIXED ASSETS:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessels&#146; acquisitions (Notes 2(k) and 5)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessels under construction (Notes 2(k) and 6)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,439</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessels, net (Notes 2(j) and 5)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total fixed assets, net</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>262,183</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>62,071</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>OTHER NON CURRENT ASSETS:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted Cash (Notes 2(g) and 7)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred charges, net (Note&nbsp;2(n))</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total other non-current assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,528</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>306,713</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>66,976</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LIABILITIES AND MEMBERS&#146; EQUITY:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT LIABILITIES:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of long-term debt (Note&nbsp;7)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,897</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable, trade and other</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">957</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due to related parties (Note&nbsp;3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial instruments (Note&nbsp;10)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total current liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>15,953</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>374</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term debt (Note&nbsp;7)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,688</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Loans (Notes 3 and 8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">226,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,010</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial instruments (Note&nbsp;10)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total non-current liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>303,288</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>68,010</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>319,241</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>68,384</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commitments and contingencies (Note&nbsp;12)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>MEMBERS&#146; EQUITY:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Capital Contributions (Note&nbsp;11)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Accumulated deficit</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(12,528</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,408</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Members&#146; equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(12,528</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,408</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities and Members&#146; equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>306,713</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>66,976</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying notes are an integral part of these combined financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Combined Statements of Operations </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of U.S. Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>REVENUES:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage revenues (Note&nbsp;2(o))</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total revenues</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,021</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,975</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXPENSES:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses (Note&nbsp;14)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,017</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,431</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessel operating expenses (Note&nbsp;14)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,142</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(574</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees (Note&nbsp;3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(660</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(76</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation (Note&nbsp;5)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,656</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(271</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dry docking and special survey costs (Note&nbsp;2(m))</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,248</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses to related parties (Note&nbsp;3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,683</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(860</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(414</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Expenses</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(20,820</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,216</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(6,799</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,241</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>OTHER INCOME (EXPENSES):</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and finance costs (Note&nbsp;15)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(786</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on Members&#146; Loans (Notes 3 &amp; 8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,412</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(167</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments (Note&nbsp;10)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,423</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total other income (expenses), net</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,616</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(167</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(10,415</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,408</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferential Deemed Dividend (Notes 3 &amp; 5)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(705</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss available to Members</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(11,120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,408</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying notes are an integral part of these combined financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Combined Statements of Members&#146; Equity </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of U.S. Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Members&#146;&nbsp;Capital<BR>Contributions</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated<BR>Deficit</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total&nbsp;Members&#146;<BR>Equity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, October&nbsp;4, 2012</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Net loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,408</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,408</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, December&nbsp;31, 2012</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,408</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,408</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Net loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Preferential Deemed Dividend (Note&nbsp;5)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(705</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(705</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, December&nbsp;31, 2013</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(12,528</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(12,528</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying notes are an integral part of these combined financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Combined Statements of Cash Flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of U.S. Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flows used in Operating Activities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(10,415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,408</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjustments to reconcile net loss to net cash used in operating activities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,656</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of deferred financing fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,423</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued interest expense on Members&#146; Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Changes in operating assets and liabilities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Increase in:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable, trade</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,040</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,926</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,926</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,810</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepayments and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(701</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due from related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(181</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Increase in:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable, trade and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">863</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,990</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net Cash used in Operating Activities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,895</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(4,352</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flows used in Investing Activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition of vessels</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(118,984</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,642</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessel acquisitions and vessels under construction</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(83,245</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25,660</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash used in Investing Activities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(202,229</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(62,302</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flows used in Financing Activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in Restricted Cash</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,193</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from long-term debt</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87,458</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repayment of long-term debt</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(873</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from Members&#146; Loans</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">173,339</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return of Members&#146; Loans</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of financing fees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(776</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash from Financing Activities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>234,955</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>67,802</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net increase in cash and cash equivalents</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>28,831</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,148</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash and cash equivalents at beginning of year/period</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,148</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash and cash equivalents at end of the year/period</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>29,979</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,148</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>SUPPLEMENTAL CASH FLOW INFORMATION:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash paid during the year for:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank loan Interest</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying notes are an integral part of these combined financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Basis of Presentation and General Information: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The accompanying combined financial
statements include the consolidated accounts of Oceanbulk Shipping LLC and Oceanbulk Carriers LLC and their wholly owned subsidiaries. Oceanbulk Shipping LLC and Oceanbulk Carriers LLC were formed under the laws of the Republic of the Marshall
Islands on October&nbsp;4, 2012 and April&nbsp;5, 2013, respectively, in view of separate limited liability agreements entered between Oaktree OBC Holdings LLC (&#147;Oaktree&#148;) and Millennia Limited Liability Company (&#147;Millennia&#148; and,
together with Oaktree, the &#147;Members&#148;) with Oceanbulk Shipping LLC dated October&nbsp;9, 2012 and with Oceanbulk Carriers LLC dated April&nbsp;11, 2013. Oceanbulk Shipping LLC and Oceanbulk Carriers LLC and their wholly owned subsidiaries
are herein referred to collectively as the &#147;Company&#148;. Oaktree currently exerts control over the Company&#146;s operations through its 90% ownership interest. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide
through the ownership and operation of the following bulk carrier vessels: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Vessel name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Type</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DWT</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Built/Delivery</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; "><B>Existing fleet</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Obelix</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2011<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Maiden Voyage</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,722</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2012<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Big Bang</I> (ex <I>Cape Shanghai</I>)<I></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2007<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Strange Attractor</I> (ex <I>Tokiwa Glory</I>)<I></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,742</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2006<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Big Fish</I> (ex <I>Shining Star</I>)<I></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2004<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Pantagruel</I> (ex <I>Pacific Confidence</I>)<I></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2004<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Kymopolia</I> (<I></I>ex<I> </I><I>Shiga</I>) (Note&nbsp;16)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">176,990</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2006<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Mercurial Virgo</I> (ex <I>Mineral Pearl</I>) (Note&nbsp;16)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,545</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2013<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Pendulum</I> (ex <I>Christina Victory</I>) (Note&nbsp;16)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,619</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2006<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Amami</I> (ex <I>GL Xiushan</I>) (Note&nbsp;16)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Post-Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2011<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Madredeus</I> (ex <I>GL Zoushan</I>) (Note&nbsp;16)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Post-Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2011<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; "><B>Newbuilding fleet</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 207-JMU (tbn <I>Magnum Opus</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2014<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 213-JMU (tbn <I>Peloreus</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2014<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 214-JMU (tbn <I>Leviathan</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2014<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 5017-JMU</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">16.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 5055-JMU</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">17.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 5056-JMU</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">18.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1312-SWS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">19.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1313-SWS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">20.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE166-NACKS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">21.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE167-NACKS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">22.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE184-NACKS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">23.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE164-NACKS (tbn <I>Honey Badger</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">24.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN NE165-NACKS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">25.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1359<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">26.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1360<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">27.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1361<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2016<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">28.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1362<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2016<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">29.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1363<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2016<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">30.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1061<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">31.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1062<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">32.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1063<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">33.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1064<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">34.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1080</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">35.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1081</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">36.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1082</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">37.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HN 1083</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Chartered under bareboat lease arrangement that qualifies as an accounting capital lease (Note&nbsp;6). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Year of construction. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Year of expected delivery. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Significant Accounting policies: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"><B>Principles of Combination:</B> The accompanying combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#147;U.S. GAAP&#148;) and
have been presented using the historical carrying costs of Oceanbulk Shipping LLC and Oceanbulk Carriers LLC and their consolidated subsidiaries listed in Note&nbsp;1 for all periods presented, as each is under common control of the Members for the
respective periods. All intercompany balances and transactions have been eliminated. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"><B>Use of Estimates:</B> The preparation of the accompanying combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the combined financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"><B>Other Comprehensive Income (Loss):</B> The Company follows the provisions of Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standard Codification (&#147;ASC&#148;) 220, &#147;Comprehensive
Income&#148;, which requires separate presentation of certain transactions, which are recorded directly as components of Members&#146; equity. The Company has no such transactions which affect other comprehensive loss and, accordingly, for the year
ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, comprehensive loss equals net loss. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"><B>Concentration of Credit Risk:</B> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, accounts
receivable and derivative contracts (interest rate swaps). The Company places its cash, restricted cash and cash equivalents consisting mostly of deposits, with well-known financial institutions and performs periodic evaluations of the relative
credit standing of those financial institutions. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers&#146; financial condition. The Company does not obtain rights to collateral to
reduce its credit risk. The Company is exposed to credit risk in the event of non-performance by counterparties to derivative instruments; however, the Company limits its exposure by constantly monitoring the counterparties&#146; credit ratings.
During the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, charterers that individually accounted for more than 10% of the Company&#146;s voyage revenues were as follows: </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:34.65pt; font-size:8pt; font-family:Times New Roman"><B>Charterer</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>A</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>B</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>C</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>D</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>E</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The outstanding accounts receivable balance of these charterers as of December&nbsp;31, 2013, amounted to $2.9
million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e)</TD>
<TD ALIGN="left" VALIGN="top"><B>Foreign Currency Translation:</B> The functional currency of the Company is the U.S.&nbsp;Dollar, since the Company&#146;s vessels operate in international shipping markets and therefore primarily transact business
in U.S. Dollars. The Company&#146;s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the
balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are reflected within &#147;Other, net&#148; line item in the
accompanying combined statements of operations. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f)</TD>
<TD ALIGN="left" VALIGN="top"><B>Cash and Cash Equivalents:</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.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">g)</TD>
<TD ALIGN="left" VALIGN="top"><B>Restricted Cash:</B> Restricted Cash includes bank balances that are required under the Company&#146;s borrowing arrangements to be maintained and used to fund the loan installments coming due. The funds can only be
used for the purposes of loan repayment. In addition, Restricted Cash also includes minimum deposits required to be maintained with certain banks under the Company&#146;s borrowing arrangements. In the event that the obligation is expected to be
terminated within the next twelve months from the balance sheet date, these deposits are classified as current assets, otherwise are classified as non-current assets. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">h)</TD>
<TD ALIGN="left" VALIGN="top"><B>Accounts receivable trade:</B> Accounts receivable trade include receivables from charterers for hire, freight and demurrage billings, net of any provision for doubtful accounts. At each balance sheet date, all
potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts primarily based on the aging of such balances and any amounts in disputes. The provision for doubtful accounts
was $nil at December&nbsp;31, 2013 and 2012, respectively. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i)</TD>
<TD ALIGN="left" VALIGN="top"><B>Inventories:</B> Inventories consist of lubricants and bunkers, which are stated at the lower of cost or market. Cost is determined by the first in, first out method. Inventories include bunkers when the vessel
operates under freight charter or when, on the balance sheet date, a vessel has been redelivered by its previous charterers and has not yet been delivered to its new charterers, or remains idle. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">j)</TD>
<TD ALIGN="left" VALIGN="top"><B>Vessels, net:</B> Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements, delivery expenses and other expenditures to
prepare the vessel for its initial voyage). Subsequent expenditures for major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Otherwise these
amounts are charged to expense as incurred. The cost of each of the Company&#146;s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel&#146;s remaining economic useful life, after
considering the estimated residual value (vessel&#146;s residual value is equal to the product of its lightweight tonnage and estimated scrap rate). Effective January&nbsp;1, 2013, and following management&#146;s reassessment of the residual value
of the vessels, the estimated scrap value per light weight tonnage was increased to $0.3 from $0.2, which is based on the historical average demolition prices prevailing in the market. The effect of this change in accounting estimate, which did not
require retrospective application as per ASC 250 &#147;Accounting Changes and Error Corrections&#148;, was to decrease net loss for the year ended December&nbsp;31, 2013, by $236. Management estimates the useful life of the Company&#146;s vessels to
be 25 years from the date of initial delivery from the shipyard. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">However, 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 become effective. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">k)</TD>
<TD ALIGN="left" VALIGN="top"><B>Advances for vessels under construction and Advances for vessel acquisitions:</B> Advances made to shipyards during the construction period, are classified as &#147;Advances for vessels under construction&#148; until
the date of delivery and acceptance of the vessel, at which date they are reclassified to &#147;Vessels, net&#148;. 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 vessel are also capitalized to the extent applicable in accordance with guidance under ASC 835,
&#147;Interest&#148;. &#147;Advances for vessel acquisitions&#148; include any advance payment made to the seller of a secondhand vessel before the delivery and acceptance of the vessel, at which date are reclassified to &#147;Vessels, net&#148;.
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">When a vessel is acquired as part of a capital lease arrangement, any pre-delivery advance paid as part of the capital lease
arrangement is also included within &#147;Advances for vessels under construction&#148; until the vessel&#146;s delivery, when the Company takes possession of or controls the physical use of the vessel and the lease term begins, at which date these
advances are reclassified to &#147;Vessels, net&#148; along with the recognition of the corresponding to the lease obligation, asset value. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">l)</TD>
<TD ALIGN="left" VALIGN="top"><B>Impairment of Long-Lived Assets:</B> The Company follows the guidance under ASC 360-10-40, &#147;Impairment or Disposal of Long-Lived Assets&#148;, 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 or disposed of 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 of the asset which is determined based on management estimates and assumptions and by making use of available market data. The fair values are determined
through Level 2 inputs of the fair value hierarchy as defined in ASC 820 &#147;Fair value measurements and disclosures&#148; and are derived principally from or by corroborated or observable market data. Inputs, considered by management in
determining the fair value, include independent broker&#146;s valuations, FFA indices, average charter hire rates and other market observable data that allow value to be determined. The Company evaluates the carrying amounts and periods over which
long-lived assets are depreciated to determine if events have occurred which would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, management reviews certain
indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&#146; future
performance, with the significant assumptions being related to charter rates, fleet utilization, vessels&#146; operating expenses, vessels&#146; capital expenditures, vessels&#146; residual value and the estimated remaining useful life of each
vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations and taking into consideration growth rates for vessel expenses while these assumptions are always
subject to changes based on the economic conditions applicable by the time the Company is performing the tests. Market conditions have been improved since the acquisition of the Company&#146;s vessels, accordingly as of December&nbsp;31, 2013 and
2012, the Company concluded that there were no events or changes in circumstances indicating that the carrying amount of its vessels may not be recoverable and accordingly there is no impairment loss for 2013 and the period from October&nbsp;4, 2012
through December&nbsp;31, 2012. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">m)</TD>
<TD ALIGN="left" VALIGN="top"><B>Accounting for Dry Docking and Special Survey Costs:</B> The Company follows the direct expense method under which the dry docking and special survey costs are expensed as incurred and are separately reflected in the
accompanying combined statements of operations. All repair and maintenance expenses including underwater inspection expenses are expensed in the period incurred. Such costs are included in vessel operating expenses in the accompanying combined
statements of operations. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">n)</TD>
<TD ALIGN="left" VALIGN="top"><B>Financing Costs:</B> Direct and incremental costs related to the issuance of debt such as legal and bankers are recorded as deferred financing costs and classified within &#147;Deferred Charges, net&#148; in the
accompanying combined balance sheets, which are amortized to interest and finance costs if the financed vessel is in operation or capitalized to vessel cost if the vessel is under construction, using the effective interest method over the life of
the related debt. Unamortized fees relating to loans repaid or extinguished before maturity are expensed as interest and finance costs in the period the repayment or extinguishment is made. Accumulated amortization of deferred financing fees
amounted to $23 and $nil as of December&nbsp;31, 2013 and 2012, respectively. Loan commitment fees are charged to finance charges in the period incurred. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">o)</TD>
<TD ALIGN="left" VALIGN="top"><B>Accounting for Revenues and Expenses:</B> The Company generates its revenues from charterers for the charterhire of its vessels. Vessels are chartered using either voyage charters, for which a contract is made in the
spot market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, for which a contract is entered into for the use of a vessel for a specific period of time and a specified daily charterhire rate and any
profit share over the daily charterhire rate, where applicable. If a charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized ratably over the duration of the period of each voyage or time charter.
Revenue on any profit share is recognized following the same criteria. Time charter revenues are recorded over the term of the charter as service is provided. Under a voyage charter the revenues are recognized proportionately over the duration of
the voyage. A voyage is deemed to commence upon the completion of discharge of the vessel&#146;s previous cargo and the vessel&#146;s departure to the next fixed loading port and is deemed to end upon the completion of discharge of the cargo
pursuant to the charter. A voyage charter contract with a charterer consists of sailing to the load port (the positioning leg), loading the cargo, sailing to the discharge port and discharging the cargo. The charter contract therefore generally
requires the relevant vessel to proceed to the port or place as ordered by the charterer and is not cancellable in the positioning leg, provided that the Company fulfils its contractual commitment. Performance under the contract begins upon sailing
to the load port (the positioning leg). Non-cancelable voyage contracts are generally arranged prior to the completion of an existing contract. Assuming, therefore, that a non-cancelable voyage charter agreement is in place, voyage revenue
recognition, under the discharge-to-discharge method, commences once the discharge of the previous charter&#146;s cargo is complete and the vessel sails for loading. The voyage is deemed complete at the point the vessel has left the discharge
terminal. Demurrage income 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 as it is earned. Unearned revenue includes cash received prior
to the balance sheet date and is related to revenue earned after such date. Voyage expenses, primarily consisting of port, canal and bunker expenses that are associated with a particular charter, are paid for by the charterer under the time charter
arrangements or by the Company under voyage arrangements, except for commissions, which are always paid for by the Company, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions.
Commissions paid to brokers are deferred and amortized over the related charter period to the extent revenue has been deferred since commissions are earned as the Company&#146;s revenues are earned. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">p)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><B>Accounting for leases:</B> Leases of assets under which substantially all the risks and rewards of ownership are effectively retained by the lessor
are classified as operating leases. Lease payments </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
under an operating lease are recognized as an expense on a straight-line method over the lease term. Leases that meet the criteria for capital lease classification under ASC 840
&#147;Leases&#148; are classified as capital leases. As of December&nbsp;31, 2013 the Company was the lessee under certain capital lease arrangements as further disclosed in Note&nbsp;6. As of December&nbsp;31, 2013 the Company held no operating
lease arrangements acting as lessee. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">q)</TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Instruments:</B> The principal financial assets of the Company consist of cash and cash equivalents and restricted cash, accounts receivable, trade and other, and prepayments and other. The principal
financial liabilities of the Company consist of accounts payable, accrued liabilities, unearned revenue and long-term debt. The carrying amounts reflected in the accompanying combined balance sheets of financial assets and liabilities, with the
exception of the Members Loan (Note&nbsp;8), approximate their respective fair values. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">r)</TD>
<TD ALIGN="left" VALIGN="top"><B>Fair Value Measurements:</B> The Company follows the provisions of ASC 820, &#147;Fair Value Measurements and Disclosures&#148; 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&#146;s own data. Under the standard, fair value measurements are separately disclosed
by level within the fair value hierarchy. ASC 820 applies when assets or liabilities in the financial statements are to be measured at fair value, but does not require additional use of fair value beyond the requirements in other accounting
principles. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">s)</TD>
<TD ALIGN="left" VALIGN="top"><B>Intangible assets/liabilities related to time charter acquired:</B> The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market
data, 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. Such intangible assets or liabilities are
recognized ratably as adjustments to revenue over the remaining term of the assumed time charter. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">t)</TD>
<TD ALIGN="left" VALIGN="top"><B>Derivatives:</B> The Company enters into derivative financial instruments to manage risk related to fluctuations of interest rates. In case the instruments are eligible for hedge accounting, at the inception of a
hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes
identification of the hedging instrument, hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument&#146;s effectiveness in offsetting exposure to changes in the hedged item&#146;s cash
flows attributable to the hedged risk. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction
that could affect profit or loss. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows and are assessed on an ongoing basis to determine whether they actually have been highly effective throughout the
financial reporting periods for which they were designated. All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as cash flow hedges, the effective portion of the changes
in fair value of the derivatives are recorded in Accumulated Other Comprehensive Income / (Loss) and subsequently recognized in earnings when the hedged items impact earnings. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The changes in fair value of derivatives not qualifying for hedge accounting are recognized in earnings. The Company discontinues cash flow
hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in profit or loss. If
a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as financial income or expense. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company follows the accounting guidance about derivative instruments and hedging activities codified as ASC 815, &#147;Derivatives and
Hedging&#148;. ASC 815 intends to provide users of financial statements with an enhanced understanding of: (a)&nbsp;how and why an entity uses derivative instruments, (b)&nbsp;how derivative instruments and related hedged items are accounted for,
and (c)&nbsp;how derivative instruments and related hedged items affect an entity&#146;s financial position, financial performance, and cash flows. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">ASC 815 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about the fair value
of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. ASC 815 relates to disclosures only and its adoption did not have any effect on the financial condition,
results of operations or liquidity of the Company. There were no outstanding accounting hedges during the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">u)</TD>
<TD ALIGN="left" VALIGN="top"><B>Pension and retirement benefit obligations to crew:</B> The Company employs the crew on board under short-term contracts and accordingly, is not liable for any pension or post-retirement benefits. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">v)</TD>
<TD ALIGN="left" VALIGN="top"><B>Segment Reporting:</B> The Company has determined that it operates under one reportable segment relating to its operations of dry bulk vessels. The Company reports financial information and evaluates its operations
and operating results 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 Executive 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, subject to restrictions as per the charter agreement, and, as a result, the disclosure of geographic information is impracticable. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">w)</TD>
<TD ALIGN="left" VALIGN="top"><B>Variable Interest Entities:</B> ASC 810-10-50 &#147;Consolidation of Variable Interest Entities&#148;, addresses the consolidation of business enterprises (variable interest entities) to which the usual condition
(ownership of a majority voting interest) of consolidation does not apply. The guidance focuses on financial interests that indicate control. It concludes that in the absence of clear control through voting interests, a company&#146;s exposure
(variable interest) to the economic risks and potential rewards from the variable interest entity&#146;s assets and activities are the best evidence of control. Variable interests are rights and obligations that convey economic gains or losses from
changes in the value of the variable interest entity&#146;s assets and liabilities. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist, as the
primary beneficiary would be required to include assets, liabilities, and the results of operations of the variable interest entity in its financial statements. The Company&#146;s evaluation did not result in an identification of any variable
interest entities as of December&nbsp;31, 2013 and 2012. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">x)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><B>Commitments and Contingencies:</B> Commitments are recognized when the Company has a present legal or constructive obligation as a result of past
events and it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each balance sheet date
and adjusted to reflect the present value of the expenditure expected to be required to </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
settle the obligation. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is
remote. Contingent assets are not recognized in the financial statements but are disclosed when an inflow of economic benefits is probable. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">y)</TD>
<TD ALIGN="left" VALIGN="top"><B>Recent Accounting Standards Updates:</B> There are no recent accounting pronouncements issued, whose adoption would have a material impact on the Company&#146;s financial statements in the current year or are
expected to have a material impact on future years. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transactions with Related Parties: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Transactions and balances with related parties are
as follows: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance Sheets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">StarBulk S.A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>181</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Loans (Note&nbsp;8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">226,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">68,010</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">StarBulk S.A</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oceanbulk Maritime S.A and its affiliated entities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>226,153</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>68,157</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Statements of Operations</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on Members&#146; Loans (Note&nbsp;8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees to StarBulk S.A</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative Expenses to Oceanbulk Maritime S.A and its affiliated entities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">860</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Expenses to Related Parties</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,755</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,103</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Management Agreements with StarBulk S.A </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Company&#146;s existing vessels is subject to a vessel management and operating agreement with StarBulk S.A, a subsidiary of Star
Bulk Carriers Corp, (&#147;Star Bulk&#148;) which was founded by the Company&#146;s Chief Executive Officer (who currently is the non-executive chairman of Star Bulk&#146;s board of directors). In addition, affiliates of Oaktree beneficially own
approximately 19.9% of Star Bulk&#146;s outstanding voting common stock. Pursuant to the terms of these agreements, StarBulk S.A provides management services, including but not limited to technical, crew and accounting services, to the
Company&#146;s vessels in exchange for a fixed daily management fee of $0.75 per vessel, for a period beginning upon vessel&#146;s delivery and until the termination of the agreement. The agreement will terminate upon the expiration of a two month
period from the delivery of a written notice by either party to the other. During 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, Management fees under these agreements amounted to $660 and $76, respectively and are
separately reflected in the accompanying combined statements of operations. As of December&nbsp;31, 2013, an amount of $181 was due from StarBulk S.A while as of December&nbsp;31, 2012, an amount of $147 was due to StarBulk S.A which are included in
Due from and Due to related parties, respectively, in the accompanying combined balance sheets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Commercial Management Agreements with Oceanbulk Maritime S.A and its affiliated entities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has entered into a management agreement with Oceanbulk Maritime S.A (&#147;Oceanbulk Maritime&#148;), the parent company of
Millennia. Pursuant to the terms of the agreement, Oceanbulk Maritime provides commercial and administrative services to the Company. During 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, administrative fees under the
respective agreements amounted to $3,683 and $860, respectively and are included in General and administrative expenses to related parties in the accompanying combined statements of operations, while $148 and $nil, respectively, were capitalized
within Advances for vessels under construction. As of December&nbsp;31, 2013 and 2012, an amount of $148 and $nil, respectively, were due to Oceanbulk Maritime and are included in Due to related parties in the accompanying combined balance sheets.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Provision of certain guarantees by Oceanbulk Maritime </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk Maritime has provided performance guarantees under the bareboat charter agreements relating to the newbuilding vessels with hull
numbers HN 1061, HN 1062, HN 1063 and HN 1064 discussed in Note&nbsp;6. In addition, Oceanbulk Maritime has also provided performance guarantees under the shipbuilding contracts for the newbuilding vessels with hull numbers HN 207-JMU (tbn<I> Magnum
Opus</I>), HN 213-JMU (tbn<I> Peloreus</I>), HN&nbsp;214-JMU (tbn<I> Leviathan</I>), HN 5017-JMU, HN 5055-JMU, HN 5056-JMU, HN NE164-NACKS (tbn<I> Honey Badger</I>), HN NE165-NACKS, HN NE166-NACKS, HN NE167-NACKS and HN NE184-NACKS, discussed in
Note&nbsp;6. All of the performance guarantees described above have been counter-guaranteed by the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Acquisition of vessel from a related
party </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In August&nbsp;2013, the Company acquired from Maiden Voyage LLC (an entity under common control with the Company)
the Supramax dry bulk carrier, named <I>Maiden Voyage,</I> at a purchase price of $27,300 (Note&nbsp;5). The Company recorded a preferential deemed dividend of $705 in connection with that purchase.<I> </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Awarded profit interests </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant
to an agreement with affiliates of Oaktree, Oceanbulk Maritime S.A. and certain members of the Company&#146;s senior management are eligible for a share of the profits of Oaktree, subject to Oaktree and its affiliates achieving certain internal rate
of return and capital multiples on their original investment in the Company. This award will be payable only by affiliates of Oaktree, so the Company will not be responsible for making such payments. Nevertheless, when award payments vest or are
deemed probable to vest and are required to be made under the agreement with respect to the Company, a non-cash compensation expense will be reflected in the Company&#146;s General and administrative expenses, with a corresponding increase in the
Company&#146;s equity as a deemed contribution from the Company&#146;s stockholders. As of December&nbsp;31, 2013 and 2012, this award had not vested. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Inventories: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts shown in the accompanying combined balance sheets are analyzed
as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bunkers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,961</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lubricants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,736</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,810</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Vessels, net and Advances for vessels&#146; acquisitions: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts in the
accompanying combined balance sheets are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Vessels&#146;</B><br><B>Cost</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated<BR>Depreciation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net Book<BR>Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, October&nbsp;4, 2012</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B> &#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Acquisitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,642</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,642</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Depreciation for the period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(271</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(271</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, December&nbsp;31, 2012</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>36,642</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(271</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>36,371</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Acquisitions, improvements and other vessels&#146; costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,279</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,279</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Depreciation for the year</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,656</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,656</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, December&nbsp;31, 2013</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>154,921</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(2,927</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>151,994</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In October&nbsp;2012, the Company entered into a Memorandum of Agreement (&#147;MOA&#148;) with an
unrelated party for the acquisition of the Capesize dry bulk carrier, named <I>Obelix</I>. The Company took delivery of the vessel on October&nbsp;19, 2012.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In July&nbsp;2013, the Company entered into a MOA with Maiden Voyage LLC (an entity under common control with the Company), for the
acquisition of the Supramax dry bulk carrier, named <I>Maiden Voyage,</I> for cash consideration of $27,300 (including $626 in respect of the value of bunkers on board of the vessel at the time of its delivery to the Company on August&nbsp;6, 2013).
The Company recorded the acquisition at historical cost due to the fact that at the date the MOA was concluded the Company and Maiden Voyage LLC were under common control. The purchase price in excess of vessel&#146;s historical book value at the
date of acquisition of $705 is considered a preferential deemed dividend and is reflected as a reduction in net income available to Members in the accompanying 2013 combined statement of operations.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In July&nbsp;2013, the Company entered into a MOA with an unrelated party for the acquisition of the Capesize dry bulk carrier, named
<I>Big Bang</I> (ex <I>Cape Shanghai</I>). The Company took delivery of the vessel on August&nbsp;30, 2013.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In
August&nbsp;2013, the Company entered into a MOA with an unrelated party for the acquisition of the Supramax dry bulk carrier, named <I>Strange Attractor</I> (ex <I>Tokiwa Glory</I>). The Company took delivery of the vessel on September&nbsp;24,
2013.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In August&nbsp;2013, the Company entered into a MOA with an unrelated party for the acquisition of the Capesize dry
bulk carrier, named <I>Big Fish</I> (ex <I>Shining Star</I>). The Company took delivery of the vessel on October&nbsp;18, 2013.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In August&nbsp;2013, the Company entered into an MOA with an unrelated party for the acquisition of the Capesize dry bulk carrier,
named <I>Pantagruel</I> (ex <I>Pacific Confidence</I>). The Company took delivery of the vessel on October&nbsp;24, 2013.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In October&nbsp;2013, the Company entered into an MOA with an unrelated party for the acquisition of the Capesize dry bulk carrier,
<I>Kymopolia</I> (ex <I>Shiga</I>), of which an advance of $2,750 was paid up to December&nbsp;31, 2013, which is included within advances for vessel acquisition in the 2013 accompanying combined balance sheet. The remaining portion of the purchase
price was paid in January&nbsp;2014 upon the delivery of the vessel (Note&nbsp;16(c)).<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In December&nbsp;2013, the Company
entered into an MOA with an unrelated party for the acquisition of the Kamsarmax dry bulk carrier, <I>Mercurial Virgo</I> (ex <I>Mineral Pearl)</I>. The vessel was delivered in February&nbsp;2014 (Note&nbsp;16(f)).<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In December&nbsp;2013, the Company entered into an MOA with an unrelated party for the
acquisition of the Kamsarmax dry bulk carrier, <I>Pendulum (ex Christina Victory)</I>. The vessel was delivered in February&nbsp;2014 (Note&nbsp;16(f)).<I> </I></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Advances for vessels under construction: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013 and 2012,
Advances for vessels under construction reflect the advances paid to the shipyard for newbuilding vessels, capitalized interest and other capitalized costs relating to the supervision of the construction of these vessels. The amounts shown in the
accompanying combined balance sheets are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances to the shipyards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">95,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">25,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases&#151;upfront fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,340</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capitalized interest on Members&#146; Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other (Note&nbsp;3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>107,439</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>25,700</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In September&nbsp;2012, the Company agreed with a Japanese shipyard the construction of an 80,800 DWT
Kamsarmax vessel (Hull HN 207-JMU (tbn<I> Magnum Opus</I>)). The vessel is expected to be delivered in May&nbsp;2014.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In
December&nbsp;2012, the Company agreed with a Japanese shipyard the construction of two 182,000 DWT Capesize vessels (Hulls HN 213-JMU (tbn<I> Peloreus</I>) and HN 214-JMU (tbn<I> Leviathan</I>)). The vessels are expected to be delivered in
July&nbsp;and August&nbsp;2014.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March&nbsp;2013, the Company agreed with a Japanese shipyard the construction of an 182,000 DWT
Capesize vessel (Hull HN 5017-JMU). The vessel is expected to be delivered in March&nbsp;2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In May&nbsp;2013, the Company agreed with
a Chinese shipyard the construction of two 180,000 DWT Capesize vessels (Hulls HN 1312-SWS and HN 1313-SWS). The vessels are expected to be delivered in April&nbsp;and June&nbsp;2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;17, 2013, the Company entered into separate bareboat charter party contracts with affiliates of New Yangzijiang shipyards for
eight-year bareboat charters of four newbuilding 64,000 dwt Ultramax vessels (Hulls HN 1061, HN 1062, HN 1063 and HN 1064) being built at New Yangzijiang. The vessels are being constructed pursuant to four shipbuilding contracts entered into between
four pairings of affiliates of New Yangzijiang. Each pair has one shipyard party (each, a &#147;New YJ Builder&#148;) and one ship-owning entity (each a &#147;New YJ Owner&#148;). Delivery to the Company of each vessel is deemed to occur upon
delivery of the vessel to the New YJ Owner from the corresponding New YJ Builder. An amount of $20,680 for each vessel will be financed by the relevant New YJ Owner, to whom the Company will pay a pre-agreed daily bareboat charter hire rate on a
30-days advance basis. After each vessel&#146;s delivery, the Company has monthly purchase options to acquire the vessel at pre-determined, amortizing-during-the-charter-period prices. On the eighth anniversary of the delivery of a vessel, the
Company has the obligation to purchase the vessel at a purchase price of $6,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the applicable lease accounting guidance (ASC
840 &#147;Leases&#148;), the Company determined that the bareboat charters should be classified as capital leases. In addition, based on the lease agreement provisions, the Company is deemed to have substantially all of the construction period risk
and accordingly is considered the owner of the vessels during the construction period, which will result in a deemed sale-leaseback transaction of the vessels to occur when construction of the asset is complete and the lease term begins. The
financial liability related to these capital leases will be recognized upon each vessel&#146;s delivery in 2015, concurrently with the recognition of the leased asset, pursuant to the applicable capital lease accounting guidance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In June&nbsp;2013, the Company agreed with a Chinese shipyard the construction of two
61,000 DWT Ultramax vessels (Hulls HN NE164-NACKS (tbn<I> Honey Badger</I>) and HN NE165-NACKS). The vessels are expected to be delivered in March&nbsp;2015.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In June&nbsp;and July&nbsp;2013, the Company agreed with a Chinese shipyard the construction of three 209,000 DWT Newcastlemax vessels (Hulls
HN NE166-NACKS, HN NE167-NACKS and HN NE184-NACKS). The vessels are expected to be delivered in April, June&nbsp;and July&nbsp;2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
July&nbsp;2013, the Company agreed with a Chinese shipyard the construction of four 64,000 DWT Ultramax vessels (Hulls HN 1080, HN 1081, HN 1082 and HN 1083). The vessels are expected to be delivered during the third and fourth quarters of 2015.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In October&nbsp;2013, the Company agreed with a Japanese shipyard the construction of two 182,000 DWT Capesize vessels (Hulls HN 5055-JMU
and HN 5056-JMU). The vessels are expected to be delivered in July&nbsp;and August&nbsp;2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;27, 2013, the Company
entered into separate bareboat charter party contracts with affiliates of SWS shipyards for ten-year bareboat charters of five newbuilding 208,000 dwt Newcastlemax vessels (Hulls HN 1359, HN 1360, HN 1361, HN 1362 and HN 1363) being built at SWS.
The vessels are being constructed pursuant to shipbuilding contracts entered into between five pairings of affiliates of SWS. Each pair has one shipyard party (each, an &#147;SWS Builder&#148;) and one ship-owning entity (each an &#147;SWS
Owner&#148;). Delivery to the Company of each vessel is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder. An amount of $46,400 for each vessel will be financed by the relevant SWS Owner, to whom the
Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount corresponding to the LIBOR rate payable every six months and a one-time handling fee of $464. After each vessel&#146;s delivery, the Company has monthly
purchase options to acquire the vessel at pre-determined, amortizing-during-the-charter-period prices. At the end of the ten-year charter period for each vessel, the Company has the obligation to purchase the vessel at a purchase price of $13,919.
Based on ASC 840, the Company determined that the bareboat contracts should be classified as capital leases. In addition, based on the lease agreement provisions, the Company is deemed to have substantially all of the construction period risk and
accordingly is considered the owner of the vessels during the construction period, which will result in a deemed sale-leaseback transaction of the vessels to occur when construction of the asset is complete and the lease term begins. The financial
liability related to these capital leases will be recognized upon each vessel&#146;s delivery in 2015 and 2016, concurrently with the recognition of the leased asset, pursuant to the applicable capital lease accounting guidance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Total purchase price of the aforementioned vessels is $1,078,677 (of which $393,400 is related to bareboat charter contracts discussed above)
while the Company has also agreed to pay for extras under these contracts amounting to $11,848. As of December&nbsp;31, 2013 and 2012, the Company has paid $106,007 (of which $10,340 is related to bareboat contracts discussed above) and $25,660,
respectively. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Long-term debt: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>On August&nbsp;1, 2013, the Company entered into a $34,458
credit facility with ABN Amro N.V (the &#147;ABN Facility&#148;) in order to partially finance the acquisition cost of the vessels <I>Obelix</I> and <I>Maiden Voyage</I>. The loans under the ABN Facility were available in two tranches of $20,350 and
$14,108, On August&nbsp;6, 2013, the Company drew down the available tranches and paid an arrangement fee of $204.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
December&nbsp;18, 2013, the ABN Facility was amended to add an additional loan of $53,000 to partially finance the acquisition cost of the vessels <I>Big Bang</I> (ex <I>Cape Shanghai</I>), <I>Strange Attractor</I> (ex <I>Tokiwa Glory</I>), <I>Big
Fish</I> (ex<I> Shining Star</I>) and <I>Pantagruel</I> (ex <I>Pacific Confidence</I>). On December&nbsp;20, 2013, the Company drew down the available tranches and paid an arrangement fee of $572. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table describes the various tranches of loans under the ABN Facility as of
December&nbsp;31, 2013: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:21.30pt; font-size:8pt; font-family:Times New Roman"><B>Vessel</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Date Drawn</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal</B><br><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Quarterly&nbsp;Installments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Balloon Payment</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Obelix</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">August&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,973</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">19&nbsp;x&nbsp;$377&nbsp;through<BR>August&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$12,813&nbsp;due&nbsp;August&nbsp;2018</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Maiden Voyage</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">August&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,612</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">15&nbsp;x&nbsp;$248&nbsp;through<BR>September&nbsp;2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$9,900&nbsp;due&nbsp;September&nbsp;2017</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Big Bang</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">20&nbsp;x&nbsp;$450&nbsp;through<BR>December&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$7,000&nbsp;due&nbsp;December&nbsp;2018</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Strange Attractor</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">20&nbsp;x&nbsp;$300&nbsp;through<BR>December&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$4,000&nbsp;due&nbsp;December&nbsp;2018</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Big Fish</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">20&nbsp;x&nbsp;$550&nbsp;through<BR>December&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$2,500&nbsp;due&nbsp;December&nbsp;2018</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Pantagruel</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">20&nbsp;x&nbsp;$550&nbsp;through<BR>December&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$2,500&nbsp;due&nbsp;December&nbsp;2018</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Loans outstanding under the ABN Facility bear interest at three-month LIBOR plus a margin ranging from 3.75%
to 3.9%&nbsp;per annum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ABN Facility is secured by a first-priority ship mortgage on the financed vessels, general assignments,
charter assignments, and operating account assignments and is guaranteed by Oceanbulk Shipping LLC (the &#147;Guarantor&#148;). The ABN Facility contains a number of negative covenants, including limitations on additional indebtedness, additional
liens on the collateral, restricted payments and changes in management and ownership. In addition, the ABN Facility contains the following financial maintenance covenants: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">aggregate vessel value must exceed 140% of the aggregate principal amount of outstanding loans under the ABN Facility; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maximum consolidated adjusted market value leverage ratio of the Guarantor (defined as the Guarantor&#146;s total liabilities to market value adjusted total assets, excluding Members&#146; Loans and available cash) of
70%; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum consolidated EBITDA of the Guarantor to interest coverage ratio of 2.0x, applicable after September&nbsp;30, 2016; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity of the higher of $1.0 million per collateral vessel or $0.5 million per other vessel owned by the Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ABN Facility also prohibits the Guarantor from paying dividends while a default has occurred and is continuing. The ABN Facility also
contains cross-default provisions triggered by a payment default or the acceleration or cancelation by reason of default of indebtedness in excess of $5.0 million for the Guarantor&#146;s indebtedness and $1.0 million for any borrower&#146;s
indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013, the Company was in compliance with the applicable covenants under the ABN Facility. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-19 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013, the following aggregate principal payments are required over
the next five years and throughout the term of the ABN Facility: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Year ending December&nbsp;31,</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,897</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,897</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,897</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,550</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Debt</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>86,585</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Less: Long-term debt&#151;current portion</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(9,897</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Long-term debt&#151;non-current portion</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>76,688</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest expense for the year ended December&nbsp;31, 2013 and the period from October&nbsp;4, 2012 through
December&nbsp;31, 2012, amounted to $628 and $nil, respectively, and is included in Interest and finance costs in the accompanying combined statements of operations. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Members&#146; Loans: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;9, 2012, the Members entered into a limited
liability company agreement (the &#147;Oceanbulk Shipping LLC Agreement&#148;) with respect to Oceanbulk Shipping LLC, a limited liability company that was formed under the laws of the Republic of the Marshall Islands on October&nbsp;4, 2012. On
April&nbsp;11, 2013, the Members entered into a similar limited liability company agreement (the &#147;Oceanbulk Carriers LLC Agreement&#148;) with respect to Oceanbulk Carriers LLC, a limited liability company that was formed under the laws of the
Republic of the Marshall Islands on April&nbsp;5, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to the provisions of the Oceanbulk Shipping LLC Agreement and the
Oceanbulk Carriers LLC Agreement, the Members could, from time to time, make investments in Oceanbulk Shipping LLC and Oceanbulk Carriers LLC either in form of capital contributions in exchange for the companies&#146; Class&nbsp;A Units or in the
form of members&#146; loans (the &#147;Members&#146; Loans&#148;), evidenced by convertible notes (the &#147;Convertible Notes&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Convertible Notes bear fixed interest at 2%&nbsp;per annum, accruing quarterly in arrears. The Convertible Notes are able to be converted,
at any time following the election of the majority holders, in whole or in part (based on the principal amount converted, plus any accrued and unpaid interest) into Class&nbsp;A Units at a conversion price of $1 per Class&nbsp;A Unit. The conversion
price is subject to certain adjustments triggered by reorganizations, recapitalizations, stock splits or other similar changes in the relevant capitalization of the Company. The Convertible Notes mature on December&nbsp;31, 2042. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the applicable accounting guidance for debt instruments (ASC 470 &#147;Debt&#148;) and for derivatives and hedging instruments (ASC
815 &#147;Derivatives and Hedging&#148;), the Company determined that all proceeds from any Members&#146; Loan should be reflected as debt within the Company&#146;s non-current liabilities, with no bifurcation of any of the embedded features. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts shown in the accompanying combined balance sheets are analyzed as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-20 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Loans by Oaktree OBC Holdings LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">200,828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">61,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Loans by Millennia LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Principal of Members&#146; Loans</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>223,142</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>67,802</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued Interest on Members&#146; Loans</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,863</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>226,005</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>68,010</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Members had not exercised their conversion rights under the Convertible Notes as of December&nbsp;31,
2013. Out of the total accrued interest as of December&nbsp;31, 2013 and 2012, an amount of $1,284 and $40, respectively, has been capitalized and is reflected within &#147;Advances for vessels under construction&#148; in the accompanying combined
balance sheets (Note&nbsp;6). The remaining accrued interest of $1,412 and $167 in 2013 and for the period from October&nbsp;4, 2012 through December&nbsp;31, 2012, respectively, has been expensed and is separately reflected in the accompanying
statements of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;27, 2013, an amount of $18,000 was returned to the Members, representing funds contributed for
vessel acquisitions as Members&#146; Loans that was not needed as a result of debt financing concluded subsequent to the vessel deliveries. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Fair Value of Financial Instruments: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following methods and assumptions were used to
estimate the fair value of each class of financial instrument: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Cash and cash equivalents, restricted cash, accounts receivable, due from/to related parties and accounts payable:</B> The carrying values reported in the combined balance sheets for those financial instruments are
reasonable estimates of their fair values due to their short-term nature. The carrying value of these instruments is separately reflected in the accompanying balance sheets. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Long-term debt:</B> The fair value of the ABN Facility discussed in Note&nbsp;7 approximates the recorded value due to the variable interest rates payable. The carrying value of the loans as of December&nbsp;31, 2013
and 2012 amounted to $86,585 and $nil, respectively. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Members&#146; Loans:</B> Members&#146; Loans have a fixed rate. Interest is accrued quarterly and if not paid in cash, determined at the option of the majority of the holders, it increases the outstanding principal
amount. The fair value of a Members&#146; Loan is not able to be reliably estimated due to the interest settlement options held by the Members (Note&nbsp;8). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Derivative financial Instruments:</B> The fair values of the Company&#146;s derivative financial instruments presented in combined balance sheet equates to the amount that would be paid or received by the Company if
the agreements were cancelled at the reporting date and is determined by primarily by observable inputs (<I>i.e.</I>, LIBOR swap yield curves). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A fair value hierarchy that prioritizes the inputs used to measure fair value has been established by U.S. GAAP. The hierarchy gives the
highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of
observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Level 1:</I></B> Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted
assets or liabilities; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Level 2:</I></B> Observable inputs other than quoted prices included in Level 1, such
as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market
data; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Level 3:</I></B> Unobservable inputs that are supported by little or no market activity and that are significant to the fair
value of the assets or liabilities. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Derivative Financial Instruments: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Interest Rate Swaps </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is exposed to interest rate fluctuations associated with its current and expected variable rate borrowings and its objective is to
manage the impact in the cash flows of its borrowings. In this respect, the Company uses interest rate swaps to manage net exposure to interest rate fluctuations related to these borrowings and to lower its overall borrowing costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the third quarter of 2013, the Company entered into five interest rate swaps with Goldman Sachs Bank USA, effective from
October&nbsp;1, 2014. The swaps mature on April&nbsp;1, 2018. Under the five swaps, the Company will make quarterly payments to the counterparty at fixed rates ranging between 1.79% to 2.07%&nbsp;per annum, based on an aggregate notional amount
beginning at $186,307, and increasing up to $461,264 during the period from July&nbsp;1, 2015 to October&nbsp;1, 2015. The counterparty will make quarterly floating rate payments at three-month US$ LIBOR to the Company based on the same notional
amount. For the year ended December&nbsp;31, 2013, the swaps were not designated as accounting hedges and accordingly changes in their fair value as of December&nbsp;31, 2013 of $1,423 are reported in earnings as a Loss on Derivative Financial
Instruments, with the outstanding fair value (based on Level 2 inputs of the fair value hierarchy) as of the same date being separately reflected as Derivative Financial Instruments within current and non-current liabilities. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Members&#146; Equity: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Members&#146; equity consists of one Class B unit of no par
value, held by Oaktree OBC Holdings LLC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to the provisions of the Oceanbulk Shipping LLC Agreement and the Oceanbulk Carriers
LLC Agreement, except as otherwise provided under the laws of Marshall Islands or mutually agreed between the Members in writing, no Member shall have any personal liability whatsoever in such Member&#146;s capacity as a Member, whether to the
Company, to any of the other Members, to the creditors of the Company or to any other third party, for the debts, liabilities, commitments or other obligations of the Company or for any losses of the Company. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Commitments and Contingencies: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Various claims, suits, and complaints, including those involving government regulations and product liability, may arise in the ordinary course of our
shipping activities. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company&#146;s vessels. Currently, management is not aware of any such claims or
contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying combined financial statements. The Company is a member of a protection and indemnity association, or P&amp;I Club that is a member
of the International Group of P&amp;I Clubs, which covers its third party liabilities in connection with its shipping activities. A member of a P&amp;I Club that is a member of the International Group is typically subject to possible supplemental
amounts or calls, payable to its P&amp;I Club based on its claim records as well as the claim records of all other members of the individual associations, and members of the International Group. Currently, management is not aware of any such
supplementary calls for 2013 and the period from October&nbsp;4, 2012 through December&nbsp;31, 2013. The Company accrues for </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of
any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying combined financial statements. The Company&#146;s protection and indemnity (P&amp;I) insurance coverage for
pollution is $1 billion per vessel per incident. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">The following table sets forth the future, minimum, non-cancellable charter revenue and purchase commitments as of December&nbsp;31, 2013: </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
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<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><I>(+):collections, (-):payments</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019&nbsp;and<BR>thereafter</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Future, minimum, non-cancellable charter revenue<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,518</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,518</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase commitments<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(219,069</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(454,370</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(673,439</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases&#151;upfront fee<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(49,515</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,315</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(73,830</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases&#151;charterhire<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,033</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25,304</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,444</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,413</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(318,732</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(415,926</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(265,066</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(487,718</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(25,304</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(31,444</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(31,413</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(318,732</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,159,677</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The amounts represent the minimum contractual gross charter revenues to be generated from the existing, as of December&nbsp;31, 2013, non-cancellable time and freight charter until their expiration, assuming no off-hire
days other than those related to scheduled interim and special surveys of the vessels. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">The amounts represent the Company&#146;s remaining obligations up to December&nbsp;31, 2013 under the concluded acquisition of secondhand vessels discussed in Note&nbsp;5 for vessels <I>Kymopolia</I> (ex <I>Shiga</I>),
<I>Mercurial Virgo</I> (ex <I>Mineral Pearl</I>) and <I>Pendulum</I> (ex <I></I><I>Christina Victory</I>) as well as under the pipeline of the Company&#146;s newbuilding program discussed in Note&nbsp;6, excluding those applicable under the bareboat
lease agreements classified as capital leases. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">The amounts represent the Company&#146;s commitments under the bareboat lease arrangements under the upfront fee and the charter hire, gross of any address commissions the Company may be entitled to, respectively,
discussed in Note&nbsp;6. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Income Taxes </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Effective January&nbsp;1, 2013 onwards, each foreign flagged vessel
managed in Greece by Greek or foreign ship management companies are subject to Greek tonnage tax, under the laws of the Greek Republic, Oceanbulk Maritime (Note&nbsp;3), the commercial manager of the Company&#146;s vessels, which is established in
Greece under Greek Law 89/67 is responsible for the filing and payment of the respective tonnage tax on behalf the Company. In addition, under the laws of the Marshall Islands, the country of the vessels&#146; registration, the shipowning companies
are subject to registration tonnage taxes. Registration and tonnage taxes are included in vessel operating expenses in the accompanying combined statements of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the laws of Marshall Islands, the country of the Company&#146;s incorporation, the Company is not subject to tax on its international
shipping income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;883 of the Internal Revenue Code of the United States (the &#147;Code&#148;), U.S. source
income from the international operations of ships is generally exempt from U.S. tax if the Company operating the ships meets both of the following requirements, (a)&nbsp;the Company is organized in a foreign country that grants an equivalent
exception to corporations organized in the United States and exempts the type of income earned by the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
vessel owing Company and (b)&nbsp;either (i)&nbsp;more than 50% of the value of the Company&#146;s stock is owned, directly or indirectly, by individuals who are &#147;residents&#148; of the
Company&#146;s country of organization or of another foreign country that grants an &#147;equivalent exemption&#148; to corporations organized in the United States (50% Ownership Test) or (ii)&nbsp;the Company&#146;s stock is &#147;primarily and
regularly traded on an established securities market&#148; in its country of organization, in another country that grants an &#147;equivalent exemption&#148; to United States corporations, or in the United States (Publicly-Traded Test).
Additionally, the Company must meet all of the documentation requirements as outlined in the Section&nbsp;883 regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk
Shipping LLC and Oceanbulk Carriers LLC and their consolidated subsidiaries are limited liability companies and have made an election to be treated as disregarded entities for U.S. federal income tax purposes and accordingly are not subject to U.S.
federal income taxes on their U.S. source income. Any U.S. source Shipping Income generated by the Company is passed through to its Members in proportion to their ownership of the Company and it is the Members that are subject to U.S. federal income
taxes. The Company generated no U.S. source Shipping Income during 2013 and 2012. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Voyage and Vessel Operating expenses: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts in the accompanying combined
statements of operations are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><I>Voyage expenses</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bunkers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,999</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,222</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commissions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">614</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Port Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">369</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cargo Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,017</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,431</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><I>Vessel Operating expenses</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Crew wages and related costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">268</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stores, Spares, Repairs and Maintenance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Insurances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">407</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lubricants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tonnage taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">874</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,142</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>574</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Interest and Finance Costs: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts in the accompanying combined statements of
operations are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on long-term debt (Note&nbsp;7)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">628</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of deferred finance fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other bank and finance charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>786</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Subsequent Events: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following events and transactions occurred after the balance
sheet date and up to the date these financial statements were evaluated, April&nbsp;2, 2014: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"><B>Loan payments</B>: Subsequent to December&nbsp;31, 2013, the Company paid regular loan installments amounting to $2,474 in total. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"><B>Payment for newbuilding vessels</B>: On January&nbsp;14, 2014, the Company paid $3,090 for scheduled capital commitments under one of its newbuilding Kamsarmax (Hull HN 207-JMU (tbn<I> Magnum Opus</I>)) discussed in
Note&nbsp;6. In addition, on March&nbsp;7, 2014, the Company paid $3,090 and $4,870, respectively, for scheduled capital commitments under two of its newbuilding vessels (Hull No HN 207-JMU (tbn<I> Magnum Opus</I>) and HN 213-JMU (tbn<I>
Peloreus</I>)) discussed in Note&nbsp;6. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"><B>Delivery of vessel</B> <B><I>Kymopolia</I></B>: On January&nbsp;30, 2014 the Company took delivery of vessel <I>Kymopolia</I> (ex <I>Shiga</I>). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"><B>Payment of upfront amounts under the bareboat charter agreements</B>: On January&nbsp;29, 2014, the Company paid an upfront amount of $29,000 and an arrangement fee of $1,160 under its bareboat charter agreements
relating to the newbuilding vessels Hulls HN 1359, HN 1360, HN 1361, HN 1362 and HN 1363, discussed in Note&nbsp;6. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e)</TD>
<TD ALIGN="left" VALIGN="top"><B>Acquisition of two secondhand vessels</B>: On January&nbsp;24, 2014, the Company entered into two MOAs with an unrelated party for the acquisition of two Post-Panamax dry bulk carriers, named <I>Amami</I> (ex <I>GL
Xiushan</I>) and<I> Madredeus (ex GL Zoushan)</I>. On February&nbsp;13, 2014 and February&nbsp;21, the Company took delivery of the vessels. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f)<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Delivery of vessels</B> <B><I>Mercurial Virgo </I></B><B>and</B><B><I> Pendulum</I></B>: On February&nbsp;28, 2014 the Company took delivery of the <I>Mercurial Virgo</I> (ex <I>Mineral Pearl</I>) and on
March&nbsp;20, 2014 the Company took delivery of the <I>Pendulum</I> (ex <I>Christina Victory</I>). </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">During the period from
January&nbsp;1, 2014 to March&nbsp;20, 2014, the Company paid in aggregate, the amount of $135,013 with respect to the acquisition of vessels <I>Kymopolia, Amami, Madredeus, Mercurial Virgo</I> and <I>Pendulum,</I> discussed in Notes 16c), e) and f)
above, as well as an amount of $1,825 for bunkers on board. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">g)</TD>
<TD ALIGN="left" VALIGN="top"><B>Investment in Heron Ventures Ltd</B>: On February&nbsp;19, 2014, Oceanbulk Shipping LLC provided $3,149 and &#128;14.9&nbsp;million of capital in the form of a convertible loan (each a &#147;Convertible Loan&#148;)
to Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability company incorporated in Malta whose sole stockholder was ABY Group Holding Limited (itself a joint venture between Augustea Bunge Maritime Limited and York Capital Management). The
Convertible Loan is convertible into 50% of the outstanding equity of Heron, so upon conversion of the Convertible Note, Heron would be a 50-50 joint venture between Oceanbulk Shipping LLC and ABY Group Holding Limited. The purpose of the
Convertible Loan was to partially finance the acquisition out of bankruptcy of Deiulemar Shipping SpA (&#147;Deiulemar&#148;), an operator of 12 dry bulk vessels (the &#147;Deiulemar Fleet&#148;). On February&nbsp;13, 2014, Heron entered into a
$95,200 loan agreement (the &#147;CiT Facility&#148;) with CiT Finance LLC, which is severally guaranteed on a 50-50, unsecured basis by Oceanbulk Shipping LLC and ABY Group Holding Limited. The CiT Facility is divided into two portions, a
&#147;Core Portion&#148; of $65,200 and a &#147;Non-Core Portion&#148; of $30,000. The Core Portion is secured by four vessels (the &#147;Core Vessels&#148;), consisting of three Kamsarmax vessels and one Capesize vessel intended to be retained by
Heron (or its equity holders), and matures in June&nbsp;2019. The Non-Core Portion is secured by eight vessels (the &#147;Non-Core Vessels&#148;) of various sizes. Interest accrues on the CiT Facility at a rate of 5.50%&nbsp;per annum so long as the
Non-Core Portion is outstanding and 4.25%&nbsp;per annum if the Non-Core Portion is no longer outstanding. The Core Portion is subject to scheduled quarterly amortization payments of $1,563, beginning on June&nbsp;30, 2014, and the Non-Core Portion
is not subject to scheduled amortization. Heron may voluntarily prepay the outstanding principal amount of the loans under the CiT Facility at any time, subject to a prepayment premium of 2% during the first year and 1% during the second year.
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Upon a sale or loss of a Core Vessel, the Core Portion must be prepaid based on a scheduled
release price for the Core Vessel. Upon a sale or loss of a Non-Core Vessel, the net proceeds must be used to prepay the Non-Core Portion and then applied to the budgeted cost of intermediate surveys during 2014 of the Core Vessels. The CiT Facility
contains the following financial covenants that Heron must comply with: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a minimum cash balance at all times of $1,000 per Core Vessel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity at all times of $185 per Non-Core Vessel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum Fixed Charge Coverage Ratio (as defined therein and calculated based on annualized EBITDA less capital expenditures divided by the debt service for the relevant period) of 1.10x, measured quarterly after the
quarter ending on March&nbsp;31, 2015; </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Core Portion minimum asset coverage test (tested semiannually starting on
September&nbsp;30, 2014), which requires that each Core Vessel&#146;s charter-free FMV be not less than 140% (150% after the quarter ending March&nbsp;31, 2016) of the Core Portion balance outstanding against it; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Non-Core Portion minimum asset coverage test (tested semiannually starting on September&nbsp;30, 2014), which requires that the aggregate of
the charter-free FMVs of the Core Vessels be not less than 140% of the Non-Core Portion outstanding. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Under the CiT Facility, Heron may
only make quarterly distributions to its members from accumulated unrestricted excess cash in operating accounts so long as no event of default has occurred and is continuing or would occur as a result of such distribution, so long as (i)&nbsp;the
Non-Core Portion has been paid in full, (ii)&nbsp;an amount corresponding to the budgeted cost of all 2014 Core Vessel intermediate surveys has been deposited in a restricted account at CiT and (iii)&nbsp;the outstanding amount under the CiT
Facility does not exceed 60% of the combined FMV of the vessels owned by Heron. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">On March&nbsp;10, 2014, deeds of transfer in respect of
the vessels in the Deiulemar Fleet were executed in favor of Heron. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">h)</TD>
<TD ALIGN="left" VALIGN="top"><B>Additional Members&#146; Loans:</B> Subsequent to December&nbsp;31, 2013, the Company received a total amount of $181,200 in the form of Members&#146; Loans to fund part of the aforesaid subsequent events and
transactions. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><B>Deutsche Bank Facility Term Sheet:</B> On March&nbsp;11, 2014, the Company executed a binding term sheet with Deutsche Bank AG Filiale
Deutschlandgesch&auml;ft (the &#147;Deutsche Bank Facility&#148;) for financing in an aggregate amount of $85,000, which will partially finance the construction cost of one Kamsarmax bulk carrier currently under construction at JMU (Hull HN 207-JMU
(tbn<I> Magnum Opus</I>)) with expected delivery in June&nbsp;2014, and two Capesize bulk carriers currently under construction at JMU (Hulls HN 213-JMU (tbn<I> Peloreus</I>) and HN 214-JMU (tbn<I> Leviathan</I>)), with expected deliveries in
July&nbsp;and August&nbsp;2014, respectively. The definitive documentation is expected to be concluded no later than May&nbsp;25, 2014. One loan, which matures five years after the drawdown date, can be drawn for each vessel being financed. Each
loan is subject to 19 quarterly amortization payments equal to 1/60th of the loan amount, with the 20th payment equal to the remaining amount outstanding on the loan. The loans will bear interest at three-month LIBOR plus a margin of 3.4%&nbsp;per
annum. The Deutsche Bank Facility will be secured by first priority cross-collateralized ship mortgages on the financed vessels, charter assignments and insurance and earnings assignments and is guaranteed by Oceanbulk Shipping LLC (the
&#147;Guarantor&#148;). The Deutsche Bank Facility will include certain negative covenants, including limitations on </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
changes of ownership or control, additional indebtedness and the payment of dividends or other distributions until March&nbsp;31, 2015, after which the Company may only pay dividends if no event
of default has occurred or is continuing. The Deutsche Bank Facility also requires that the aggregate fair market value of the financed vessels exceeds 130% of the outstanding loans under the Deutsche Bank Facility. The Deutsche Bank Facility will
include also the following financial maintenance covenants, which are applicable to the Guarantor: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maximum ratio of total liabilities to total assets (on a market value adjusted basis) of less than 70%; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum EBITDA to interest ratio of 2.0x, tested annually for 2014 and 2015, and 2.5x thereafter; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity of the greater of (x)&nbsp;$10,000 and (y)&nbsp;$500 in unencumbered cash per vessel directly or indirectly owned by the Guarantor. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">j)</TD>
<TD ALIGN="left" VALIGN="top"><B>CEXIM Facility Term Sheet:</B> On March&nbsp;21, 2014, the Company executed a binding term sheet with the Export-Import Bank of China (the &#147;CEXIM Facility&#148;) for financing in an aggregate amount of $57,360,
which will be available in two tranches of $28,680, to partially finance the construction cost of two Capesize bulk carriers currently under construction at SWS (Hulls HN 1312-SWS and HN 1313-SWS), with expected delivery in April&nbsp;and
June&nbsp;2015, respectively. Each tranche will mature ten years from the delivery date of the last delivered financed vessel and will be repayable in 20 semi-annual installments of $1,147 plus a balloon payment of $5,736, the first installment
being due on the first January&nbsp;21 or July&nbsp;21 six months after the delivery of each vessel. The loan will bear interest at six-month LIBOR plus a margin of 3.25%&nbsp;per annum. The CEXIM Facility will be secured by first priority
cross-collateralized ship mortgages on the financed vessels, charter assignments and insurance and earnings assignments and will be guaranteed by the Guarantor. The CEXIM Facility will include certain negative covenants, including limitations on
changes of ownership or control. The CEXIM Facility also requires that the aggregate value of the financed vessels exceeds 125% of the outstanding loans under the CEXIM Facility and that each vessel owning company must maintain minimum cash of not
less than $500. The CEXIM Facility will include the following financial maintenance covenants, which are applicable to the Guarantor: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum equity ratio calculated based on book value of equity to total book value of assets of no less than 30%; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum book value of equity of not less than $250,000 after December&nbsp;31, 2015; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity of $500 in unencumbered cash per vessel directly or indirectly owned by the Guarantor. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">k)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><B>HSBC Facility:</B> On April&nbsp;1, 2014, the Company executed a binding term sheet with HSBC Bank plc. (the &#147;HSBC Facility&#148;) for
financing in an aggregate amount of $86,600, to partially finance the acquisition cost of the second hand vessels <I>Kymopolia</I> (ex Shiga), <I>Mercurial Virgo</I> (ex Mineral Pearl), <I>Pendulum</I> (ex Christina Victory), <I>Amami</I> (ex GL
Xiushan) and <I>Madredeus</I> (ex GL Zaishan), all of which have been delivered. The loan will be available in five tranches, will mature 59 months from the drawdown date and will be repayable in 20 quarterly installments, commencing three months
after the drawdown, of $1,555 plus a balloon payment of $55,500 due together with the last installment. The loan will bear interest at LIBOR plus a margin of 3.3%&nbsp;per annum, as long as the fair value of the vessels to the outstanding loan ratio
(&#147;ACR&#148;) exceeds 143% or 4.10%&nbsp;per annum, as long as the ACR falls below 143%. The HSBC Facility will be </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the year ended December&nbsp;31, 2013 and the period from </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;4, 2012 through December&nbsp;31, 2012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
secured by first priority mortgage over the financed vessels and general and specific assignments and will be guaranteed by the Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The HSBC Facility will include certain negative covenants, including limitations on changes of ownership or control, other than as part of an
initial public offering and as long as the borrowers are not in an event of default and shareholding thresholds applicable to the Pappas family interests. It will also include dividend restrictions if the ACR falls below 143% while it will also
require that the aggregate ACR exceeds 135% and minimum free liquidity to be maintained by the borrowers in the aggregate of $2,500. In addition, a portion of 10% of the initial HSBC Facility shall be prepaid from the proceeds of the first capital
increase of the Guarantor after January&nbsp;1, 2016. The HSBC Facility will include the following financial maintenance covenants, which are applicable to the Guarantor: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maximum leverage ratio (calculated based on long term debt net of any free deposit balances divided by market value adjusted total assets) not to exceed 70%; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum EBITDA to interest ratio of 2.0x, in relation to the proceeding four fiscal quarters, effective from the second anniversary of the execution date; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity to exceed $500 in free cash balances per vessel owned by the Guarantor. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June&nbsp;30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT ASSETS:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">89,793</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,979</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted Cash (Note 8)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable trade</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,184</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,966</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories (Note 5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,468</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,736</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepayments and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,239</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">722</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due from related parties (Note 3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of deferred charges, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">712</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">225</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total current assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>102,616</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>38,002</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FIXED ASSETS:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessels&#146; acquisitions (Note 6)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessels under construction (Note 7)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">142,705</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,439</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessels, net (Note 6)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">315,977</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total fixed assets, net</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>458,682</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>262,183</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>OTHER NON CURRENT ASSETS:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Convertible Loan receivable (Note 4)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,680</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted Cash (Note 8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred charges, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total other non current assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>31,784</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,528</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>593,082</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>306,713</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LIABILITIES AND MEMBERS&#146; EQUITY:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT LIABILITIES:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of long-term debt (Note 8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,897</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable, trade</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,464</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">883</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable, other</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unearned revenue</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,203</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due to related parties (Note 3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">372</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial instruments (Note 11)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total current liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>31,120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>15,953</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term debt (Note 8)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">170,786</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,688</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Loans (Notes 3, 9 and 16)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">226,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial instruments (Note 11)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total non current liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>173,621</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>303,288</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>204,741</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>319,241</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commitments and contingencies (Note 13)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>MEMBERS&#146; EQUITY:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Capital (415,037 Class&nbsp;A Units and 1 Class B Units as of June&nbsp;30, 2014 and nil Class&nbsp;A Units and 1 Class B
Units as of December&nbsp;31, 2013 (Notes 9 and 12))</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">415,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated other comprehensive loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated deficit</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,242</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,528</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Members&#146; equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>388,341</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(12,528</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities and Members&#146; equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>593,082</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>306,713</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these unaudited interim combined financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June&nbsp;30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>REVENUES:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total revenues</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>29,713</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,541</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXPENSES:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses (Note 14)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,490</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,706</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessel operating expenses (Note 14)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,260</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,001</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees (Note 3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,353</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(136</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation (Note 6)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,235</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(662</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dry docking and special survey costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(914</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses to related parties (Note 3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,257</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,963</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,551</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Expenses</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(35,060</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,470</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,347</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,929</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>OTHER INCOME (EXPENSES):</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and finance costs (Note 15)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,383</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on Members&#146; Loans (Notes 3 &amp; 9)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,816</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(427</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments (Note 11)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total other expenses, net</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,367</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(434</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(10,714</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(2,363</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these unaudited interim combined financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-30 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June&nbsp;30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(10,714</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(2,363</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other Comprehensive loss:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrealized losses from hedging interest rate swaps, net (Note 11)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Comprehensive loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(14,168</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(2,363</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these unaudited interim combined financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-31 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June&nbsp;30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Members&#146;</B><br><B>Capital</B><br><B>Contributions</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated&nbsp;Other</B><br><B>Comprehensive</B><br><B>Income / (Loss)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated</B><br><B>Deficit</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B><br><B>Members&#146;</B><br><B>Equity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, December&nbsp;31, 2012</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,408</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)</B>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,408</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)</B>&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Net loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, June&nbsp;30, 2013</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,771</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)</B>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,771</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)</B>&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, December&nbsp;31, 2013</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(12,528</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(12,528</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Conversion of Members&#146; Loans</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">415,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">415,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Net loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Other Comprehensive Loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, June&nbsp;30, 2014</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>415,037</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,454</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(23,242</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>388,341</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these unaudited interim combined financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-32 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June&nbsp;30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June 30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flows used in/provided by Operating Activities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(10,714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(2,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjustments to reconcile net loss to net cash used in/provided by operating activities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of deferred financing fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on derivative financial instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued interest expense on Members&#146; Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">427</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Changes in operating assets and liabilities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(Increase)/Decrease in:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable, trade</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,732</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,701</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepayments and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(517</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due from related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(48</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Increase/(Decrease) in:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable, trade</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable, other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unearned revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(920</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(77</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">224</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(147</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net Cash used in/provided by Operating Activities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,582</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>693</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flows used in Investing Activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition of vessels</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(159,983</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances for vessels under construction</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(40,514</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment in Convertible loan in Heron</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash used in Investing Activities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(224,177</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(19,400</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash Flows from Financing Activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in Restricted cash</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from long-term debt</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repayment of long-term debt</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,949</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of financing fees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,150</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from Members&#146; Loans</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">186,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash provided by Financing Activities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>285,573</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>19,400</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net increase in cash and cash equivalents</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>59,814</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>693</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash and cash equivalents at beginning of period</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>29,979</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,148</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash and cash equivalents at end of the period</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>89,793</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,841</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>SUPPLEMENTAL CASH FLOW INFORMATION:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash paid during the period for:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank loan Interest</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,824</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B> &#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an
integral part of these unaudited interim combined financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-33 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I><B>Oceanbulk Shipping LLC&nbsp;&amp; Oceanbulk Carriers LLC</B><I> </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I><B>Notes to Unaudited Interim Combined Financial Statements</B><I> </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June&nbsp;30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Basis of Presentation and General Information: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The accompanying unaudited interim
combined financial statements include the consolidated accounts of Oceanbulk Shipping LLC and Oceanbulk Carriers LLC and their wholly owned subsidiaries. Oceanbulk Shipping LLC and Oceanbulk Carriers LLC were formed under the laws of the Republic of
the Marshall Islands on October&nbsp;4, 2012 and April&nbsp;5, 2013, respectively, in view of separate limited liability agreements entered between Oaktree OBC Holdings LLC (&#147;Oaktree&#148;) and Millennia Limited Liability Company
(&#147;Millennia&#148; and, together with Oaktree, the &#147;Members&#148;) with Oceanbulk Shipping LLC dated October&nbsp;9, 2012 and with Oceanbulk Carriers LLC dated April&nbsp;11, 2013 with Oaktree holding a 90% ownership interest and Millennia
holding the remaining 10% ownership interest in both companies and Oaktree exerting control over their operations. Oceanbulk Shipping LLC and Oceanbulk Carriers LLC and their wholly owned subsidiaries are herein referred to collectively as the
&#147;Company&#148;. As of June 30, 2014, the Company was engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of the following bulk carrier vessels: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000; width:41.95pt; font-size:8pt; font-family:Times New Roman"><B>Vessel&nbsp;name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Type</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DWT</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Built/<BR>Delivery</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>Existing fleet</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Obelix</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">181,433</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2011<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Maiden Voyage</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">58,722</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2012<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Big Bang</I> (ex <I>Cape Shanghai</I>)<I></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">174,109</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2007<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Strange Attractor</I> (ex <I>Tokiwa Glory</I>)<I></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Supramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">55,742</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2006<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Big Fish</I> (ex <I>Shining Star</I>)<I></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">177,662</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2004<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Pantagruel </I>(ex <I>Pacific Confidence</I>)<I></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">180,181</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2004<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Kymopolia </I>(ex <I>Shiga</I>) <I></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">176,990</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2006<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Mercurial </I>Virgo (ex <I>Mineral Pearl</I>) <I></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">81,545</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2013<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Pendulum </I>(ex <I>Christina Victory</I>) <I></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">82,619</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2006<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Amami </I>(ex <I>GL Xiushan</I>) <I></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Post-Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">98,681</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2011<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Madredeus </I>(ex <I>GL Zoushan</I>) <I></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Post-Panamax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">98,681</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2011<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Magnum Opus </I>(ex HN 207-JMU)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Kamsarmax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">81,022</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2014<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>Newbuilding fleet</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 213-JMU (tbn<I> Peloreus</I>) (Note 16)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2014<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 214-JMU (tbn<I> Leviathan</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2014<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 5017-JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">16.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 5055-JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">17.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 5056-JMU</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">182,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">18.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1312-SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">180,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">19.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1313-SWS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capesize</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">180,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">20.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN NE166-NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">21.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN NE167-NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">22.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN NE184-NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">209,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">23.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN NE164-NACKS (tbn<I> Honey Badger</I>)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">61,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">24.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN NE165-NACKS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">61,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">25.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1359<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">26.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1360<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">27.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1361<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2016<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">28.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1362<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2016<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-34 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Basis of Presentation and General Information &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000; width:41.95pt; font-size:8pt; font-family:Times New Roman"><B>Vessel&nbsp;name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Type</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DWT</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Built/</B><br><B>Delivery</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>Newbuilding fleet (continued)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">29.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1363<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Newcastlemax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2016<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">30.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1061<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">31.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1062<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">32.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1063<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">33.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1064<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">34.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1080</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">35.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1081</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">36.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1082</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">37.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HN 1083</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ultramax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Chartered under bareboat lease arrangement that qualifies as an accounting capital lease (Note 7). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Year of construction </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Year of expected delivery </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">During the six month periods ended June&nbsp;30, 2014 and 2013,
charterers that individually accounted for more than 10% of the Company&#146;s voyage revenues were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:34.65pt; font-size:8pt; font-family:Times New Roman"><B>Charterer</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">E</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">F</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The outstanding accounts receivable balance of these three charterers that accounted for more than 10% of the
Company&#146;s six month period ended June&nbsp;30, 2014 revenue was $0.3 million. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Significant Accounting policies: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The accompanying unaudited interim combined financial
statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete
financial statements. These unaudited interim combined financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December&nbsp;31, 2013 and, in the opinion of
management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company&#146;s financial position, results of operations and cash flows for the periods presented. Operating
results for the six month period ended June&nbsp;30, 2014 are not necessarily indicative of the results that might be expected for the fiscal year ending December&nbsp;31, 2014. A discussion of the Company&#146;s significant accounting policies can
be found in the audited combined financial statements for the fiscal year ended December&nbsp;31, 2013. There have been no material changes to these policies in the six month period ended June&nbsp;30, 2014. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The combined balance sheet as of December&nbsp;31, 2013 has been derived from the audited combined financial statements at that date, but does
not include all of the information and footnotes required by U.S. GAAP for complete financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-35 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Recent Accounting Pronouncements: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Revenue from Contracts with Customers: The FASB and
the International Accounting Standards Board (IASB) (collectively, the Boards) jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in US&nbsp;GAAP and IFRS and&nbsp;is effective for annual periods
beginning on or after December&nbsp;15, 2016. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The
standard&#146;s requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity&#146;s ordinary activities (e.g., sales of property, plant and
equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and
estimates. Management is in the process of accessing the impact of the new standard on Company&#146;s financial position and performance. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transactions with Related Parties: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Transactions and balances with related parties are
as follows: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Balance Sheet</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Starbulk S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oceanbulk Maritime S.A and its affiliated entities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Polygon Invest&nbsp;&amp; Finance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oceanbulk Container Carriers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>29</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>181</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Loans (Note 9)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">226,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oceanbulk Maritime S.A and its affiliated entities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Starbulk S.A.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">372</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>372</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>226,153</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Statement of Operations</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on Members&#146; Loans (Note 9)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,816</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(427</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees to Starbulk S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,299</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(136</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees to Oceanbulk Maritime S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(54</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative Expenses to Oceanbulk Maritime S.A. and its affiliated entities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,257</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,963</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Expenses to Related Parties</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,426</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(2,526</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Management Agreements with Starbulk S.A </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each of the Company&#146;s existing vessels is subject to a vessel management and operating agreement with Starbulk S.A, a subsidiary of Star
Bulk Carriers Corp, (&#147;Star Bulk&#148;) which was founded by the Company&#146;s Chief Executive Officer. In addition, as of June&nbsp;30, 2014, affiliates of Oaktree beneficially owned 19.9% of Star Bulk&#146;s outstanding voting common stock.
Pursuant to the terms of these agreements, Starbulk S.A provides management services, including but not limited to technical, crew and accounting services, to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-36 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transactions with Related Parties &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Company&#146;s vessels in exchange for a fixed daily management fee of $0.75 per vessel, for
a period beginning upon vessel&#146;s delivery and until the termination of the agreement. The agreement will terminate upon the expiration of a two month period from the delivery of a written notice by either party to the other. During the six
month periods ended June&nbsp;30, 2014 and 2013, Management fees under these agreements amounted to $1,299 and $136, respectively, and are separately reflected in the accompanying combined statements of operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014, an amount of $372 was due to Starbulk S.A, while as of December&nbsp;31, 2013, an amount of $181 was due from
Starbulk S.A, such amounts included in Due to and Due from related parties, respectively, in the accompanying unaudited interim combined balance sheets. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Merger Agreement with Star Bulk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On June 16, 2014, the Company entered into an Agreement and Plan of Merger, (as amended from time to time, the &#147;Merger Agreement&#148;)
among Star Bulk, Star Synergy LLC, a Marshall Islands limited liability company and a wholly-owned subsidiary of Star Bulk (&#147;Oaktree Holdco Merger Sub&#148;), Star Omas LLC, a Marshall Islands limited liability company and a wholly-owned
subsidiary of Star Bulk (&#147;Pappas Holdco Merger Sub&#148; and together with Oaktree Holdco Merger Sub, the &#147;Merger Subs&#148;), Oaktree and, Millennia, pursuant to which Oaktree and Millennia would merge with and into one of the Merger Subs
(the &#147;Merger&#148;), with the Merger Subs continuing as the surviving companies and wholly-owned subsidiaries of Star Bulk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
Merger Agreement also provided for the acquisition (the &#147;Heron Transaction&#148;) by Star Bulk of two Kamsarmax vessels (the &#147;Heron Vessels&#148;), from Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability company incorporated in
Malta. The Merger Agreement provided that Star Bulk would issue 2,115,706 of its common shares into escrow as consideration for the Heron Vessels, which common shares will be released from escrow when Heron distributes its vessels to its equity
holders, whereupon the two Heron Vessels will be transferred to Star Bulk. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Commercial Management Agreements with Oceanbulk Maritime
S.A and its affiliated entities </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has entered into a management agreement with Oceanbulk Maritime S.A (&#147;Oceanbulk
Maritime&#148;), the parent company of Millennia. Pursuant to the terms of the agreement, Oceanbulk Maritime provides commercial and administrative services to the Company. During the six month periods ended June&nbsp;30, 2014 and 2013,
administrative fees under the respective agreements amounted to $2,257 and $1,963, respectively and are included in General and administrative expenses to related parties in the accompanying unaudited interim combined statements of operations, while
$407 and $148, respectively, were capitalized within Advances for vessels under construction. During the first half of 2014, the Company entered into a management agreement with Oceanbulk Maritime S.A. for the vessel <I>Magnum Opus</I>, certain
services of which were sub-contracted from Oceanbulk Maritime S.A. to Star Bulk. Under the management agreement with Oceanbulk Maritime S.A. a fixed daily management fee of $0.75 per vessel was agreed, for a period beginning upon vessel&#146;s
delivery and until the termination of the agreement. During the six month periods ended June&nbsp;30, 2014 and 2013, Management fees under these agreements amounted to $54 and $nil, respectively, reflected in the accompanying combined statements of
operations. Following the completion of the Merger on July&nbsp;11, 2014, the commercial agreement with Oceanbulk Maritime was terminated. As of June&nbsp;30, 2014 and December&nbsp;31, 2013, an amount of $24 and $148, respectively, were due from
and due to Oceanbulk Maritime and both amounts included in Due from and due to related parties in the combined balance sheets. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Provision of certain guarantees by Oceanbulk Maritime </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk Maritime has provided performance guarantees under the bareboat charter agreements relating to the newbuilding vessels with hull
numbers HN 1061, HN 1062, HN 1063 and HN 1064 discussed in Note 7. In addition, Oceanbulk Maritime has also provided performance guarantees under the shipbuilding contracts for the newbuilding vessels with hull numbers HN 207-JMU (named <I>Magnum
Opus</I> &#150; Note 16), HN 213-JMU (named <I>Peloreus</I>), HN 214-JMU (to be named<I> Leviathan</I>), HN 5017-JMU, HN 5055-JMU, HN 5056-JMU, HN NE164-NACKS (to be named<I> Honey Badger</I>), HN NE165-NACKS, HN NE166-NACKS, HN NE167-NACKS and HN
NE184-NACKS, discussed in Note 7. All of the performance guarantees described above have been counter-guaranteed by the Company. Following the completion of the Merger, Star Bulk is expected to provide counter-guarantees to Oceanbulk Maritime in
exchange for the counter-guarantees provided by the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-37 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transactions with Related Parties &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Awarded profit interests </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Pursuant to an agreement with affiliates of Oaktree, Oceanbulk Maritime S.A. and certain members of the Company&#146;s senior management are
eligible for a share of the profits of Oaktree, subject to Oaktree and its affiliates achieving certain internal rate of return and capital multiples on their original investment in the Company. This award will be payable only by affiliates of
Oaktree so the Company will not be responsible for making such payments. Nevertheless, when award payments vest or are deemed probable to vest and are required to be made under the agreement with respect to the Company, a non-cash compensation
expense will be reflected in the Company&#146;s General and administrative expenses, with a corresponding increase in the Company&#146;s equity as a deemed contribution from the Company&#146;s stockholders. As of June&nbsp;30, 2014 and
December&nbsp;31, 2013, this award had not vested. The agreement is expected to be amended, as a result of the Merger, to remove Oceanbulk as a party. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Convertible Loan receivable: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;19, 2014, Oceanbulk Shipping LLC provided
$3,149 and &#128;14.9&nbsp;million of funds in the form of a convertible loan (each a &#147;Heron Convertible Loan&#148;) to Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability company incorporated in Malta whose sole stockholder was ABY
Group Holding Limited (itself a joint venture between Augustea Bunge Maritime Limited and York Capital Management). At the option of Oceanbulk Shipping LLC, the Convertible Loan is convertible into 50% of the outstanding equity of Heron, so upon
conversion of the Heron Convertible Loan, Heron would be a 50-50 joint venture between Oceanbulk Shipping LLC and ABY Group Holding Limited. The use of the Convertible Loan proceeds was to partially finance the acquisition out of bankruptcy of
Deiulemar Shipping SpA (&#147;Deiulemar&#148;), an operator of 12 dry bulk vessels the Deiulemar fleet, (the &#147;Deiulemar Fleet&#148;). On February&nbsp;13, 2014, Heron entered into a $95,200 loan agreement (the &#147;CiT Facility&#148;) with CiT
Finance LLC, which is severally guaranteed on a 50-50, unsecured basis by Oceanbulk Shipping LLC and ABY Group Holding Limited. The CiT Facility is divided into two portions, a &#147;Core Portion&#148; of $65,200 and a &#147;Non-Core Portion&#148;
of $30,000. The Core Portion is secured by four vessels (the &#147;Core Vessels&#148;), consisting of three Kamsarmax vessels and one Capesize vessel intended to be retained by Heron (or its equityholders), and matures in June&nbsp;2019. The
Non-Core Portion was secured by eight vessels (the &#147;Non-Core Vessels&#148;) of various sizes. Interest accrues on the CiT Facility at a rate 4.25%&nbsp;per annum. The Core Portion is subject to scheduled quarterly amortization payments of
$1,563, beginning on June&nbsp;30, 2014. Heron may voluntarily prepay the outstanding principal amount of the loans under the CiT Facility at any time, subject to a prepayment premium of 2% during the first year and 1% during the second year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon a sale or loss of a Core Vessel, the Core Portion must be prepaid based on a scheduled release price for the Core Vessel. Upon a sale or
loss of a Non-Core Vessel, the net proceeds must be used to prepay the Non-Core Portion and then applied to the budgeted cost of intermediate surveys during 2014 of the Core Vessels. As of June&nbsp;30, 2014, Heron had sold five of the Non-Core
Vessels and had agreed to sell another two Non-Core Vessels. As of June&nbsp;30, 2014 the outstanding balance of the Core Portion was $63,637 while the Non Core Portion had been fully repaid. The CiT Facility contains the following financial
covenants that Heron must comply with: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a minimum cash balance at all times of $1,000 per Core Vessel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity at all times of $185 per Non-Core Vessel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum Fixed Charge Coverage Ratio (as defined therein and calculated based on annualized EBITDA less capital expenditures divided by the debt service for the relevant period) of 1.10x, measured quarterly, after the
quarter ending on March&nbsp;31, 2015; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Core Portion minimum asset coverage test (tested semiannually starting on September&nbsp;30, 2014), which requires that each Core Vessel&#146;s charter-free FMV be not less than 140% (150% after the quarter ending
March&nbsp;31, 2016) of the Core Portion balance outstanding against it; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Convertible Loan receivable &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Under the CiT Facility, Heron may only make quarterly distributions to its members from
accumulated unrestricted excess cash in operating accounts so long as no event of default has occurred and is continuing or would occur as a result of such distribution, so long as (i)&nbsp;the Non-Core Portion has been paid in full, (ii)&nbsp;an
amount corresponding to the budgeted cost of all 2014 Core Vessel intermediate surveys has been deposited in a restricted account at CiT and (iii)&nbsp;the outstanding amount under the CiT Facility does not exceed 60% of the unaudited interim
combined FMV of the vessels owned by Heron. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;10, 2014, deeds of transfer in respect of the vessels in the Deiulemar Fleet
were executed in favor of Heron. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Inventories: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The amounts shown in the accompanying combined balance sheets are analyzed
as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bunkers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,840</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,961</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lubricants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,628</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B><B>5,468</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B></B><B>3,736</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Vessels, net and Advances for vessels&#146; acquisitions: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The amounts in the
accompanying combined balance sheets are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Vessels&#146;</B><br><B>Cost</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated</B><br><B>Depreciation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net&nbsp;Book&nbsp;Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, December&nbsp;31, 2012</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>36,642</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(271</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>36,371</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Acquisitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,279</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,279</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Depreciation for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,656</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,656</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, December&nbsp;31, 2013</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>154,921</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(2,927</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>151,994</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Acquisitions, improvements and other vessels&#146; costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>159,983</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>159,983</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Transfer from Advances for vessels under construction</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Transfer from Advances for vessel acquisitions</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Capitalized Members&#146; Loan interest until vessel delivery</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">- Depreciation for the period</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,235</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,235</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance, June&nbsp;30, 2014</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>324,139</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(8,162</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>315,977</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In October&nbsp;2013, the Company entered into an MOA with an unrelated party for the acquisition of the
Capesize dry-bulk carrier, <I>Kymopolia</I> (ex <I>Shiga</I>), of which an advance of $2,750 was paid up to December&nbsp;31, 2013, and is included within Advances for vessel acquisition in the 2013 accompanying combined balance sheet. On
January&nbsp;30, 2014 the Company took delivery of the vessel <I>Kymopolia</I>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-39 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Vessels, net and Advances for vessels&#146; acquisitions &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In December&nbsp;2013, the Company entered into an MOA with an unrelated party for the
acquisition of the Kamsarmax dry bulk carrier, <I>Mercurial Virgo</I> (ex &#150; <I>Mineral Pearl</I>). In addition, in December&nbsp;2013, the Company entered into an MOA with an unrelated party for the acquisition of the Kamsarmax dry bulk
carrier, <I>Pendulum</I> (ex &#150; <I>Christina Victory</I>). On February&nbsp;28, 2014, the Company took delivery of the <I>Mercurial Virgo</I> and on March&nbsp;20, 2014 the Company took delivery of the vessel <I>Pendulum</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;24, 2014, the Company entered into two MOAs with an unrelated party for the acquisition of two post-Panamax dry-bulk carriers,
named <I>Amami</I> (ex <I>GL Xiushan</I>) and <I>Madredeus</I> (ex <I>GL Zoushan</I>), respectively. On February&nbsp;13, 2014 and February&nbsp;21, 2014 the Company took delivery of the vessels. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;27, 2014, <I>Magnum Opus</I> (ex HN 207-JMU) was delivered from the shipyard at a total cost of $30,980. The delivery installment
of $18,620 was financed by the loan facility with Deutsche Bank AG Filiale Deutschlandgesch&auml;ft discussed in Note 8. Under the loan facility, the Company drew down an amount of $20,000 representing the first available tranche relating to the
delivered vessel. An amount of $6,180 had been paid for the construction of the vessel up to December&nbsp;31, 2013 and is included within Advances for vessel acquisition in the 2013 accompanying combined balance sheet. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Advances for vessels under construction: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014 and December&nbsp;31,
2013, Advances for vessels under construction reflect the advances paid to the shipyards for newbuilding vessels, capitalized interest and other capitalized costs relating to the supervision of the construction of these vessels. The amounts shown in
the accompanying combined balance sheets are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances to the shipyards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">99,227</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">95,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases &#150; upfront and handling fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,340</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capitalized interest on Members&#146; Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">771</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>142,705</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>107,439</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In September&nbsp;2012, the Company agreed with a Japanese shipyard the construction of an 80,800 DWT Kamsarmax
vessel (Hull HN 207-JMU (named <I>Magnum Opus</I>)). The vessel was delivered in May&nbsp;2014 (Note 6). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In December&nbsp;2012, the
Company agreed with a Japanese shipyard the construction of two 182,000 DWT Capesize vessels (Hulls HN 213-JMU (named <I>Peloreus</I>) and HN 214-JMU (to be named<I> Leviathan</I>)). Hulls HN 213-JMU (named <I>Peloreus</I> was delivered on
July&nbsp;22, 2014 (Note 16) while HN 214-JMU (to be named<I> Leviathan</I>) is expected to be delivered in September&nbsp;2014. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
March&nbsp;2013, the Company agreed with a Japanese shipyard the construction of an 182,000 DWT Capesize vessel (Hull HN 5017-JMU). The vessel is expected to be delivered in March&nbsp;2015. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In May&nbsp;2013, the Company agreed with a Chinese shipyard the construction of two 180,000 DWT Capesize vessels (Hulls HN 1312-SWS and HN
1313-SWS). The vessels are expected to be delivered in April&nbsp;and June&nbsp;2015, respectively </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;17, 2013, the Company
entered into separate bareboat charter party contracts with affiliates of New Yangzijiang shipyards for eight-year bareboat charters of four newbuilding 64,000 dwt Ultramax vessels (Hulls HN 1061, HN 1062, HN 1063 and HN 1064) being built at New
Yangzijiang. The vessels are being constructed pursuant to four shipbuilding contracts entered into between four pairings of affiliates of New Yangzijiang. Each pair has one shipyard party (each, a &#147;New YJ Builder&#148;) and one ship-owning
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-40 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Advances for vessels under construction - continued </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
entity (each a &#147;New YJ Owner&#148;). Delivery to the Company of each vessel is deemed to occur upon delivery of the vessel to the New YJ Owner from the corresponding New YJ Builder. An
amount of $20,680 for the construction cost of each vessel will be financed by the relevant New YJ Owner, to whom the Company will pay a pre-agreed daily bareboat charter hire rate on a 30-days advance basis. After each vessel&#146;s delivery, the
Company has monthly purchase options to acquire the vessel at pre-determined, amortizing-during-the-charter-period prices. On the eighth anniversary of the delivery of a vessel, the Company has the obligation to purchase the vessel at a purchase
price of $6,000. Based on the applicable lease accounting guidance (ASC Topic 840 &#147;<I>Leases</I>&#148;), the Company determined that the bareboat charters should be classified as capital leases. In addition, based on the lease agreement
provisions, the Company is deemed to have substantially all of the construction period risk and accordingly is considered the owner of the vessels during the construction period, which will result in a deemed sale-leaseback transaction of the
vessels to occur when construction of the assets is complete and the lease term begins. The financial liability related to these capital leases will be recognized upon each vessel&#146;s delivery (expected in the first four months of 2015),
concurrently with the recognition of the leased asset, pursuant to the applicable capital lease accounting guidance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In June&nbsp;2013,
the Company agreed with a Chinese shipyard the construction of two 61,000 DWT Ultramax vessels (Hulls HN E164-NACKS (tbn<I> Honey Badger</I>) and HN NE165-NACKS). The vessels are expected to be delivered in March&nbsp;2015. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In June&nbsp;and July&nbsp;2013, the Company agreed with a Chinese shipyard the construction of three 209,000 DWT Newcastlemax vessels (Hulls
HN NE166-NACKS, HN NE167-NACKS and HN NE184-NACKS). The vessels are expected to be delivered in April, May&nbsp;and July&nbsp;2015, respectively. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In July&nbsp;2013, the Company agreed with a Chinese shipyard the construction of four 64,000 DWT Ultramax vessels (Hulls HN 1080, HN 1081, HN
1082 and HN 1083). The vessels are expected to be delivered during the third and fourth quarter of 2015, respectively. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
October&nbsp;2013, the Company agreed with a Japanese shipyard the construction of two 182,000 DWT Capesize vessels (Hulls HN 5055-JMU and HN 5056-JMU). The vessels are expected to be delivered in July&nbsp;and August&nbsp;2015, respectively. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;27, 2013, the Company entered into separate bareboat charter party contracts with affiliates of a chinese shipyard (&#147;SWS)
for ten-year bareboat charters of five newbuilding 208,000 dwt Newcastlemax vessels (Hulls HN 1359, HN 1360, HN 1361, HN 1362 and HN 1363) being built at SWS. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The vessels are being constructed pursuant to shipbuilding contracts entered into between five pairings of affiliates of SWS. Each pair has one
shipyard party (each, an &#147;SWS Builder&#148;) and one ship-owning entity (each an &#147;SWS Owner&#148;). Delivery to the Company of each vessel is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder.
An amount of $46,400 for the construction cost of each vessel will be financed by the relevant SWS Owner, to whom the Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount corresponding to the LIBOR rate payable
every six months and a one-time handling fee of $464. After each vessel&#146;s delivery, the Company has monthly purchase options to acquire the vessel at pre-determined, amortizing-during-the-charter-period prices. At the end of the ten-year
charter period for each vessel, the Company has the obligation to purchase the vessel at a purchase price of $13,919. Based on ASC Topic 840, the Company determined that the bareboat contracts should be classified as capital leases. In addition,
based on the lease agreement provisions, the Company is deemed to have substantially all of the construction period risk and accordingly is considered the owner of the vessels during the construction period, which will result in a deemed
sale-leaseback transaction of the vessels to occur when construction of the asset is complete and the lease term begins. The financial liability related to these capital leases will be recognized upon each vessel&#146;s delivery in
December&nbsp;2015 and first six months of 2016, concurrently with the recognition of the leased asset, pursuant to the applicable capital lease accounting guidance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Total purchase price of the aforementioned vessels is $1,078,677 (of which $393,400 is related to the bareboat charter contracts discussed
above) while the Company has also agreed to pay for extras under these contracts amounting to $14,198. As of June&nbsp;30, 2014 and December&nbsp;31, 2013, the Company has paid $140,498 and $106,155 (of which amounts, $40,500 and $10,340,
respectively, relate to the bareboat contracts discussed above). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-41 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Long-term debt: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>ABN Facility </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;1, 2013, the Company entered into a $34,458 credit facility with ABN Amro N.V (the &#147;ABN Facility&#148;) in order to
partially finance the acquisition cost of the vessels <I>Obelix</I> and <I>Maiden Voyage</I>. The loans under the ABN Facility were available in two tranches of $20,350 and $14,108. On August&nbsp;6, 2013, the Company drew down the available
tranches and paid an arrangement fee of $204. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;18, 2013, the ABN Facility was amended to add an additional loan of $53,000
to partially finance the acquisition cost of the vessels <I>Big Bang </I>(ex<I> Cape Shanghai</I>)<I>, Strange Attractor </I>(ex <I>Tokiwa Glory</I>)<I>, Big Fish </I>(ex <I>Shining Star</I>)<I> and Pantagruel </I>(ex <I>Pacific Confidence)</I>. On
December&nbsp;20, 2013, the Company drew down the available tranches and paid an arrangement fee of $572. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following table describes
the various tranches of loans under the ABN Facility as of June&nbsp;30, 2014: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:21.30pt; font-size:8pt; font-family:Times New Roman"><B>Vessel</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date Drawn</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal</B><br><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Quarterly Installments</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Balloon&nbsp;Payment</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Obelix</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">August&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,219</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">17 x $377 through August&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$12,813 due August&nbsp;2018</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Maiden&nbsp;Voyage</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">August&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">13&nbsp;x&nbsp;$248&nbsp;through&nbsp;September&nbsp;2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$9,900&nbsp;due&nbsp;September&nbsp;2017</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Big Bang</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">18&nbsp;x&nbsp;$450&nbsp;through&nbsp;December&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$7,000&nbsp;due&nbsp;December&nbsp;2018</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Strange&nbsp;Attractor</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">18&nbsp;x&nbsp;$300&nbsp;through&nbsp;December&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$4,000&nbsp;due&nbsp;December&nbsp;2018</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Big&nbsp;Fish</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">18&nbsp;x&nbsp;$550&nbsp;through&nbsp;December&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$2,500&nbsp;due&nbsp;December&nbsp;2018</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Pantagruel</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">18&nbsp;x&nbsp;$550&nbsp;through&nbsp;December&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$2,500&nbsp;due&nbsp;December&nbsp;2018</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>81,637</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Loans outstanding under the ABN Facility bear interest at three-month LIBOR plus a margin ranging from 3.75% to
3.9%&nbsp;per annum. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The ABN Facility is secured by a first-priority ship mortgage on the financed vessels, general assignments, charter
assignments and, operating account assignments and is guaranteed by Oceanbulk Shipping LLC (the &#147;Guarantor&#148;). The ABN Facility contains a number of negative covenants, including limitations on additional indebtedness, additional liens on
the collateral, restricted payments and changes in management and ownership. In addition, the ABN Facility contains the following financial maintenance covenants: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">aggregate vessel value must exceed 140% of the aggregate principal amount of outstanding loans under the ABN Facility; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maximum consolidated adjusted market value leverage ratio of the Guarantor (defined as the Guarantor&#146;s total liabilities to market value adjusted total assets, excluding Members&#146; Loans and available cash) of
70%; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum consolidated EBITDA of the Guarantor to interest coverage ratio of 2.0x, applicable after September&nbsp;30, 2016; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity of the higher of $1.0 million per collateral vessel or $0.5 million per other vessel owned by the Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The ABN Facility also prohibits the Guarantor from paying dividends while a default has occurred and is continuing. The ABN Facility also
contains cross-default provisions triggered by a payment default or the acceleration or cancelation by reason of default of indebtedness in excess of $5.0 million for the Guarantor&#146;s indebtedness and $1.0 million for any borrower&#146;s
indebtedness. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-42 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Long-term debt &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Deutsche Bank Facility </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;20, 2014, Oceanbulk entered into a loan agreement with Deutsche Bank AG Filiale Deutschlandgesch&auml;ft for financing in an
aggregate amount of $85,000, which will partially finance the construction cost of one Kamsarmax bulk carrier <I>Magnum Opus</I>, which was delivered on May&nbsp;27, 2014 (Note 6), one Capesize bulk carrier Hull HN 213-JMU (named <I>Peloreus</I>),
which was delivered on July&nbsp;22, 2014 (Note 16) and one Capesize bulk carrier currently under construction at JMU HN 214-JMU (to be named<I> Leviathan</I>), with expected delivery in September&nbsp;2014. One loan, which matures five years after
the drawdown date, can be drawn for each vessel being financed. Each loan is subject to 19 quarterly amortization payments equal to 1/60th of the loan amount, with the 20th payment equal to the remaining amount outstanding on the loan. The loans
bear interest at three-month LIBOR plus a margin of 3.4%&nbsp;per annum. The Deutsche Bank Facility is secured by first priority cross-collateralized ship mortgages on the financed vessels, charter assignments and, insurance and earnings assignments
and is guaranteed by the Guarantor. The Deutsche Bank Facility includes certain negative covenants, including limitations on changes of ownership or control, additional indebtedness and the payment of dividends or other distributions until
March&nbsp;31, 2015, after which the Company may only pay dividends if no event of default has occurred or is continuing. The Deutsche Bank Facility also requires that the aggregate fair market value of the financed vessels exceeds 130% of the
outstanding loans under the Deutsche Bank Facility. The Deutsche Bank Facility includes also the following financial maintenance covenants, which are applicable to the Guarantor: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maximum ratio of total liabilities to total assets (on a market value adjusted basis) of less than 70%; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum EBITDA to interest ratio of 2.0x, tested annually for 2014 and 2015, and 2.5x thereafter; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity of the greater of (x)&nbsp;$10,000 and (y)&nbsp;$500 in unencumbered cash per vessel directly or indirectly owned by the Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Deutsche Bank Facility also contains cross-default provisions triggered by a payment default or the acceleration or cancelation by reason
of a default or indebtedness in excess of $10.0 million on a consolidated basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>CEXIM Facility </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;21, 2014, the Company executed a binding term sheet and on June&nbsp;26, 2014, Oceanbulk entered into a loan agreement with the
Export-Import Bank of China (the &#147;CEXIM Facility&#148;) for financing in an aggregate amount of $57,360, which will be available in two tranches of $28,680, to partially finance the construction cost of two Capesize bulk carriers currently
under construction at SWS (Hulls HN 1312-SWS and HN 1313-SWS), with expected delivery in April&nbsp;and June&nbsp;2015, respectively. Each tranche will mature ten years from the delivery date of the last delivered financed vessel and will be
repayable in 20 semi-annual installments of $1,147 plus a balloon payment of $5,736, the first installment being due on the first January&nbsp;21 or July&nbsp;21 six months after the delivery of each vessel. The loan will bear interest at six-month
LIBOR plus a margin of 3.25%&nbsp;per annum. The CEXIM Facility will be secured by first priority cross-collateralized ship mortgages on the financed vessels, charter assignments and, insurance and earnings assignments and will be guaranteed by the
Guarantor. The CEXIM Facility will include certain negative covenants, including limitations on changes of ownership or control. The CEXIM Facility also requires that the aggregate value of the financed vessels exceeds 125% of the outstanding loans
under the CEXIM Facility and that each vessel owning company must maintain minimum cash of not less than $500. The CEXIM Facility will include the following financial maintenance covenants, which are applicable to the Guarantor: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum equity ratio calculated based on book value of equity to total book value of assets of no less than 30%; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-43 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Long-term debt &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum book value of equity of not less than $250,000 after December&nbsp;31, 2015; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity of $500 in unencumbered cash per vessel directly or indirectly owned by the Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>HSBC Facility </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On
April&nbsp;1, 2014, the Company executed a binding term sheet and in June, 2014, Oceanbulk entered into a loan agreement with HSBC Bank plc. (the &#147;HSBC Facility&#148;) for financing in an aggregate amount of $86,600, to partially finance the
acquisition cost of the second hand vessels <I>Kymopolia</I> (ex <I>Shiga</I>), <I>Mercurial Virgo</I> (ex <I>Mineral Pearl</I>), <I>Pendulum</I> (ex <I>Christina Victory</I>), <I>Amami</I> (ex <I>GL Xiushan</I>) and <I>Madredeus</I> (ex <I>GL
Zhoushan</I>), all of which have been delivered. The loan, which was drawn in June&nbsp;2014, matures in June 2019 (59 months from the drawdown date) and is repayable in 20 quarterly installments, commencing three months after the drawdown, of
$1,555 plus a balloon payment of $55,500 due together with the last installment. The loan bears interest at LIBOR plus a margin of 3.3%&nbsp;per annum, as long as the fair value of the vessels to the outstanding loan ratio (including any interest
rate swap exposure) (&#147;ACR&#148;) exceeds 143% or 4.10%&nbsp;per annum, as long as the ACR falls below 143%. The HSBC Facility is secured by first priority mortgage over the financed vessels and, general and specific assignments and is
guaranteed by the Guarantor. The HSBC Facility includes certain negative covenants, including limitations on changes of ownership or control, other than as part of an initial public offering and as long as the borrowers are not in an event of
default and shareholding thresholds applicable to the Pappas family interests. It also includes dividend restrictions if an event of default has occurred or is continuing, or if the ACR falls below 143% while it also requires that the aggregate ACR
exceeds 135% and minimum free liquidity to be maintained by the borrowers in the aggregate of $2,500. In addition, a portion of 10% of the initial HSBC Facility shall be prepaid from the proceeds of the first capital increase of the Corporate
Guarantor after January&nbsp;1, 2016. The HSBC Facility also includes the following financial maintenance covenants, which are applicable to the Guarantor: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maximum leverage ratio (calculated based on long term debt net of available cash divided by market value adjusted total assets net of available cash) not to exceed 70%; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum EBITDA to interest expense ratio of 2.0x, in relation to the proceeding four fiscal quarters, effective from the second anniversary of the execution date; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">minimum liquidity to exceed $500 in free cash balances per vessel owned by the Guarantor. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As
of June&nbsp;30, 2014, the Company was in compliance with the financial and other covenants contained in its loan agreements. In addition, the Company requested and obtained from its lenders their consent for the Merger with Star Bulk discussed in
Note 3 above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-44 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Long-term debt &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2014, no amounts have been drawn under the CEXIM Facility. In addition,
as of June&nbsp;30, 2014, the following aggregate principal payments will be required over the next five years and throughout the term of the various facilities: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:16.90pt; font-size:8pt; font-family:Times New Roman"><B>Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July&nbsp;to December&nbsp;2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,897</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Debt</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>188,237</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Less: Long-term debt &#150; current portion</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(17,451</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)</B>&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Long-term debt &#150; non-current portion</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>170,786</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Interest expense for the six month periods ended June&nbsp;30, 2014 and 2013, amounted to $1,930 and $nil,
respectively, and is included in Interest and finance costs in the accompanying unaudited interim combined statements of operations. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Members&#146; Loans: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;9, 2012, the Members entered into a limited
liability company agreement (the &#147;Oceanbulk Shipping LLC Agreement&#148;) with respect to Oceanbulk Shipping LLC, a limited liability company formed under the laws of the Republic of the Marshall Islands on October&nbsp;4, 2012. On
April&nbsp;11, 2013, the Members entered into a similar limited liability company agreement (the &#147;Oceanbulk Carriers LLC Agreement&#148;) with respect to Oceanbulk Carriers LLC, a limited liability company formed under the laws of the Republic
of the Marshall Islands on April&nbsp;5, 2013. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">According to the provisions of the Oceanbulk Shipping LLC Agreement and the Oceanbulk
Carriers LLC Agreement, the Members could, from time to time, make investments in Oceanbulk Shipping LLC and Oceanbulk Carriers LLC either in form of capital contributions in exchange for the companies&#146; Class&nbsp;A Units or in the form of
members&#146; loans (the &#147;Members&#146; Loans&#148;), evidenced by convertible notes (the &#147;Convertible Notes&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
Convertible Notes bear fixed interest at 2%&nbsp;per annum, accruing quarterly in arrears. The Convertible Notes are able to be converted, at any time following the election of the majority holders, in whole or in part (based on the principal amount
converted, plus any accrued and unpaid interest) into Class&nbsp;A Units at a conversion price of $1 per Class&nbsp;A Unit. The conversion price is subject to certain adjustments triggered by reorganizations, recapitalizations, stock splits or other
similar changes in the relevant capitalization of the Company. The Convertible Notes mature on December&nbsp;31, 2042. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">So long as the
Members&#146; Loans were outstanding and had not yet been converted into equity, based on the applicable accounting guidance for debt instruments (ASC Topic 470 &#147;<I>Debt</I>&#148;) and for derivatives and hedging instruments (ASC Topic 815
&#147;<I>Derivatives and Hedging</I>&#148;), the Company determined that all proceeds from any Members&#146; Loans should be reflected as debt within the Company&#146;s non-current liabilities, with no bifurcation of any of the embedded features.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-45 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Members&#146; Loans &#150; continued: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;28, 2014, at the election of the
majority holders, the then outstanding Members&#146; Loans of $415,037 were converted into 373,533 and 41,504 Class&nbsp;A Units issued by each of Oceanbulk Shipping LLC and Oceanbulk Carriers LLC to Oaktree and Millennia respectively. The
outstanding balance of the Members&#146; Loans at May&nbsp;28, 2014 (date of conversion) and as of December&nbsp;31, 2014 is analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>May&nbsp;28,</B><br><B>2014</B><br><B>(date&nbsp;of<BR>conversion)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Loans by Oaktree OBC Holdings LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">368,291</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">200,828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Members&#146; Loans by Millennia LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,921</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Principal of Members&#146; Loans</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>409,212</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>223,142</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued Interest on Members&#146; Loans</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,863</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>415,037</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>226,005</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Out of the total accrued interest as of May&nbsp;28, 2014 and December&nbsp;31, 2013, an amount of $2,207 and
$1,284, respectively, has been capitalized and is reflected within &#147;Advances for vessels under construction&#148; in the accompanying combined balance sheets (Note 7) and $222 and $ nil respectively, has been capitalized and is reflected within
&#147;Vessels, net&#148;. Interest on Members&#146; Loans for the six month periods ended June&nbsp;30, 2014 and 2013 amounted to $1,816 and $427, respectively and is separately reflected in the accompanying unaudited interim statements of
operations. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Fair Value of Financial Instruments: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following methods and assumptions were used to
estimate the fair value of each class of financial instrument: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Cash and cash equivalents, restricted cash, accounts receivable, due from/to related parties and accounts payable</B>: The carrying values reported in the combined balance sheets for those financial instruments are
reasonable estimates of their fair values due to their short-term nature. The carrying value of these instruments is separately reflected in the accompanying balance sheets. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Long-term debt</B>: The fair values of the loan facilities discussed in Note 8 approximate their recorded value due to the variable interest rates payable. The carrying value of the outstanding loans as of
June&nbsp;30, 2014 and December&nbsp;31, 2013 amounted to $188,237 and $86,585, respectively. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Members&#146; Loans</B>: The Members&#146; Loans had a fixed rate of interest, which accrued quarterly and if not paid in cash, determined at the option of the majority of the holders, it increased the outstanding
principal amount. The fair value of a Members&#146; Loan outstanding as of December&nbsp;31, 2013 was not able to be reliably estimated due to the interest settlement options held by the Members (Note 9). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Derivative financial Instruments</B>: The fair values of the Company&#146;s derivative financial instruments presented in combined balance sheet equate to the amount that would be paid or received by the Company if
the agreements were cancelled at the reporting date and is determined by primarily by observable inputs (<I>i.e.</I>, LIBOR swap yield curves). </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">A fair value hierarchy that prioritizes the inputs used to measure fair value has been established by U.S. GAAP. The hierarchy gives the
highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of
observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Level 1:</I></B> Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted
assets or liabilities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Level 2:</I></B> Observable inputs other than quoted prices included in Level 1, such as quoted prices for
similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Level 3:</I></B> Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the
assets or liabilities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-46 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Derivative Financial Instruments: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Interest Rate Swaps </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company is exposed to interest rate fluctuations associated with its current and expected variable rate borrowings and its objective is to
partially manage the impact in the cash flows of its borrowings. In this respect, the Company uses interest rate swaps to manage net exposure to interest rate fluctuations related to these borrowings and to lower its overall borrowing costs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">During the third quarter of 2013, the Company entered into five interest rate swaps with Goldman Sachs Bank USA, effective from October&nbsp;1,
2014. The swaps mature on April&nbsp;1, 2018. Under the five swaps, the Company will make quarterly payments to the counterparty at fixed rates ranging between 1.79% to 2.07%&nbsp;per annum, based on an aggregate notional amount beginning at
$186,307, and increasing up to $461,264 during the period from July&nbsp;1, 2015 to October&nbsp;1, 2015. The counterparty will make quarterly floating rate payments at three-month US$ LIBOR to the Company based on the same notional amount. During
the three month period ended March&nbsp;31, 2014, the swaps were not designated as accounting hedges and accordingly changes in their fair value in the three month period ended March&nbsp;31, 2014 of $1,118 were reported in earnings as a Loss on
Derivative Financial Instruments. On April&nbsp;1, 2014 the Company designated the swaps as cash flow hedges in accordance with ASC Topic 815 &#147;<I>Derivatives and Hedging</I>&#148;, and accordingly the effective portion of these cash flow hedges
during the second quarter of 2014 were reported in Accumulated Other Comprehensive Income (loss) on the June 30, 2014 combined balance sheet with the outstanding fair value (based on Level 2 inputs of the fair value hierarchy) as of the same date
and as of December&nbsp;31, 2013 being separately reflected as Derivative Financial Instruments within current and non current liabilities. The aggregate fair value of the respective agreements as at June&nbsp;30, 2014 and December&nbsp;31, 2013 was
$6,027 and $1,423. Any ineffective portion of these cash flow hedges is reported as gain or loss in the Statement of Operations for the relevant period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-47 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Derivative Financial Instruments &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The amounts of gain/(loss) recognized in Other Comprehensive Income/(Loss) (effective
portion) which is reflected in the 2014 Statement of Comprehensive Income/ (loss) are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><B>Statement of Comprehensive Loss</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrealized losses from hedging interest rate swaps recognized in Other Comprehensive Loss before reclassifications</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassification adjustments of interest rate swap losses transferred to Combined Statement of Operations into Interest and finance
costs line</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Unrealized losses from hedging interest rate swaps, net</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The amounts of losses on Derivative Financial Instruments recognized in the Statement of Operations are
analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><B>Statement of Operations</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrealized losses from interest rate swaps before hedging designation (April&nbsp;1, 2014)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ineffective portion of cash flow hedges following hedging designation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassification adjustments of interest rate swap losses transferred to Combined Statement of Operations from Other Comprehensive
Loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Losses on derivative financial instruments</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,149</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">An amount of approximately $0.2 million is expected to be reclassified into earning during the following 12-
month period when realized. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In relation to the above interest rate swap agreements designated as cash flow hedges and in accordance with
ASC Topic 815 &#147;<I>Derivatives and Hedging- Timing and Probability of the Hedged Forecasted Transaction</I>,&#148; the management of the Company considered the creditworthiness of its counterparties and the expectations of the forecasted
transactions and determined that no events have occurred that would make the forecasted transaction not probable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Members&#146; Equity: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Members&#146; equity of Oceanbulk Carriers LLC and Oceanbulk
Shipping LLC as of June&nbsp;30, 2014 consisted of 373,533 Class&nbsp;A Units, no par value, held by Oaktree, 41,504 Class&nbsp;A Units held by Millennia and one Class B Unit, no par value, held by Oaktree. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Members&#146; equity of each of Oceanbulk Carriers LLC and Oceanbulk Shipping LLC as of December&nbsp;31, 2013 and June&nbsp;30, 2013 consisted
of one Class B Unit held by Oaktree. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">According to the provisions of the Oceanbulk Shipping LLC Agreement and the Oceanbulk Carriers LLC
Agreement, except as otherwise provided under the laws of Marshall Islands or mutually agreed between the Members in writing, no Member shall have any personal liability whatsoever in such Member&#146;s capacity as a Member, whether to the Company,
to any of the other Members, to the creditors of the Company or to any other third party, for the debts, liabilities, commitments or other obligations of the Company or for any losses of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-48 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Commitments and Contingencies: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top">Various claims, suits, and complaints, including those involving government regulations and product liability, may arise in the ordinary course of our shipping activities. In addition, losses may arise from disputes
with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company&#146;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a
provision should be established in the accompanying unaudited interim combined financial statements. The Company is a member of a protection and indemnity association, or P&amp;I Club that is a member of the International Group of P&amp;I Clubs,
which covers its third party liabilities in connection with its shipping activities. A member of a P&amp;I Club that is a member of the International Group is typically subject to possible supplemental amounts or calls, payable to its P&amp;I Club
based on its claim records as well as the claim records of all other members of the individual associations, and members of the International Group. Currently, management is not aware of any such supplementary calls for 2014 and 2013. The Company
accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities,
which should be disclosed, or for which a provision should be established in the accompanying unaudited interim combined financial statements. The Company&#146;s protection and indemnity (P&amp;I) insurance coverage for pollution is $1 billion per
vessel per incident. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">The following table sets forth the future, minimum, non-cancellable charter revenue and purchase commitments as of June&nbsp;30, 2014: </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>(+):collections,</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><I>(-):payments</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>July&nbsp;to</B><br><B>December</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019&nbsp;and</B><br><B>thereafter</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center"><B>(Amounts in thousands of US Dollars)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Future, minimum, non-cancellable charter revenue<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,505</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">23,855</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase commitments<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(109,395</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(454,774</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(564,169</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases - upfront fee<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,555</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,910</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,134</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(45,599</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bareboat capital leases - charterhire<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(9,775</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(27,159</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,444</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(31,413</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(316,135</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(415,926</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(112,445</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(484,509</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(25,893</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(31,444</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(31,413</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(316,135</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,001,839</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The amounts represent the minimum contractual gross charter revenues to be generated from the existing, as of June 30, 2014, non-cancellable time and freight charter until their expiration, assuming no off-hire days
other than those related to scheduled interim and special surveys of the vessels. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">The amounts represent the Company&#146;s remaining obligations under the pipeline of the Company&#146;s newbuilding program discussed in Note 7, excluding those applicable under the bareboat lease agreements classified
as capital leases. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">The amounts represent the Company&#146;s commitments under the bareboat lease arrangements under the upfront fee and the charter hire, gross of any address commissions the Company may be entitled to, respectively,
discussed in Note 7. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-49 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Voyage and Vessel Operating expenses: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The amounts in the accompanying unaudited interim
combined statements of operations are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Voyage expenses</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bunkers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commissions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Port Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cargo Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10,490</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,706</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Vessel Operating expenses</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Crew wages and related costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,143</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">604</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stores, Spares, Repairs and Maintenance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,511</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Insurances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">730</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lubricants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">818</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tonnage taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Initial supply upon vessels&#146; delivery and other delivery costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">340</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>11,260</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,001</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Interest and Finance Costs: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The amounts in the accompanying unaudited interim combined
statements of operations are analyzed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on long-term debt (Note 8)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,930</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of deferred finance fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other bank and finance charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,383</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$<B></B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Subsequent Events: </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following events and transactions occurred after the unaudited
interim balance sheet date and up to the date of these financial statements were evaluated, August&nbsp;8, 2014: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>a)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Closing of Merger with Star Bulk</B>: On July&nbsp;11, 2014, the shareholders of Star Bulk approved the merger agreement between the holding companies of the Company and subsidiaries of Star Bulk (the
&#147;Merger&#148;) pursuant to which the Company became a wholly owned subsidiary of Star Bulk (Note 3). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>b)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Loan payments</B>: Subsequent to June&nbsp;30, 2014, the Company paid regular loan installments amounting to $377 for <I>Obelix</I> on August&nbsp;5, 2014 in total. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-50 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oceanbulk Shipping LLC &amp; Oceanbulk Carriers LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notes to Unaudited Interim Combined Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the six month periods ended June 30, 2014 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Expressed in thousands of United States Dollars, unless otherwise stated) </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Subsequent Events &#150; continued: </B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>c)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment to the Deutsche Bank Facility</B>: On July&nbsp;4, 2014, the Company executed an amendment to the Deutsche Bank Facility in order to add ITF International Transport Finance Suisse AG as a lender and align
the loan terms with the effects of the Merger (Note 3). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>d)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Payment for new building vessels</B>: In July, 2014, the Company paid $4,780 for scheduled capital commitments under one of its newbuilding Capesize (Hull HN 1312-SWS) discussed in Note 7. The installment was
financed by existing cash. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>e)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Delivery of vessel </B><B><I>Peloreus</I></B>: On July&nbsp;22, 2014, <I>Peloreus</I> was delivered from the shipyard at a total cost of approximately $49,235. The delivery installment of $34,625 was partially
financed by $32,500 loan under the loan facility with Deutsche Bank AG Filiale Deutschlandgesch&auml;ft discussed in Note 8. The remaining amount of the delivery installment of $2,125 was financed by existing cash. </TD></TR></TABLE>
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<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>d784288dex993.htm
<DESCRIPTION>EX-99.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 99.3 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INTRODUCTION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
July&nbsp;11, 2014, pursuant to an Agreement and Plan of Merger (as amended from time to time, the &#147;Merger Agreement&#148;), dated as of June&nbsp;16, 2014, among Star Bulk Carriers Corp. (the &#147;Company&#148;), two merger subsidiaries of
the Company, Oaktree OBC Holdings LLC (the &#147;Oaktree Holdco&#148;), Millennia Limited Liability Company (the &#147;Pappas Holdco&#148;), Oaktree Dry Bulk Holdings LLC (the &#147;Oaktree Seller&#148;) and Millennia Holdings LLC (the &#147;Pappas
Seller&#148; and, together with the Oaktree Seller, the &#147;Sellers&#148;), the parties thereto completed a transaction that resulted in a merger (the &#147;Merger&#148;) of the Oaktree Holdco and the Pappas Holdco into the two merger subsidiaries
of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Oaktree Holdco and the Pappas Holdco were the equity holders of Oceanbulk Shipping LLC (&#147;Oceanbulk
Shipping&#148;) and Oceanbulk Carriers LLC (&#147;Oceanbulk Carriers&#148; and, together with Oceanbulk Shipping, &#147;Oceanbulk&#148;). Oceanbulk owned and operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of
25 newbuilding dry bulk vessels fuel-efficient Eco-type vessels (one of which, <I>Peloreus</I>, was delivered on July&nbsp;22, 2014) at shipyards in Japan and China. The consideration paid by the Company in the Merger to the Sellers was 48,395,765
common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement also provided for the acquisition (the &#147;Heron Transaction&#148;) by the Company of two Kamsarmax
vessels (the &#147;Heron Vessels&#148;), from Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability company incorporated in Malta. Oceanbulk Shipping had previously provided a loan to Heron, which is convertible into 50% of Heron&#146;s
equity (with the remaining 50% of Heron&#146;s equity to be held by the other joint venture partner), and one of the subsidiaries of the Company now holds the loan as a result of the Merger. The Company issued 2,115,706 of its common shares into
escrow as consideration for the Heron Vessels. The common shares will be released from escrow to the Sellers at the time Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to the Company, and the
Company expects to pay $25.0 million in cash (for which it may seek financing) in respect of debt that is currently secured by the Heron Vessels. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, concurrently with the Merger, the Company completed a transaction (the &#147;Pappas Transaction&#148;), in which it acquired all
of the issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the &#147;Pappas Companies&#148;), which are entities owned and controlled by affiliates of the family of Mr.&nbsp;Pappas (collectively, the
&#147;Pappas Shareholders&#148;). The Pappas Companies owned and operated a dry bulk carrier vessel (<I>Tsu Ebisu</I>) and had a contract for the construction of a newbuilding dry bulk carrier vessel, HN 5016 (tbn<I> Indomitable</I>). The
consideration paid by the Company in the Pappas Transaction was 3,592,728 common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger, the Heron Transaction and the Pappas
Transaction are, together, referred to as the &#147;July 2014 Transactions&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A total of 54,104,200 of the Company&#146;s common
shares were issued to the various selling parties in the Transactions, of which 45,460,324 shares were issued to the Oaktree Seller and its affiliated funds (collectively, &#147;Oaktree&#148;), and 8,643,876 were issued to the Pappas Companies and
Millennia Holdings (collectively, the &#147;Pappas Shareholders&#148;). As a result, following completion of the July 2014 Transactions, Oaktree became the beneficial owner of approximately 61.3% of our outstanding common shares, and the Pappas
Shareholders became the beneficial owners of approximately 12.6% of our outstanding common shares. With certain limited exceptions, as fully agreed under the Oaktree Shareholders Agreement (as defined below), Oaktree effectively cannot vote more
than 33% of the Company&#146;s outstanding common shares (subject to adjustment under certain circumstances). The Pappas Shareholders, under the Pappas Shareholders Agreement (as defined below), are also subject to a similar voting limitation of
15%.&nbsp;In addition, at the closing of the July 2014 Transactions, the Company entered into the Registration Rights Agreement (as defined below), which grants Oaktree, the Pappas Shareholders and certain other significant shareholders customary
demand, shelf and piggyback registration rights. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Exhibit 99.3 describes the material terms of: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Merger Agreement (which was furnished as Exhibit 99.2 to the Company&#146;s Report on Form 6-K dated June&nbsp;16, 2014); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Shareholders Agreement, dated as of July&nbsp;11, 2014, among the Company and various Oaktree parties (the &#147;Oaktree Shareholders Agreement) (which was furnished as Exhibit 99.3 to the Company&#146;s Report on
Form 6-K dated July&nbsp;15, 2014) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Shareholders Agreement, dated as of July&nbsp;11, 2014, among the Company and various Pappas Shareholder parties (the &#147;Pappas Shareholders Agreement&#148;) (which was furnished as Exhibit 99.4 to the
Company&#146;s Report on Form 6-K dated July&nbsp;15, 2014); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Amended and Restated Registration Rights Agreement, dated as of July&nbsp;11, 2014, among the Company, various Oaktree parties, various Pappas Shareholder Parties and certain other significant shareholders (the
&#147;Registration Rights Agreement&#148;) (which was furnished as Exhibit 99.5 to the Company&#146;s Report on Form 6-K dated July&nbsp;15, 2014); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">certain Related Party Transactions of Star Bulk. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The summaries of the foregoing documents are
qualified in their entirety by reference to the agreements themselves, which are incorporated by reference in this Exhibit 99.3. You should read the foregoing documents in their entirety. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESCRIPTION OF THE OAKTREE SHAREHOLDERS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the material terms of the Oaktree Shareholders Agreement. The description may not contain all of the information
that may be important to you and is qualified in its entirety by reference to the Oaktree Shareholders Agreement, which is included as Exhibit&nbsp;99.3 to the Report on Form 6-K furnished by the Company to the Commission on July&nbsp;15, 2014 and
incorporated herein by reference. The Company urges you to read the entire Oaktree Shareholders Agreement carefully. Capitalized terms that are used in this description of the Oaktree Shareholders Agreement but not otherwise defined in this
Exhibit&nbsp;99.3 have the meanings ascribed to them under the caption, &#147;&#151;Certain Definitions.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Oaktree Shareholders Agreement was entered into on the date the Merger was completed (July 11, 2014) and governs the ownership interest of
Oaktree and its affiliated investment funds that own Common Shares (and any Affiliates (as defined below) of the foregoing persons that become Oaktree Shareholders pursuant to a transfer or other acquisition of Equity Securities (as defined below)
of the Company in accordance with the terms of the Oaktree Shareholders Agreement, collectively, the &#147;Oaktree Shareholders&#148;) in the Company following the Merger. Based on the number of outstanding common shares of the Company at
August&nbsp;1, 2014, the Oaktree Shareholders beneficially own approximately 61.3% of the common shares of the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Board Representation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After the closing of the Merger, the Company and the Board increased the size of the Board from six directors (&#147;Directors&#148;) to nine
Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Oaktree Shareholders are entitled to nominate four (but in no event more than four) Directors (each such nominee,
including the persons designated at the closing of the Merger as described in the preceding paragraph the &#147;Oaktree Designees&#148;) to the Board for so long as the Oaktree Shareholders and their Affiliates in the aggregate beneficially own (for
purposes of the Oaktree Shareholders Agreement and this summary, as such term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) 40% or more of the outstanding Voting Securities of the Company. During any period the Oaktree
Shareholders are entitled to nominate four Directors pursuant to the Oaktree Shareholders Agreement: (i)&nbsp;if Mr.&nbsp;Petros Pappas is then serving as Chief Executive Officer of the Company and as a Director, then the Oaktree Shareholders are
entitled to nominate only three Directors and (ii)&nbsp;at least one of the Oaktree Designees shall not be a citizen or resident of the United States solely to the extent that (x)&nbsp;at least one of the nominees to the Board (other than the
Oaktree Designees) is a United States citizen or resident and (y)&nbsp;as a result, the Company would not qualify as a &#147;foreign private issuer&#148; under Rule 405 under the Securities Act of 1933 and Rule 3b-4(c) under the Exchange Act if such
Oaktree Designee is a citizen or resident of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Oaktree Shareholders are entitled to nominate three Directors, two
Directors and one Director to the Board for so long as the Oaktree Shareholders and their Affiliates beneficially own 25% or more, but less than 40% of the outstanding Voting Securities, own 15% or more, but less than 25% of the outstanding Voting
Securities and own 5% or more, but less than 15% of the outstanding Voting Securities of the Company, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After the closing of
the Merger, pursuant to the Oaktree Shareholders Agreement, the Company appointed each of Mr.&nbsp;Rajath Shourie and Mses. Emily Stephens and Renee Kemp (each of which was an Oaktree Designee) as a Director whose term expires at the first, second
and third annual meeting of the Stockholders following the date of completion of the Merger, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company shall establish
and maintain an audit committee (the &#147;Audit Committee&#148;), a compensation committee (the &#147;Compensation Committee&#148;) and a nominating and corporate governance committee (the &#147;Nominating and Corporate Governance Committee&#148;),
as well as such other Board committees as the Board deems appropriate from time to time or as may be required by applicable law or the rules of Nasdaq (or other stock exchange or securities market on which the Common Shares are at any time listed or
quoted). The committees shall have such duties and responsibilities as are customary for such committees, subject to the provisions of the Oaktree Shareholders Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Audit Committee, the Compensation Committee and the Nominating and Corporate Governance
Committee shall consist of at least three Directors, with the number of members determined by the Board; provided, however, that for so long as the Oaktree Shareholders and their Affiliates in the aggregate beneficially own 15% or more of the
outstanding Voting Securities of the Company, the Compensation Committee and the Nominating and Corporate Governance Committee shall consist of three members each, and the Oaktree Shareholders are entitled to include one Oaktree Designee on each
such Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board shall appoint individuals selected by the Nominating and Corporate Governance Committee to fill the positions
on the committees of the Board that are not required to be filled by Oaktree Designees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Directors shall serve until their resignation or
removal or until their successors are nominated and appointed or elected; provided, that if the number of Directors that the Oaktree Shareholders are entitled to nominate pursuant to the Oaktree Shareholder Agreement is reduced by one or more
Directors, then the Oaktree Shareholders shall, within 5 business days, cause such number of Oaktree Designees then serving on the Board to resign from the Board as is necessary so that the remaining number of Oaktree Designees then serving on the
Board is less than or equal to the number of Directors that the Oaktree Shareholders are then entitled to nominate. However, no such resignation will be required if a majority of the Directors then in office (other than the Oaktree Designees)
provides written notification to the Oaktree Shareholders within such 5 business day period that such resignation shall not be required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any Oaktree Designee serving as a Director dies or is unwilling or unable to serve as such or is otherwise removed or resigns from office,
then the Oaktree Shareholders shall promptly nominate a successor to such Director (to the extent they are still entitled to pursuant to the Oaktree Shareholder Agreement). The Company shall take all actions necessary in order to ensure that such
successor is appointed or elected to the Board as promptly as practicable. If the Oaktree Shareholders are not entitled to nominate any vacant Director position(s), the Company and the Board shall fill such vacant Director position(s) with an
individual(s) selected by the Nominating and Corporate Governance Committee. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except with respect to any Excluded Matter (as defined below), at any meeting of the Company&#146;s stockholders, Oaktree Shareholders shall
(and shall cause their Affiliates to) vote, or cause to be voted, or exercise their rights to consent (or cause their rights to consent to be exercised) with respect to, all Voting Securities of the Company beneficially owned by them (and which are
entitled to vote on such matter) in excess of the Voting Cap as of the record date for the determination of stockholders of the Company entitled to vote or consent to such matter, with respect to each matter on which stockholders of the Company are
entitled to vote or consent, in the same proportion (for or against) as the Voting Securities of the Company that are owned by stockholders (other than an Oaktree Shareholder, any of their Affiliates or any Group (for purposes of the Oaktree
Shareholders Agreement and this summary, as such term is defined in Section&nbsp;13(d)(3) of the Exchange Act), which includes any of the foregoing) are voted or consents are given with respect to each such matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In any election of directors to the Board, except with respect to an election of Directors to the Board where one or more members of the slate
of nominees put forward by the Nominating and Corporate Governance Committee is being opposed by one or more competing nominees (a &#147;Contested Election&#148;), the Oaktree Shareholders shall (and shall cause their Affiliates to) vote, or cause
to be voted, or exercise their rights to consent (or cause their rights to consent to be exercised) with respect to, all shares of the Company beneficially owned by them (and which are entitled to vote on such matter) in favor of the slate of
nominees approved by the Nominating and Corporate Governance Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of a Contested Election, Oaktree Shareholders shall
(and shall cause their Affiliates to) vote, or cause to be voted, or exercise their rights to consent (or cause their rights to consent to be exercised) with respect to, all shares beneficially owned by them in excess of the Voting Cap in the same
proportion (for or against) as all other shares of the Company that are owned by stockholders of the Company (other than the Oaktree Shareholders, any of their Affiliates or any Group which includes any of the foregoing) are voted or consents are
given with respect to such Contested Election. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For so long as the Oaktree Shareholders and their affiliates in the aggregate beneficially own at
least 33% of the outstanding Voting Securities of the Company, without the prior written consent of Oaktree, the Company and the Board shall not, directly or indirectly (whether by merger, consolidation or otherwise), (i)&nbsp;issue Preferred Stock
or any other class or series of Equity Interests of the Company that ranks senior to the shares as to dividend distributions and/or distributions upon the liquidation, winding up or dissolution of the Company or any other circumstances,
(ii)&nbsp;issue Equity Securities to a person or Group, if, after giving effect to such transaction, such issuance would result in such Person or Group beneficially owning more than 20% of the outstanding Equity Securities of the Company (except
that the Company and the Board shall have the right to issue Equity Securities in connection with a merger or other business combination transaction with the consent of the Oaktree Shareholders), or (iii)&nbsp;issue any Equity Securities of any
subsidiary of the Company (other than to the Company or a wholly-owned subsidiary of the Company); or (iv)&nbsp;terminate the Chief Executive Officer or any other officer of the Company set forth in the Oaktree Shareholders Agreement at any time
during the 18 months following the closing date, except if such termination is for Cause (as defined in the Company&#146;s 2014 Equity Incentive Plan). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the 18 months after the closing of the Merger, for so long as the Oaktree Shareholders and their affiliates in the aggregate
beneficially own at least 33% of the outstanding Voting Securities of the Company, the affirmative approval of at least seven Directors shall be required to appoint any replacement Chief Executive Officer of the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Standstill Restrictions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For so long as
the Oaktree Shareholders and their Affiliates in the aggregate beneficially own at least 10% of the outstanding Voting Securities of the Company, the Oaktree Shareholders and their Affiliates shall not, directly or indirectly, acquire (i)&nbsp;the
beneficial ownership of any additional Voting Securities of the Company, (ii)&nbsp;the beneficial ownership of any other Equity Securities of the Company that derive their value from any Voting Securities of the Company or (iii)&nbsp;any rights,
options or other derivative securities or contracts or instruments to acquire such beneficial ownership that derive their value from such Voting Securities or other Equity Securities, in each case of clauses (i), (ii)&nbsp;and (iii), if, immediately
after giving effect to any such acquisition, Oaktree Shareholders and their Affiliates would beneficially own in the aggregate more than a percentage of the outstanding Voting Securities of the Company equal to (A)&nbsp;the Oaktree
Shareholders&#146; ownership percentage of the Voting Securities of the Company immediately after the closing of the Merger (i.e., approximately 61.3%) plus (B)&nbsp;2.5%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing restrictions shall not apply to participation by the Oaktree Shareholders or their Affiliates in: (i)&nbsp;pro rata primary
offerings of Equity Securities of the Company based on number of outstanding Voting Securities held or (ii)&nbsp;acquisitions of Equity Securities of the Company that have received Disinterested Director Approval (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For so long as the Oaktree Shareholders and their Affiliates in the aggregate beneficially own at least 10% of the Voting Securities of the
Company, unless specifically invited in writing by the Board (with Disinterested Director Approval), neither Oaktree nor any of their Affiliates shall in any manner, directly or indirectly, (i)&nbsp;enter into any tender or exchange offer, merger,
acquisition transaction or other business combination or any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction involving the Company, (ii)&nbsp;make, or in any way participate in, directly or indirectly,
any &#147;solicitation&#148; of &#147;proxies,&#148; &#147;consents&#148; or &#147;authorizations&#148; (as such terms are used in the proxy rules of the SEC promulgated under the Exchange Act) to vote, or seek to influence any person other than the
Oaktree Shareholders with respect to the voting of, any Voting Securities of the Company (other than with respect to the nomination of the Oaktree Designees and any other nominees proposed by the Nominating and Corporate Governance Committee),
(iii)&nbsp;otherwise act, alone or in concert with third parties, to seek to control or influence the management, Board or policies of the Company or any of its Subsidiaries (other than with respect to the nomination of the Oaktree Designees and any
other nominees proposed by the Nominating and Corporate Governance Committee), or (iv)&nbsp;enter into any negotiations, arrangements or understandings with any third party with respect to any of the foregoing activities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">However, if (i)&nbsp;the Company publicly announces its intent to pursue a tender offer, merger,
sale of all or substantially all of the Company&#146;s assets or any similar transaction, which in each such case would result in a Change of Control Transaction, or any recapitalization, restructuring, liquidation, dissolution or other
extraordinary transaction involving the Company and its subsidiaries, taken as a whole, then the Oaktree Shareholders are permitted to privately make an offer or proposal to the Board and (ii)&nbsp;if the Board approves, recommends or accepts a
buyout transaction with an Unaffiliated Buyer, the restrictions of the Oaktree Shareholders&#146; participation in such transaction shall cease to apply, except that any such actions must be discontinued upon the termination or abandonment of the
applicable buyout transaction (unless the Board determines otherwise with Disinterested Director Approval). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Limitations on Transfer; No Control
Premium </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For so long as Oaktree and their Affiliates in the aggregate beneficially own at least 10% of the Voting Securities of the
Company, the Oaktree Shareholders and their Affiliates shall not sell any of their Common Shares to a person or group that, after giving effect to such transaction, would hold more than 20% of the outstanding Equity Securities of the Company.
Notwithstanding the foregoing, the Oaktree and their Affiliates may sell their shares in the Company to any person or Group pursuant to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">sales that have received Disinterested Director Approval; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a tender offer or exchange offer, by an Unaffiliated Buyer, that is made to all stockholders of the Company, so long as such offer would not result in a Change of Control Transaction, unless the consummation of such
Change of Control Transaction has received Disinterested Director Approval; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transfers to an Affiliate of the Oaktree Shareholders that is an investment fund or managed account in accordance with the Oaktree Shareholders Agreement; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">sales in the open market (including sales conducted by a third-party underwriter, initial purchaser or broker-dealer) in which the Oaktree Shareholder or their Affiliates do not know (and would not in the exercise of
reasonable commercial efforts be able to determine) the identity of the purchaser. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For so long as the Oaktree Shareholders
and their Affiliates in the aggregate beneficially own at least 10% of the Voting Securities of the Company, neither the Oaktree Shareholders nor any of their Affiliates shall sell or otherwise dispose of any of their Common Shares in any Change of
Control Transaction unless the other stockholders of the Company are entitled to receive the same consideration per Common Share (with respect to the form of consideration and price), and at substantially the same time, as the Oaktree Shareholders
or their Affiliates with respect to their Common Shares in such transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For so long as the Oaktree Shareholders are entitled to nominate at least one Director, all transactions involving the Oaktree Shareholders or
their Affiliates, on the one hand, and the Company or its subsidiaries, on the other hand, shall require Disinterested Director Approval; provided, that Disinterested Director Approval shall not be required for (a)&nbsp;pro rata participation in
primary offerings of Equity Securities of the Company based on number of outstanding Voting Securities held, (b)&nbsp;arms-length ordinary course business transactions of not more than $5 million in the aggregate per year with portfolio companies of
the Oaktree Shareholders or investment funds or accounts Affiliated with the Oaktree Shareholders or (c)&nbsp;the transactions expressly required or expressly permitted under the Merger Agreement relating to the Heron JV, the Registration Rights
Agreement and the Oaktree Shareholders Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has also agreed to waive (on behalf of itself and its subsidiaries) the
application of the doctrine of corporate opportunity, or any other analogous doctrine, with respect to the Company and its subsidiaries, to the Oaktree Designees, to any of the Oaktree Shareholders or to any of the respective Affiliates of the
Oaktree Designees or any of the Oaktree Shareholders. None of the Oaktree Designees, any Oaktree Shareholder or any of their respective Affiliates shall have any obligation to refrain from (i)&nbsp;engaging in the same or similar activities or lines
of business as the Company or any of its subsidiaries or developing or marketing any products or services that compete, directly or indirectly, with those of the Company or any of its subsidiaries, (ii)&nbsp;investing or owning any interest publicly
or privately in, or developing a business relationship with, any Person engaged in the same or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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similar activities or lines of business as, or otherwise in competition with, the Company or any of its subsidiaries or (iii)&nbsp;doing business with any client or customer of the Company or any
of its subsidiaries (each of the activities referred to in clauses (i), (ii)&nbsp;and (iii), a &#147;Specified Activity&#148;). The Company (on behalf of itself and its subsidiaries) has agreed to renounce any interest or expectancy in, or in being
offered an opportunity to participate in, any Specified Activity that may be presented to or become known to any Oaktree Shareholder or any of its Affiliates. However, if and to the extent that from time to time after the closing of the Merger
Mr.&nbsp;Petros Pappas may be considered an Affiliate of any Oaktree Shareholder, the foregoing waivers shall not apply to Mr.&nbsp;Petros Pappas, and any provisions governing corporate opportunities set forth in the Pappas Shareholders Agreement
with respect to Mr.&nbsp;Petros Pappas and/or any employment or services agreement between the Company and Mr.&nbsp;Petros Pappas shall control. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Exclusions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The restrictions
described in &#147;Voting,&#148; &#147;Standstill Restrictions&#148; and &#147; Limitations on Transfer; No Control Premium&#148; of this summary shall not apply to portfolio companies of the Oaktree Shareholders or their Affiliates unless Oaktree
Capital Management, L.P. (or its successor) possesses at least 50% of the voting power of such portfolio companies or an action of such portfolio company is taken at the express request or direction of, or in coordination with, an Oaktree
Shareholder or its affiliate investment funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has agreed to acknowledge that the Oaktree Shareholders have made investments
and entered into business arrangements with Mr.&nbsp;Petros Pappas, his immediate family, the members of Millennia (immediately prior to the Merger) or their respective Affiliates (collectively, the &#147;Pappas Investors&#148;) outside of the
Oceanbulk Companies, and may from time to time enter into certain agreements with respect to the holding and/or disposition of Equity Securities of the Company. For purposes of the Oaktree Shareholders Agreement, these arrangements and potential
future agreements between the Oaktree Shareholders or their Affiliates, on the one hand, and the Pappas Investors, on the other hand, shall not cause (i)&nbsp;any Oaktree Shareholder to be deemed to be an Affiliate of, or constitute a group or
beneficially own any Equity Securities of the Company beneficially owned by, the Pappas Investors, or (ii)&nbsp;the Equity Securities of the Company held by the Pappas Investors to be deemed to be subject to the provisions of the Oaktree
Shareholders Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Definitions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of the this description of the Oaktree Shareholders Agreement, the following definitions shall apply: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, such first Person, where &#147;control&#148; for purposes of this definition means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of a Person, whether through the ownership of voting securities, by contract, as trustee or executor or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control Transaction</U>&#148; means (a)&nbsp;any acquisition, in one or more related transactions, by any Person or Group,
whether by transfer of Equity Securities, merger, consolidation, amalgamation, recapitalization or equity sale (including a sale of securities by the Company) or otherwise, which has the effect of the direct or indirect acquisition by such Person or
Group of the Majority Voting Power in the Company; or (b)&nbsp;any acquisition by any Person or Group directly or indirectly, in one or more related transactions, of all or substantially all of the consolidated assets of the Company and its
subsidiaries (which may include, for the avoidance of doubt, the sale or issuance of Equity Securities of one or more subsidiaries of the Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Shares</U>&#148; means the shares of common stock, par value $0.01 per share, of the Company, or any other capital stock of
the Company or any other Person into which such stock is reclassified or reconstituted (whether by merger, consolidation or otherwise) (as adjusted for any stock splits, stock dividends, subdivisions, recapitalizations and the like). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disinterested Director Approval</U>&#148; means, with respect to any transaction or
conduct requiring such approval pursuant to this Agreement, the approval of a majority of the Disinterested Directors with respect to such transaction or conduct (and the quorum requirements set forth in the charter or bylaws of the Company shall be
reduced to exclude any Directors that are not Disinterested Directors for purposes of such approval). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disinterested
Directors</U>&#148; means any Directors who (a)&nbsp;are not Oaktree Designees and (b)&nbsp;do not have any material business, financial or familial relationship with a party (other than the Company or its subsidiaries) to the transaction or conduct
that is the subject of the approval being sought. Notwithstanding the foregoing, Petros Pappas shall not constitute an Oaktree Designee (other than for purposes of the election of directors, the standstill obligations and the transfer limitations
applicable to the Oaktree Shareholders and their Affiliates), and the existing agreements and potential future arrangements with respect to the holding and/or disposition of Equity Securities between the Pappas Investors and the Oaktree Shareholders
shall not disqualify Petros Pappas or other Pappas Investors from constituting a Disinterested Director for purposes of this Agreement (with certain exceptions). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Securities</U>&#148; means, with respect to any entity, all forms of equity securities in such entity or any successor of such
entity (however designated, whether voting or non-voting), all securities convertible into or exchangeable or exercisable for such equity securities, and all warrants, options or other rights to purchase or acquire from such entity or any successor
of such entity, such equity securities, or securities convertible into or exchangeable or exercisable for such equity securities, including, with respect to the Company, the Common Shares and Preferred Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Matter</U>&#148; includes each of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) any vote of the Stockholders in connection with a Change of Control Transaction with an Unaffiliated Buyer;
<U>provided</U>, <U>however</U>, that if the Oaktree Shareholders or their Affiliates are voting in support of such Change of Control Transaction, then such vote shall constitute an Excluded Matter only if such Change of Control Transaction has
received the Disinterested Director Approval; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any vote of the Stockholders in connection with (i)&nbsp;an
amendment to the charter or bylaws of the Company or (ii)&nbsp;the dissolution of the Company; <U>provided</U>, <U>however</U>, that if the Oaktree Shareholders or their Affiliates are voting in support of such matter in either case, then such vote
shall constitute an Excluded Matter only if such matter has received the Disinterested Director Approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Majority Voting
Power</U>&#148; means, with respect to any Person, either (a)&nbsp;the power to elect or direct the election of a majority of the board of directors or other similar body of such Person or (b)&nbsp;direct or indirect beneficial ownership of Equity
Securities representing more than 39% of the Voting Securities of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Large Holder</U>&#148; means, with respect
to any matter in which the Stockholders are entitled to vote or consent, any Person or Group that is not an Oaktree Shareholder, an Affiliate of an Oaktree Shareholder or a Group that includes any of the foregoing; <U>provided</U>, <U>however</U>,
that if the Oaktree Shareholders, on the one hand, and the Pappas Investors, on the other hand, are entitled to vote on or consent to such matter and a majority of the Voting Securities held by the Pappas Investors are voting on or consenting to
such matter in the same manner as a majority of the Voting Securities held by the Oaktree Shareholders (i.e., both positions of Voting Securities are &#147;for&#148; or both positions of Voting Securities are &#147;against&#148;), then an
&#147;Other Large Holder&#148; shall mean any Person or Group that is not an Oaktree Shareholder, a Pappas Investor, an Affiliate of either of the foregoing or a Group that includes any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Large Holder Effective Voting Percentage</U>&#148; means, with respect to an Other Large Holder as of the record date for the
determination of Stockholders entitled to vote or consent to any matter, the ratio (expressed as a percentage) of (a)&nbsp;the sum of (i)&nbsp;the number of Voting Securities of the Company beneficially owned by such Other Large Holder as of such
record date, plus (ii)&nbsp;the product of (x)&nbsp;the excess (if any) of the number of Voting Securities of the Company beneficially owned in the aggregate by the Oaktree Shareholders and their Affiliates as of such record date, <U>over</U> the
number of Voting Securities of the Company that is equal to the product of the total number of Voting Securities of the Company outstanding as of such record date, multiplied by the Voting Cap Percentage applicable with respect to such matter,
multiplied by (y)&nbsp;a percentage equal to (I)&nbsp;the number of Voting Securities of the Company beneficially owned by such Other Large Holder as of such record date, divided by (II) the number of Voting Securities of the Company beneficially
owned by all Stockholders (other than the Oaktree </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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Shareholders and their Affiliates) as of such record date and with respect to which a vote was cast or consent given (for or against) in respect of such matter, divided by (b)&nbsp;the total
number of Voting Securities of the Company outstanding as of such record date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means an association, a
corporation, an individual, a partnership, a limited liability company, a trust or any other entity or organization, including a Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Preferred Shares</U>&#148; means the shares of preferred stock, par value $0.01 per share, of the Company, or any other capital stock
of the Company or any other Person into which such stock is reclassified or reconstituted (whether by merger, consolidation or otherwise) (as adjusted for any stock splits, stock dividends, subdivisions, recapitalizations and the like). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unaffiliated Buyer</U>&#148; means any Person other than (a)&nbsp;an Oaktree Shareholder, (b)&nbsp;an Affiliate of an Oaktree
Shareholder, (c)&nbsp;any Person or Group in which an Oaktree Shareholder and/or any of its Affiliates has, at the applicable time of determination, Equity Securities of at least $100 million (whether or not such Person or Group is deemed to be an
Affiliate of an Oaktree Shareholder) (provided that this clause (c)&nbsp;shall not be applicable for purposes of Section&nbsp;4.2 hereof) and (d)&nbsp;a Group that includes any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voting Cap</U>&#148; means, as of any date of determination, the number of Voting Securities of the Company equal to the product of
(a)&nbsp;the total number of outstanding Voting Securities of the Company as of such date <U>multiplied</U> by (b)&nbsp;the Voting Cap Percentage as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voting Cap Maximum</U>&#148; means, as of any date of determination, a percentage equal to the Other Large Holder Effective Voting
Percentage as of such date <U>multiplied by</U> 110%; <U>provided</U>, that if the Voting Cap Percentage obtained by applying such Voting Cap Maximum would exceed 39%, then the Voting Cap Maximum shall equal the greater of (a)&nbsp;the sum of the
Other Large Holder Effective Voting Percentage as of such date <U>plus</U> 1% and (b)&nbsp;39%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voting Cap Percentage</U>&#148;
means 33%; <U>provided</U>, <U>however</U>, that if as of the record date for the determination of Stockholders entitled to vote or consent to any matter, an Other Large Holder beneficially owns greater than 15% of the outstanding Voting Securities
of the Company (the &#147;<U>Voting Cap Threshold</U>&#148;), then, subject to the next proviso, for every 1% of outstanding Voting Securities of the Company beneficially owned by such Other Large Holder in excess of the Voting Cap Threshold, the
Voting Cap Percentage shall be increased by 2%; <U>provided further</U>, <U>however</U>, that the Voting Cap Percentage shall not exceed a percentage equal to the Voting Cap Maximum as of such record date. For the avoidance of doubt, if multiple
Other Large Holders beneficially own more than 15% of the outstanding Voting Securities of the Company, the Voting Cap Percentage shall be adjusted in relation to that Other Large Holder having the greatest beneficial ownership of Voting Securities
of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voting Securities</U>&#148; means, with respect to any entity as of any date, all forms of Equity Securities in
such entity or any successor of such entity with voting rights as of such date, other than any such Equity Securities held in treasury by such entity or any successor or subsidiary thereof, including, with respect to the Company, Common Shares and
Preferred Shares (in each case to the extent (a)&nbsp;entitled to voting rights and (b)&nbsp;issued and outstanding and not held in treasury by the Company or owned by subsidiaries of the Company). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESCRIPTION OF THE PAPPAS SHAREHOLDER AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the material terms of the Pappas Shareholders Agreement. The description may not contain all of the information
that may be important to you and is qualified in its entirety by reference to the Pappas Shareholders Agreement, which is included as Exhibit&nbsp;99.4 to the Report on Form 6-K furnished by the Company to the Commission on July&nbsp;15, 2014 and
incorporated herein by reference. The Company urges you to read the entire Pappas Shareholders Agreement carefully. Capitalized terms that are used in this description of the Pappas Shareholders Agreement but not otherwise defined in this Exhibit
99.3 have the meanings ascribed to them under the caption, &#147;&#151;Certain Definitions.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Pappas Shareholders Agreement, which entered into effect on July&nbsp;11, 2014, upon the closing of the Merger, governs the ownership
interest of Mr.&nbsp;Petros Pappas and his children, Ms.&nbsp;Milena Pappas and Mr.&nbsp;Alekos Pappas, and entities affiliated to them (&#147;<U>Pappas Shareholders</U>&#148;) in the Company following consummation of the Merger. Based upon the
number of shares of the Company outstanding as of August&nbsp;1, 2014, the Pappas Shareholders beneficially own approximately 12.6% of the total issued and outstanding common shares of the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any meeting of the
Company&#146;s stockholders, the Pappas Shareholders shall (and shall cause their Affiliates to) vote, or cause to be voted, or exercise their rights to consent (or cause their rights to consent to be exercised) with respect to, all shares of the
Company beneficially owned by them (and which are entitled to vote on such matter) in excess of the Voting Cap as of the record date for the determination of stockholders of the Company entitled to vote or consent to such matter, with respect to
each matter on which stockholders of the Company are entitled to vote or consent, in the same proportion (for or against) as all shares owned by other stockholders of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as described below, in any election of directors to the Board, the Pappas Shareholders shall (and shall cause their Affiliates to)
vote, or cause to be voted, or exercise their rights to consent (or cause their rights to consent to be exercised) with respect to, all shares of the Company beneficially owned by them (and which are entitled to vote on such matter) in favor of the
slate of nominees approved by the Nominating and Corporate Governance Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any Contested Election following the later of
(i)&nbsp;the date on which Mr.&nbsp;Petros Pappas ceases to be the Chief Executive Officer of the Company or (ii)&nbsp;the date on which Mr.&nbsp;Petros Pappas ceases to be a Director, the Pappas Shareholders shall (and shall cause their Affiliates
to) vote, or cause to be voted, or exercise their rights to consent (or cause their rights to consent to be exercised) with respect to, all shares beneficially owned by them in excess of the Voting Cap in the same proportion (for or against) as all
shares owned by other stockholders of the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Standstill Restrictions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Pappas Shareholders Agreement, until the Pappas Shareholders Agreement is terminated, neither the Pappas Shareholders
nor any of their Affiliates shall in any manner, directly or indirectly, (i)&nbsp;enter into any tender or exchange offer, merger, acquisition transaction or other business combination or any recapitalization, restructuring, liquidation, dissolution
or other extraordinary transaction involving the Company, (ii)&nbsp;make, or in any way participate, directly or indirectly, in any solicitations of proxies, consents or authorizations to vote, or seek to influence any Person other than the Pappas
Shareholders with respect to the voting of, any Voting Securities of the Company or any of its Subsidiaries (other than with respect to the nomination of any nominees proposed by the Nominating and Corporate Governance Committee),
(iii)&nbsp;otherwise act, alone or in concert with third parties, to seek to control or influence the management, Board or policies of the Company or any of its Subsidiaries (other than with respect to the nomination of any nominees proposed by the
Nominating and Corporate Governance Committee), (iii)&nbsp;otherwise act, alone or in concert with third parties, to seek to control or influence the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
management, Board or policies of the Company or any of its Subsidiaries (other than with respect to the nomination of any nominees proposed by the Nominating and Corporate Governance Committee),
or (iv)&nbsp;enter into any negotiations, arrangements or understandings with any third party with respect to any of the foregoing activities. However, if (i)&nbsp;the Company publicly announces its intent to pursue a tender offer, merger, sale of
all or substantially all of the Company&#146;s assets, then the Pappas Shareholders shall be permitted to privately make an offer or proposal to the Board and (ii)&nbsp;if the Board approves, recommends or accepts a buyout transaction the standstill
restrictions of the Pappas Shareholders&#146; participation in such transaction shall cease to apply until such buyout transaction is terminated or abandoned and shall become applicable again upon any such termination or abandonment (unless the
Board determines otherwise with Disinterested Director Approval). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Aggregation with Oaktree </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has agreed to acknowledge that the Pappas Shareholders have made investments and entered into business arrangements with the
Oaktree Shareholders outside of the Oceanbulk Companies, and may from time to time enter into certain agreements with respect to the holding and/or disposition of Equity Securities of the Company. For purposes of the Pappas Shareholders Agreement,
these arrangements and potential future agreements between the Pappas Shareholders and the Oaktree Shareholders shall not cause (i)&nbsp;any Pappas Shareholder to be deemed to be an Affiliate of, or constitute a group or beneficially own any Equity
Securities of the Company beneficially owned by, the Oaktree Shareholders, or (ii)&nbsp;the Equity Securities of the Company held by the Oaktree Shareholders to be deemed to be subject to the provisions of the Pappas Shareholders Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Agreements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All transactions
involving the Pappas Shareholders or their Affiliates, on the one hand, and the Company or its subsidiaries, on the other hand, shall require Disinterested Director Approval; provided, that Disinterested Director Approval shall not be required for
pro rata participation in primary offerings of Equity Securities of the Company based on number of outstanding Voting Securities held. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate
Opportunity </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From and after the date of the Pappas Shareholders Agreement and through and including the earliest of (x)&nbsp;the date
of termination of the Pappas Shareholders Agreement, (y)&nbsp;the 36-month anniversary of the date of the Pappas Shareholders Agreement and (z)&nbsp;the date that Petros Pappas ceases to be the Chief Executive Officer of the Company, if a Pappas
Shareholder (or any Affiliate thereof) acquires knowledge of a potential dry bulk transaction or dry bulk matter which may, in such Pappas Shareholder&#146;s good faith judgment, be a business opportunity for both such Pappas Shareholder and the
Company (subject to certain exceptions), such Pappas Shareholder (and its Affiliate) shall have the duty to promptly communicate or offer such opportunity to the Company. If the Company does not notify the applicable Pappas Shareholder within five
business days following receipt of such communication or offer that it is interested in pursuing or acquiring such opportunity for itself, then such Pappas Shareholder (or its Affiliate) shall be entitled to pursue or acquire such opportunity for
itself. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Termination </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Pappas
Shareholders Agreement will terminate upon the earlier of (a)&nbsp;a liquidation, winding-up or dissolution of the Company and (b)&nbsp;the later of (x)&nbsp;such time as the Pappas Shareholders and their Affiliates in the aggregate beneficially own
less than 5% of the outstanding Voting Securities of the Company and (y)&nbsp;the date that is six months following the later of (i)&nbsp;the date Petros Pappas ceases to be the Chief Executive Officer of the Company or (ii)&nbsp;the date
Mr.&nbsp;Petros Pappas ceases to be a Director. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Definitions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this description of the Pappas Shareholders Agreement, the following definitions shall apply: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, such first Person, where &#147;control&#148; means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities, by contract, as trustee or executor or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>beneficial
owner</U>&#148; means a &#147;beneficial owner&#148;, as such term is defined in Rule 13d-3 under the Exchange Act; &#147;beneficially own&#148;, &#147;beneficial ownership&#148; and related terms shall have the correlative meanings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board</U>&#148; means the Board of Directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contested Election</U>&#148; means an election of Directors to the Board where one or more members of the slate of nominees put
forward by the Nominating and Corporate Governance Committee is being opposed by one or more competing nominees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disinterested
Director Approval</U>&#148; means the approval of a majority of the Disinterested Directors (and the quorum requirements set forth in the Charter or bylaws of the Company shall be reduced to exclude any Directors that are not Disinterested Directors
for purposes of such approval). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disinterested Directors</U>&#148; means any Directors who (a)&nbsp;are not Petros Pappas, any
other Pappas Shareholder or any Affiliate of any Pappas Shareholder and (b)&nbsp;do not have any material business, financial or familial relationship with a party (other than the Company or its Subsidiaries) to the transaction or conduct that is
the subject of the approval being sought. Notwithstanding the foregoing, the agreements and relationships between the Pappas Shareholders and the Oaktree Shareholders shall not disqualify any Director designated by Oaktree from constituting a
Disinterested Director (except if any such Oaktree designee is Mr.&nbsp;Petros Pappas, any Pappas Shareholder or any Affiliate thereof). Notwithstanding anything to the contrary in the foregoing, any Oaktree designee shall be disqualified from
constituting a Disinterested Director for purposes of the standstill provision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Securities</U>&#148; means, with respect
to any entity, all forms of equity securities in such entity or any successor of such entity (however designated, whether voting or non-voting), all securities convertible into or exchangeable or exercisable for such equity securities, and all
warrants, options or other rights to purchase or acquire from such entity or any successor of such entity, such equity securities, or securities convertible into or exchangeable or exercisable for such equity securities, including, with respect to
the Company, the Common Shares and Preferred Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voting Cap</U>&#148; means, as of any date of determination, the number of
Voting Securities of the Company equal to the product of (a)&nbsp;the total number of outstanding Voting Securities of the Company as of such date <U>multiplied</U> by (b)&nbsp;14.9%. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESCRIPTION OF THE REGISTRATION RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the material terms of the Registration Rights Agreement. The description may not contain all of the information
that may be important to you and is qualified in its entirety by reference to the Registration Rights Agreement, which is included as Exhibit&nbsp;99.5 to the Report on Form 6-K furnished by the Company to the Commission on July&nbsp;15, 2014 and
incorporated herein by reference. The Company urges you to read the entire Registration Rights Agreement carefully. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;11,
2014, the Oaktree Seller, the Pappas Seller, certain stockholders of the Company affiliated with Monarch Alternative Capital LP (the &#147;Monarch Stockholders&#148;) and certain affiliates thereof entered into the Registration Rights Agreement.
Pursuant to the terms of the Registration Rights Agreement, the Company has, among other things, committed to prepare and file this resale registration statement within 30 days after the closing date of the July 2014 Transactions, which is required
to cover the resale of shares owned by such stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Registration Rights Agreement also provides the Oaktree Seller
and its affiliates with certain demand registration rights and provides the Oaktree Seller, Pappas Seller, the Monarch Stockholders and certain affiliates thereof with certain shelf registration rights in respect of any common shares of the Company
held by them, subject to certain conditions, including those shares acquired pursuant to the July 2014 Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in the
event that the Company registers additional common shares for sale to the public following the closing of the July 2014 Transactions, the Company is required to give notice to the Oaktree Seller, the Pappas Seller, the Monarch Stockholders and
certain affiliates thereof of its intention to effect such registration and, subject to certain limitations, the Company is required to include common shares of the Company held by those holders in such registration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is required to bear the registration expenses, other than underwriting discounts and commissions and transfer taxes, if any,
attributable to the sale of any holder&#146;s securities pursuant to the Registration Rights Agreement. The Registration Rights Agreement includes customary indemnification provisions in favor of the stockholders party thereto, any person who is or
might be deemed a control person (within the meaning of the Securities Act, and the Exchange Act and related parties against certain losses and liabilities (including reasonable costs of investigation and legal expenses) arising out of or relating
to any filing or other disclosure made by us under the securities laws relating to any such registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;28, 2011, the
Registration Rights Agreement was amended in conjunction with the Excel Transactions. For a description of the amendments, see &#147;Description of the Amended Registration Rights Agreement&#148; in Exhibit&nbsp;99.4 to this form&nbsp;6-K. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESCRIPTION OF THE MERGER AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following is a summary of the material terms of the Merger Agreement. The description may not contain all of the information that may
be important to you and is qualified in its entirety by reference to the Merger Agreement, which is included as Exhibit&nbsp;99.2 to the Report on Form 6-K furnished by the Company the Commission on June&nbsp;16, 2014 and incorporated herein by
reference. The Company urges you to read the entire Merger Agreement carefully. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement governs the terms and conditions of the Merger and the Heron Transactions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Heron Consideration </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the
closing of the Merger, the Company deposited into escrow certificates in the name of each of the Sellers representing an aggregate of 2,115,706 common shares of the Company, as well as any dividends in respect of or in exchange for such common
shares or other securities held in such escrow account during the period from the closing of the Merger until the distribution of such common shares or other amounts from the escrow. Promptly (and not later than one business day) following the
distribution of two Kamsarmax vessels owned by Heron (the &#147;Heron Vessels&#148;) to the Company or its subsidiaries in accordance with the terms of the Merger Agreement, any such common shares and any other amounts in such escrow account will be
released to the Sellers on a pro rata basis and, following such release date, the Company will pay to the Sellers the amount of dividends and other distributions with a record date after the closing of the Merger but prior to such release date and a
payment date subsequent to such release date payable with respect to such common shares. For the avoidance of doubt, the Sellers will not be entitled to vote or dispose of any such common shares prior to distribution from escrow. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dissolution and Winding Up of Heron </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After the closing of the Merger, the Oaktree Seller (the &#147;Sellers&#146; Representative&#148;) has the right and obligation to assume and
control the dissolution, liquidation and winding up of Heron (the &#147;Winding Up Activities&#148;), which includes the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the distribution of (A)&nbsp;all of the Heron Vessels to the Company on the terms and conditions set forth in the Merger Agreement, (B)&nbsp;certain designated vessels (the &#147;ABY Heron Vessels&#148;) to ABY Group
Holding Limited (&#147;ABY&#148;) or its designees, and (C)&nbsp;all Heron Distributable Cash (as defined below) as of the time of such distribution to ABY and the Company in such proportion as ABY and Sellers&#146; Representative mutually agree
(collectively, the &#147;Core Vessel Distribution&#148;) (provided, however, that in the event of the loss of a Heron Vessel or ABY Heron Vessel prior to distribution thereof, no distribution of such vessel is required and subsections (A)&nbsp;or
(B), as applicable, shall be deemed satisfied with respect to such lost vessel); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the distribution of other Heron Distributable Cash (as defined below) held by Heron from time to time to ABY and the Company in such proportion as ABY and the Sellers&#146; Representative mutually agree;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">obtaining the release of any guarantee, indemnification or similar commitment of Oceanbulk or its subsidiaries given with respect to the CiT Facility; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the sale of all of Heron&#146;s other vessels (the &#147;Non-Core Vessels&#148;); provided, that Company is entitled to participate in an auction for such Non-Core Vessels, and in the event of the loss of any such
vessel prior to delivery thereof, no sale of such vessel is required and the foregoing shall be deemed satisfied with respect to such lost vessel; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">so long as the foregoing commitments have been satisfied and Heron has no other debts or liabilities (including pursuant to the CiT Facility), the distribution of any remaining cash of Heron, the liquidation of any
other assets of Heron and the termination of Heron, in each case subject to the requirements of applicable laws. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Heron Distributable Cash&#148; means, as of any date of determination, the cash and cash
equivalents then held by Heron, including cash from the proceeds of any sale of a Non-Core Vessel (after repayment of any indebtedness required to be repaid pursuant to the CiT Facility in connection with such sale of a Non-Core Vessel), <U>less</U>
an allowance for reserves equal to $5,000,000 or such lesser amounts as may be approved by the Special Committee of the Board of Directors of the Company, such approval not to be unreasonably withheld; <U>provided</U>, that such reserves shall
constitute Heron Distributable Cash, and the portion of such Heron Distributable Cash received by the Company shall be paid to the Sellers in accordance with the foregoing provisions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Indemnification; Directors&#146; and Officers&#146; Insurance </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company agreed that after the closing of the Merger, all rights to indemnification of an officer or director set forth in the
organizational documents of Oceanbulk and its subsidiaries and, to the extent in effect as of the date of the Merger Agreement, any directors&#146; and officers&#146; liability insurance policy maintained by Oceanbulk or its subsidiaries, will be
maintained and will not be amended, repealed or otherwise modified and will continue in full force and effect in accordance with their terms for a period of six years from the date of the closing of the Merger, provided that the Company is not
required to maintain any such insurance policy if the cost of such insurance policy exceeds two times the current annual premium for such policy. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indemnification </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The representations and
warranties contained in the Merger Agreement and in any certificate or other writing delivered pursuant thereto did not survive the closing of the Merger, except that certain fundamental representations of the Sellers (including with respect to such
Sellers&#146; organization, existence and good standing, power and authority, enforceability of the Merger Agreement, and title to units of the Oceanbulk Holdcos, and in respect of the Oceanbulk Holdcos, Oceanbulk and its subsidiaries as to
organization, qualification and limited liability company power, authorization, capitalization, subsidiaries, borrowed indebtedness and cash, fees and commissions in connection with the Merger Agreement and the assets and liabilities of the
Oceanbulk Holdcos) and certain fundamental representations and warranties of the Company (including with respect to organization, qualification and corporate power, authorization, fees and commissions in connection with the Merger Agreement,
capitalization, subsidiaries, and borrowed indebtedness and cash) will survive for 12 months after the closing of the Merger (the &#147;Survival Date&#148;). Each of the covenants and agreements set forth in the Merger Agreement that were to be
performed on or prior to the closing of the Merger will survive until the Survival Date, but the covenants and agreements contained in the Merger Agreement requiring performance after the closing of the Merger will survive the closing of the Merger
in accordance with their terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the limitations set forth in the Merger Agreement, from and after the closing of the Merger,
each of the Sellers agreed, severally with respect to itself and the Oceanbulk Holdco that it owned prior to the Merger, and pro rata with respect to Oceanbulk, to indemnify, save, and keep the Company, its affiliates (including Oceanbulk and its
subsidiaries) and each of their respective officers, directors, managers, partners, members, agents, representatives, successors, assigns and employees harmless against and from all damages sustained or incurred by any such indemnified persons as a
result of, or arising out of, the breach or inaccuracy of such fundamental representations as of the date of the closing of the Merger (or, to the extent any such representation and warranty by its terms addresses matters only as of another
specified time, as of such other time), any breach of any covenant or agreement made by under the Merger Agreement (subject to certain exceptions), prior to the date of the closing of the Merger, any covenant or agreement by an Oceanbulk Holdco
under the Merger Agreement, or certain specified liabilities and obligations relating to the Heron. Additionally, the Company agreed to indemnify, save, and keep each of the Sellers and their respective affiliates and each of their respective
officers, directors, managers, partners, members, agents, representatives, successors, assigns and employees harmless against and from all damages sustained or incurred by any such indemnified person as a result of, or arising out of, the breach or
inaccuracy of, as of the date of the closing of the Merger (or, to the extent any such representation and warranty by its terms addresses matters only as of another specified time, as of such other time) such fundamental representations, any breach
of any covenant or agreement made by the Company or either of the merger subsidiaries under the Merger Agreement (subject to certain exceptions), or any breach following the date of the closing of the Merger of any covenant or agreement made by an
Oceanbulk Holdco under the Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The calculation of damages with respect to any indemnification payments will take into
account the interests held by the Sellers and their respective affiliates in the Company, and no indemnified person is entitled to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
be indemnified for special, consequential (including diminution in value, lost profits, lost revenues, business interruptions, or loss of business opportunity or reputation), indirect, multiple,
punitive or other similar damages, except as finally awarded by a court of competent jurisdiction and actually paid to a third party pursuant to a third party claim. Except with respect to fraud and parties&#146; rights to specific performance as
set forth in the Merger Agreement, the indemnification provisions set forth in the Merger Agreement are the sole and exclusive remedy of the parties to the Merger Agreement following the closing of the Merger for any and all claims arising under,
out of or related to the Merger Agreement, the negotiation thereof and the transactions contemplated thereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESCRIPTION OF CERTAIN RELATED PARTY TRANSACTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below is a description of certain relationships and related party transactions of the Company resulting from the July 2014
Transactions. In addition, you should refer to the section entitled &#147;Major Stockholders and Related Party Transactions&#148; in the Company&#146;s annual report on Form 20-F for the fiscal year ended 2013, filed with the SEC on March&nbsp;21,
2014, for an overview of the other related party transactions of the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Provision of certain guarantees by Oceanbulk Maritime </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk Maritime, which is controlled by certain immediate family members of the Company&#146;s Chief Executive Officer, Mr.&nbsp;Petros
Pappas, has provided performance guarantees under the bareboat charter agreements of HN 1061, HN 1062, HN 1063 and HN 1064, which are four vessels being built in the New Yangzijiang shipyard. All of the performance guarantees described above have
been counter-guaranteed by Oceanbulk Carriers LLC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Oceanbulk Maritime has also provided performance guarantees under the shipbuilding
contracts for HN 214-HMU (tbn<I> Leviathan</I>), HN 5017-JMU, HN 5055-JMU and HN 5056-JMU, which are four vessels being built at JMU, HN 213-JMU (tbn<I> Peloreus</I>), which was built at JMU and delivered to the Company on July&nbsp;22, 2014, and HN
NE164-NACKS (tbn<I> Honey Badger</I>), HN NE165-NACKS, HN NE166-NACKS, HN NE167-NACKS and HN NE184-NACKS, which are five vessels being built at NACKS. All of the performance guarantees described above have been counter-guaranteed by Oceanbulk
Shipping LLC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vessel Purchase from MaidenVoyage LLC </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2013, Oceanbulk purchased a Supramax dry bulk carrier, <I>Maiden Voyage</I>, from Maiden Voyage LLC, which was a company controlled
by certain immediate family members of the Company&#146;s Chief Executive Officer, Mr.&nbsp;Petros Pappas, and Oaktree. The purchase price was $27.3 million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Profits Interest </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to an
agreement (the &#147;Profits Interest Agreement&#148;) among affiliates of Oaktree, Oceanbulk Maritime, Oceanbulk Carriers, Oceanbulk Shipping and Messrs. Petros Pappas and Hamish Norton, Messrs. Pappas and Norton are eligible for a share of the
profits of Oaktree, subject to Oaktree and its affiliates achieving certain internal rate of return and capital multiples on their original investment in Oceanbulk. This award will be payable only by affiliates of Oaktree and not by Oceanbulk. As of
June&nbsp;30, 2014, March&nbsp;31, 2014 and December&nbsp;31, 2013, no awards had vested, and no payments had yet been made under the Profits Interest Agreement. While Oceanbulk Carriers and Oceanbulk Maritime are and were, as of June&nbsp;30, 2014
and March&nbsp;31, 2014, parties to the Profits Interest Agreement, the Profits Interest Agreement is expected to be amended, as a result of the Merger, to remove Oceanbulk Carriers and Oceanbulk Maritime as parties. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration Rights Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a
description of this agreement, see &#147;Description of the Registration Rights Agreement&#148; in this Exhibit&nbsp;99.3. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Oaktree Shareholders
Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a description of this agreement, see &#147;Description of the Oaktree Shareholders Agreement&#148; in this Exhibit 99.3.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pappas Shareholders Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a
description of this agreement, see &#147;Description of the Pappas Shareholders Agreement&#148; in this Exhibit 99.3. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Termination Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to a termination agreement between the Company and Mr.&nbsp;Spyros Capralos, the Company&#146;s former Chief Executive Officer and
current Non-Executive Chairman, dated July&nbsp;31, 2014, the Company agreed to a severance payment of 168,842 common shares and an amount of &#128;644,000 in cash. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transactions with Excel Maritime Carriers Ltd. and Associated Transactions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;19, 2014, the Company entered into definitive agreements relating to the acquisition of 34 dry bulk carrier vessels (the
&#147;Excel Vessels&#148;) from Excel Maritime Carriers, Ltd. (&#147;Excel&#148;) for an aggregate of 29,917,312 common shares (the &#147;Excel Vessel Share Consideration&#148;) and $288.4 million in cash (collectively, the &#147;Excel
Transactions&#148;). The Excel Vessels will be transferred to the Company in a series of closings, on a vessel-by-vessel basis, in general upon reaching port after their current voyages and cargoes are discharged. In the case of three Excel Vessels
(<I>Christine</I> (tbn <I>Star Martha</I>), <I>Sandra</I> (tbn <I>Star Pauline</I>) and <I>Lowlands Beilun</I> (tbn <I>Star Despoina</I>)), which are being transferred subject to existing charters, the Company will receive the outstanding equity
interests of the vessel-owning subsidiaries that own those Excel Vessels (although no liabilities of such vessel-owning subsidiaries will be transferred). The Company expects to complete all of the Excel Vessel closings by the end of 2014. As of
September&nbsp;5, 2014, five of the Excel Vessels had already been transferred to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Entities affiliated with Oaktree (the
&#147;Oaktree Excel Investors&#148;) and entities affiliated with Angelo, Gordon&nbsp;&amp; Co. (the &#147;Angelo, Gordon Excel Investors&#148;) are holders of 48.1% and 24.3%, respectively, of the outstanding equity of Excel. The Excel Transactions
were approved by the disinterested members of the Company&#146;s board of directors, based upon the recommendation of a transaction committee of disinterested directors, which considered the Excel Transactions on the Company&#146;s behalf in
coordination with its management team. The total consideration was determined based on the average of three vessel appraisals by independent vessel appraisers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the transfer of each Excel Vessel, the Company will pay the cash and share consideration for such Excel Vessel to Excel. Excel will use the
cash consideration, together with borrowings under a new $231.0 million secured bridge loan facility (the &#147;Excel Vessel Bridge Facility&#148;) extended to the Company by entities affiliated with Oaktree and entities affiliated with Angelo,
Gordon&nbsp;&amp; Co. to cause an amount of outstanding indebtedness under its senior secured credit agreement to be repaid, such that all liens and obligations with respect to the transferred Excel Vessel (or vessel-owning subsidiary) are released
upon the transfer to the Company. The Company has been informed that Excel expects to distribute the Excel Vessel Share Consideration to its equityholders, including the Oaktree Excel Investors and the Angelo, Gordon Excel Investors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the foregoing transactions, the Company entered into an amendment to the Registration Rights Agreement to provide holders
of the Excel Vessel Share Consideration with certain customary demand, shelf and piggyback registration rights. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Excel Vessel Bridge Facility
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company expects to use cash on hand, together with borrowings under the new $231.0 million Excel Vessel Bridge Facility, extended
to it by entities affiliated with Oaktree and entities affiliated with Angelo, Gordon&nbsp;&amp; Co. to fund the cash consideration for the Excel Vessels. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unity Holding LLC, a direct subsidiary of the Company (&#147;Unity&#148;), is the borrower under the Excel Vessel Bridge Facility, and each
individual vessel-owning subsidiary will be a guarantor. The Excel Vessel Bridge Facility matures on February&nbsp;28, 2016, with mandatory prepayments of $6.0 million each due in March, June and September 2015. Outstanding amounts under the Excel
Vessel Bridge Facility bear interest at a rate equal to LIBOR (based on the length of the interest period) plus an applicable margin of 5.00% through February 28, 2015 and 6.00% (thereafter). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 99.4 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESCRIPTION OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXCEL
TRANSACTION DOCUMENTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;19, 2014, Star Bulk Carriers Corp. (the &#147;Company&#148;) entered into definitive agreements
relating to the acquisition of 34 dry bulk carrier vessels (the &#147;Excel Vessels&#148;) from Excel Maritime Carriers, Ltd. (&#147;Excel&#148;) for an aggregate of 29,917,312 common shares (the &#147;Excel Vessel Share Consideration&#148;) and
$288.4 million in cash (collectively, the &#147;Excel Transactions&#148;). The Excel Vessels will be transferred to the Company in a series of closings, on a vessel-by-vessel basis, in general upon reaching port after their current voyages and
cargoes are discharged. In the case of three Excel Vessels (<I>Christine</I> (tbn <I>Star Martha</I>), <I>Sandra</I> (tbn <I>Star Pauline</I>) and <I>Lowlands Beilun</I> (tbn <I>Star Despoina</I>)), which are being transferred subject to existing
charters, the Company will receive the outstanding equity interests of the vessel-owning subsidiaries (the &#147;Chartered Companies&#148;) that own those Excel Vessels (although no liabilities of such vessel-owning subsidiaries will be
transferred). The Company expects to complete all of the Excel Vessel closings by the end of 2014. As of September&nbsp;5, 2014, five of the Excel Vessels have already been transferred to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Entities affiliated with Oaktree (the &#147;Oaktree Excel Investors&#148;) and entities affiliated with Angelo, Gordon&nbsp;&amp; Co. (the
&#147;Angelo, Gordon Excel Investors&#148;) are holders of 48.1% and 24.3%, respectively, of the outstanding equity of Excel. The Excel Transactions were approved by the disinterested members of the Company&#146;s board of directors, based upon the
recommendation of a transaction committee of disinterested directors, which considered the Excel Transactions on the Company&#146;s behalf in coordination with its management team. The total consideration was determined based on the average of three
vessel appraisals by independent vessel appraisers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the transfer of each Excel Vessel, the Company will pay the cash and share
consideration for such Excel Vessel to Excel. Excel will use the cash consideration to cause an amount of outstanding indebtedness under its senior secured credit agreement to be repaid, such that all liens and obligations with respect to the
transferred Excel Vessel (or vessel-owning subsidiary) are released upon the transfer to the Company. The Company has been informed that Excel expects to distribute the Excel Vessel Share Consideration to its equityholders, including the Oaktree
Excel Investors and the Angelo, Gordon Excel Investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Giving effect to the completion of the Excel Transactions (which the Company
expects to occur by the end of 2014), and assuming the full distribution of the Excel Vessel Share Consideration to Excel&#146;s equityholders, Oaktree will beneficially own 57.3% of the Company&#146;s outstanding common shares, and the Angelo
Gordon Investors will beneficially own 7.8% of the Company&#146;s outstanding common shares. As a result of the issuance of the Excel Vessel Share Consideration, entities owned or controlled by the members of the family of Mr.&nbsp;Petros Pappas
will beneficially own 9.3% of the Company&#146;s outstanding common shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vessel Purchase Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>General </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Vessel Purchase
Agreement, in addition to the applicable memorandum of agreement (each, an &#147;<U>MOA</U>&#148;) applicable to each vessel delivery other than those owned by the Chartered Companies, governs the terms and conditions of the Excel Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following is a summary of the material terms of the Vessel Purchase Agreement. The description may not contain all of the information
that may be important to you and is qualified in its entirety by reference to the Vessel Purchase Agreement, which is included as Exhibit 99.1 to the Report on Form 6-K furnished by the Company to the SEC on September&nbsp;3, 2014 and incorporated
herein by reference. The Company urges you to read the entire Vessel Purchase Agreement carefully. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Purchase Price Adjustments </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The cash consideration for each vessel will be adjusted to account for prepaid revenues, fees and any other amounts received by Excel or its
subsidiaries under charters received on account of periods on or after the applicable closing, and any further amounts owed by the Company pursuant to the terms of the applicable MOA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the closing of the sale of the Chartered Companies occurs prior to or after certain specified
dates, the cash consideration will be increased or decreased, respectively, by an amount equal to (x)&nbsp;the gross revenues earned by such Chartered Company&#146;s vessel from the voyage allocable to each day prior to or after such specified date,
if any, less (y)&nbsp;the applicable chartered vessel&#146;s operating expenses so allocable to each such day of early delivery or delay, as applicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Representations and Warranties </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Vessel Purchase Agreement has been furnished to the SEC to provide investors and security holders with information regarding its
terms.&nbsp;It is not intended to provide any other factual information about the Company, Excel or any of their respective affiliates or businesses.&nbsp;The representations, warranties, covenants and agreements contained in the Vessel Purchase
Agreement were made only for the purposes of such agreement and as of specified dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties.&nbsp;The representations
and warranties may have been made for the purposes of allocating contractual risk between the parties to the Vessel Purchase Agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the
contracting parties that differ from those applicable to investors.&nbsp;Investors and security holders are not third-party beneficiaries under the Vessel Purchase Agreement and should not rely on the representations, warranties, covenants and
agreements or any descriptions thereof as characterizations of the actual state of facts or condition of the Company, Excel or any of their respective affiliates or businesses.&nbsp;Moreover, the assertions embodied in the representations and
warranties contained in the Vessel Purchase Agreement are qualified by information in confidential disclosure letters that the parties have exchanged.&nbsp;Accordingly, investors and security holders should not rely on the representations and
warranties as characterizations of the actual state of facts of the Company, Excel or any of their respective affiliates or businesses.&nbsp;Moreover, information concerning the subject matter of the representations and warranties may change after
the date of the Vessel Purchase Agreement, which subsequent information may or may not be fully reflected in the Company&#146;s public disclosures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company made representations and warranties generally qualified by, among other things, filings by the Company with the SEC that are
publicly available during the period beginning on January&nbsp;1, 2013 and ending five days prior to the date of the Vessel Purchase Agreement and a confidential disclosure letter containing non-public information. Some of these representations and
warranties were made as of specified dates. The representations and warranties made by the Company relate to, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">organization, existence and good standing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">power and authority to enter into the Vessel Purchase Agreement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">the enforceability of the Vessel Purchase Agreement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">consents required by governmental authorities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">the absence of breaches, violations, defaults or conflicts with, or any consents required by, their respective governing documents, laws or certain contracts as a result of entering into the Vessel Purchase Agreement
and consummating the transactions contemplated therein and the performance of their obligations thereunder; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">capitalization; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">SEC filings of the Company and the Company&#146;s disclosure controls and procedures and internal control over financial reporting; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">compliance with GAAP in the preparation of financial statements and the fair presentation of the financial condition of the Company and its subsidiaries; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">the absence of a material adverse effect on the Company since December&nbsp;31, 2013; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">fees and commissions in connection with the Vessel Purchase Agreement and the transactions contemplated thereby; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">absence of pending or threatened litigation. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A &#147;material adverse effect&#148; means, for
purposes of the Vessel Purchase Agreement, when used with respect to the Company, any change, effect, event, occurrence, or development that, individually or in the aggregate, (a)&nbsp;has or would reasonably be expected to have a material adverse
effect on the financial condition, business, assets, liabilities or results of operations of the Company and the Company&#146;s subsidiaries, taken as a whole, excluding any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
change, effect, event, occurrence, or development resulting from (i)&nbsp;changes in applicable law or GAAP after the date hereof, (ii)&nbsp;changes in the global financial or securities markets
or general global economic or political conditions, (iii)&nbsp;changes or conditions generally affecting the industry in which the Company and its subsidiaries operate, (iv)&nbsp;acts of war, sabotage, terrorism or natural disasters, or (v)&nbsp;the
announcement or consummation of the transactions contemplated by the Vessel Purchase Agreement; <U>provided</U> that the effect of any matter referred to in clauses (i), (ii), (iii), or (iv)&nbsp;shall only be excluded to the extent that such matter
does not disproportionately affect the Company and the Company&#146;s subsidiaries, taken as a whole, relative to other entities operating in the industry in which the Company and the Company&#146;s subsidiaries operate, or that has or would
reasonably be expected to materially impair the ability of the Company or the Company&#146;s subsidiaries to perform their respective obligations under the Vessel Purchase Agreement or the ancillary agreements related thereto or materially delay the
ability of the Company or its subsidiaries to consummate the transactions contemplated by the Vessel Purchase Agreement or such ancillary agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Excel made representations and warranties generally qualified by, among other things, matters disclosed in a confidential disclosure letter
containing non-public information. Some of these representations and warranties were made as of specified dates. The representations and warranties made by Excel relate to, among other things: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">ownership and title to the equity of the entities that own the vessels <I>Christine</I> (tbn <I>Star Martha</I>), <I>Sandra</I> (tbn <I>Star Pauline</I>) and <I>Lowlands Beilun</I> (tbn <I>Star Despoina</I>)
(collectively, the &#147;<U>Chartered Companies</U>&#148;); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">organization, existence and good standing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">power and authority to enter into the Vessel Purchase Agreement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">the enforceability of the Vessel Purchase Agreement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">consents required by governmental authorities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">the absence of breaches, violations, defaults or conflicts with, or any consents required by, their respective governing documents, laws or certain contracts as a result of entering into the Vessel Purchase Agreement
and consummating the transactions contemplated therein and the performance of their obligations thereunder; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">fees and commissions in connection with the Vessel Purchase Agreement and the transactions contemplated thereby; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">absence of pending or threatened litigation. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The representations and warranties made by Excel
with respect to the vessels and the entities that the own the vessels <I>Christine</I> (tbn <I>Star Martha</I>), <I>Sandra</I> (tbn <I>Star Pauline</I>) and <I>Lowlands Beilun</I> (tbn <I>Star Despoina</I>) relate to, among other things: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">organization, existence and good standing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">qualification to do business; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">capitalization of the Chartered Companies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">no subsidiaries of the Chartered Companies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">authority of Excel to cause its applicable subsidiaries to consummate the transactions contemplated by the Vessel Purchase Agreement and the ancillary agreements related thereto to which such subsidiary is a party, and
to cause such subsidiaries to perform its obligations thereunder; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">assets and liabilities of the Chartered Companies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">the absence of liens (other than certain permitted liens) on the vessels owned by the Chartered Companies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">material contracts, agreements and instruments, and the performance of obligations and absence of any material default thereunder with respect to the Chartered Companies; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">compliance with laws, orders, and permits; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">the accuracy of information provided to the Company specifically for use in documents required to be filed or furnished by the Company with or to the SEC or disseminated to its stockholders in connection with the
transactions contemplated by the Vessel Purchase Agreement. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Termination </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations of the Company and Excel to consummate the sale of any vessel may be terminated prior to the applicable closing of such vessel
sale by mutual written agreement of the Company and Excel or by either the Company or Excel if there is any order that prohibits the consummation of such vessel sale and such prohibition shall have become nonappealable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the case of a sale of any of the Chartered Companies, the obligations to consummate the sale of such Chartered
Company will terminate automatically upon a total loss of the vessel owned by such Chartered Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the obligations to
consummate a vessel sale may be terminated by either the Company or Excel if: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">there has been an inaccuracy in or breach by the other party or its subsidiary of any representation or warranty, or breach or default of any covenant or agreement contained in the Vessel Agreement, the applicable MOA
or any certificate delivered pursuant thereto such that conditions to closing with respect to such sale would be incapable of being satisfied, or in the case of a breach or default of a covenant or agreement, if curable, has not been cured within
30&nbsp;days after notice thereof; <U>provided</U>, that the breaching party may not be the terminating party; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">in the case of a sale of a vessel not owned by a Chartered Company, in accordance with the terms of the applicable MOA governing such sale or if any one or more of the conditions set forth in the Vessel Purchase
Agreement to consummate such sale (other than those that by their nature are to be satisfied at the applicable closing) have not been fulfilled as of December&nbsp;31, 2014, subject to extension in accordance with the applicable MOA;
<U>provided</U>, <U>however</U>, that the party whose conduct substantially results in the failure of such condition in the applicable MOA or the Vessel Purchase Agreement to be fulfilled may not be the terminating party; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">in the case of a sale of a Chartered Company, if any one or more of the conditions set forth in in the Vessel Purchase Agreement (other than those that by their nature are to be satisfied at the applicable Closing) with
respect to such sale has not been fulfilled as of December&nbsp;31, 2014, subject to extension in accordance with the terms of the MOA had the vessel owned by such Chartered Company been sold directly to the Company and subject to extension in
accordance with the terms of the Vessel Purchase Agreement; <U>provided</U>, <U>however</U>, that the party whose conduct substantially results in the failure of such condition in the applicable MOA or the Vessel Purchase Agreement to be fulfilled
may not be the terminating party. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the applicable subsidiary of the Company does not take delivery of a vessel within the
period or on the date specified in clause 5 of the MOA applicable to such vessel sale (when Excel&#146;s subsidiaries is prepared to deliver it in compliance with the requirements of the MOA and absent any force majeure event preventing performance
by the Company&#146;s subsidiary), then the Company shall pay, for each day of delay in taking delivery, the following penalty amount in cash (for Handymax Vessels- $6,000 per day, for Panamax Vessels- $7,000 per day, for Kamsarmax Vessels- $8,000
per day, and for Capesize Vessels- $13,000 per day), with such penalty continuing for up to ten (10)&nbsp;days. If the applicable subsidiary of the Company takes delivery on or before the last day of such ten (10)-day period in accordance with the
terms of the MOA, such penalty amounts shall constitute liquidated damages. From and after such ten (10)-day period, in addition to any remedies at law or in equity, including, without limitation, any rights to specific performance under the Vessel
Purchase Agreement, the applicable subsidiary of Excel shall have the right to cancel the MOA and seek damages for its losses, including incidental, consequential, special or indirect damages (but excluding punitive damages), including loss of
future revenue or income, loss of business reputation or opportunity, or diminution of value, caused thereby in accordance with the provisions of the MOA and applicable law. Unless the applicable subsidiary of Excel shall have exercised the right to
cancel the MOA, the applicable closing shall occur at the end of such 10-day period in accordance with the terms of the MOA, notwithstanding the fact that the Company shall have paid any penalty. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Indemnification </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
representations and warranties contained in the Vessel Purchase Agreement, in the MOAs and in any certificate or other writing delivered pursuant thereto shall not survive the closing of the applicable sale of a vessel or of a Chartered Company,
except that certain fundamental representations of Excel (including with respect to Excel&#146;s title to the interests of the Chartered Companies and its other ship-owning subsidiaries, organization, existence and good standing, power and
authority, enforceability of the Vessel Purchase Agreement, and fees and commissions in connection with the Vessel Purchase Agreement, and in respect of the vessels and the Chartered Companies as to organization and authorization, qualification,
capitalization, assets and liabilities of the Chartered </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Companies and contracts of the Chartered Companies), certain fundamental representations and warranties of the Company (including with respect to organization, qualification and corporate power,
authorization, capitalization and fees and commissions in connection with the Vessel Purchase Agreement) will survive for six&nbsp;months after the final closing under the Vessel Purchase Agreement (the &#147;<U>Survival Date</U>&#148;). In
addition, the representation in each MOA with respect to encumbrances will survive the applicable closing pursuant to such MOA in accordance with the terms of the MOA and the representation with respect to the absence of liens (other than certain
permitted liens) on the vessels owned by the Chartered Companies will survive each applicable closing. Each of the covenants and agreements set forth in the Vessel Purchase Agreement that were to be performed on or prior to the applicable closing
will survive until the Survival Date (other than the covenants of Excel with respect to pre-closing insurance coverage, which shall survive indefinitely), but the covenants and agreements contained in the Vessel Purchase Agreement requiring
performance after an applicable closing shall survive the applicable closing in accordance with their terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the limitations
set forth in the Vessel Purchase Agreement, from and after the applicable closing of each vessel sale, Excel shall indemnify, save, and keep the Company, its subsidiaries (including the Chartered Companies) and each of their respective officers,
directors, managers, partners, members, agents, representatives, successors, assigns and employees harmless against and from all damages sustained or incurred by any such indemnified persons as a result of, or arising out of, the breach or
inaccuracy of such fundamental representations as of the date of the applicable closing (or, to the extent any such representation and warranty by its terms addresses matters only as of another specified time, as of such other time) and any breach
of any covenant or agreement made by under the Vessel Purchase Agreement (subject to certain exceptions), prior to the date of the applicable closing. Additionally, the Company shall indemnify, save, and keep each of Excel, its subsidiaries,
affiliates and each of their respective officers, directors, managers, partners, members, agents, representatives, successors, assigns and employees harmless against and from all damages sustained or incurred by any such indemnified person as a
result of, or arising out of, the breach or inaccuracy of, as of the date of the applicable closing (or, to the extent any such representation and warranty by its terms addresses matters only as of another specified time, as of such other time) such
fundamental representations or any breach of any covenant or agreement made by the Company or any of its subsidiaries under the Vessel Purchase Agreement (subject to certain exceptions). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The calculation of damages with respect to any indemnification payments will take into account the interests held by Excel and its affiliates
in the Company, and no indemnified person is entitled to be indemnified for special, consequential (including diminution in value, lost profits, lost revenues, business interruptions, or loss of business opportunity or reputation), indirect,
multiple, punitive or other similar damages, except as finally awarded by a court of competent jurisdiction and actually paid to a third party pursuant to a third party claim. Excel&#146;s liability for any damages shall be satisfied solely and
exclusively from the Subject Shares (as defined below) then held by it on or prior to the Survival Date, and in no event shall any such damages, other than from the Subject Shares, be payable by Excel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except with respect to fraud, post-closing claims related solely and exclusively to Clause 9 of each MOA and made pursuant thereto (which
shall be entitled to the remedies available under such MOA) or the representation with respect to the absence of liens (other than certain permitted liens) on the vessels owned by the Chartered Companies of the Vessel Purchase Agreement and
parties&#146; rights to specific performance as set forth in the Vessel Purchase Agreement, the indemnification provisions set forth in the Vessel Purchase Agreement are the sole and exclusive remedy of the parties to the Vessel Purchase Agreement
following the applicable closing for any and all breaches or alleged breaches of any representations, warranties, covenants or agreements (whether written or oral) of the parties and for any and all other claims arising under, out of or related to
the Vessel Purchase Agreement, or the negotiation or execution thereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Retention of Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Excel has agreed that, without the prior written consent of the Company (which consent may be withheld in its sole discretion), except as set
forth in the exception listed below, it will not, directly or indirectly, during the period beginning on the date of the Vessel Purchase Agreement and ending on the Survival Date, (i)&nbsp;offer, issue, assign, pledge, hypothecate, grant a security
interest in, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale, or otherwise transfer, encumber or dispose of any of the
Subject Shares (as defined below) or (ii)&nbsp;enter into any swap or other agreement </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
or arrangement (including a monetization arrangement or hedging or similar transaction) that transfers, in whole or in part, any of the economic consequences of ownership of the Subject Shares,
whether any such transaction described in clause (i)&nbsp;or (ii)&nbsp;above (each, a &#147;<U>Transfer</U>&#148;) is to be settled by delivery of common shares or other securities convertible into common shares, in cash or otherwise;
<U>provided</U>, <U>however</U>, that, if at the Survival Date there is an outstanding claim for indemnification pursuant the Vessel Purchase Agreement, a number of Subject Shares reasonably sufficient to satisfy such claim shall be retained by
Excel and remain subject to the foregoing restrictions until such claim is resolved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in the Vessel Purchase Agreement,
&#147;Subject Shares&#148; means as of any date of determination, a number of shares of common stock of the Company equal to (i)&nbsp;the excess of (x)&nbsp;(A)&nbsp;$2,500,000 <U>multiplied</U> by (B)&nbsp;(I)&nbsp;the aggregate value of the
consideration delivered at all closings under the Vessel Purchase Agreement to such date over (II) the aggregate value of all consider being delivered under the Vessel Purchase Agreement <U>over</U> (y)&nbsp;the aggregate amount of any cash payments
made by Excel pursuant to the indemnification provisions of the Vessel Purchase Agreement as of such date (ii)&nbsp;<U>divided</U> by the average of the volume weighted average price per share of the Company&#146;s common stock on Nasdaq (as
reported on Bloomberg or, if not reported thereby, another alternative source as reasonably agreed by the Company and Excel) for the five (5)&nbsp;consecutive trading days ending on and including the date of the Vessel Purchase Agreement (this
clause (y), the &#147;<U>Buyer Stock Volume-Weighted Average Price</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, Excel may Transfer all or a
portion of the Subject Shares without the Company&#146;s prior written consent if either (i)&nbsp;the greater of (x)&nbsp;the net proceeds received upon the Transfer of such Subject Shares and (y)&nbsp;the Buyer Stock Volume-Weighted Average Price
<U>multiplied by</U> the number of such Subject Shares, is placed by Excel into an escrow account reasonably acceptable to the Company until the Survival Date to satisfy the Sellers&#146; indemnification obligations pursuant to the Vessel Purchase
Agreement or (ii)&nbsp;Excel causes to be delivered to the Company a guaranty of its indemnification obligations pursuant to the Vessel Agreement from a person with liquidity characteristics and a net worth reasonably satisfactory to Company, which
guaranty shall be in form and substance reasonably satisfactory to the Company. Substantially concurrently with the delivery of such guaranty, the parties to the Vessel Purchase will cause any amounts placed by Excel into escrow pursuant to the
preceding clause (i)&nbsp;to be released to Excel. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 to Registration Rights Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following is a summary of the material terms of Amendment No. 1 to the Registration Rights Agreement.&nbsp;The description may not
contain all of the information that may be important to you and is qualified in its entirety by reference to Amendment No. 1 to the Registration Rights Agreement, which is included as Exhibit 99.2 to the Report on Form 6-K furnished by the Company
to the SEC on September 3, 2014 and incorporated herein by reference.&nbsp;The Company urges you to read Amendment No.1 to the Registration Rights Agreement carefully.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;11, 2014, the Oaktree Seller, the Pappas Seller, certain stockholders of the Company affiliated with Monarch Alternative Capital
LP (the &#147;Monarch Stockholders&#148;) and certain affiliates thereof entered into the Registration Rights Agreement. Pursuant to the terms of the Registration Rights Agreement, the Company had, among other things, committed to prepare and a
registration statement within 30 days after the closing date of the July 2014 Transactions covering the resale of shares owned by such stockholders (which was filed on August 5, 2014).&nbsp;On August&nbsp;28, 2014, the Company, the Oaktree Seller,
the Monarch Stockholders, Excel Maritime Holding Company LLC (&#147;Excel Holding&#148;) and certain holders of equity interests in Excel (such holders, the &#147;Excel Holders&#148;) entered into an Amendment to the Registration Rights
Agreement.&nbsp;Pursuant to the terms of the Amendment to the Registration Rights Agreement, the Company has, among other things, committed to prepare and file a resale registration statement within 30 days after the initial closing date of the
transactions contemplated under the Vessel Purchase Agreement, dated as of August&nbsp;19, 2014, by and between the Company and Excel.&nbsp;The resale registration statement shall cover the resale of shares owned by the stockholders party to the
Registration Rights Agreement as well as certain new stockholders of the Company (the &#147;New Holders&#148;), which shall consist of, (i)&nbsp;immediately following the initial closing of the Excel Transactions, Excel, (ii)&nbsp;after the
distribution of Company shares by Excel to Excel Holding, Excel Holding, and (iii)&nbsp;after the distribution of Company shares by Excel Holding to the Excel Holders based on their pro rata ownership of equity interests in Excel Holding, the Excel
Holders that are party to the Amendment to the Registration Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Registration Rights Agreement, as amended,
also provides the Oaktree Seller and its affiliates with certain demand registration rights and provides the Oaktree Seller, Pappas Seller, the Monarch Stockholders, the New Holders and certain affiliates thereof with certain shelf registration
rights in respect of any common shares of the Company held by them, subject to certain conditions, including those shares acquired pursuant to the July 2014 Transactions and the Excel Transactions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is required to bear the registration expenses, other than underwriting discounts and
commissions and transfer taxes, if any, attributable to the sale of any holder&#146;s securities pursuant to the Registration Rights Agreement. The Registration Rights Agreement includes customary indemnification provisions in favor of the
stockholders party thereto, any person who is or might be deemed a control person (within the meaning of the Securities Act, and the Exchange Act and related parties against certain losses and liabilities (including reasonable costs of investigation
and legal expenses) arising out of or relating to any filing or other disclosure made by us under the securities laws relating to any such registration. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Excel Vessel Bridge Facility </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The
following is a summary of the material terms of the </I><I>Excel Vessel Bridge Facility</I><I>. The description may not contain all of the information that may be important to you and is qualified in its entirety by reference to the </I><I>Excel
Vessel Bridge Facility</I><I>, which is included as</I><I> </I><I>Exhibit 99</I><I>.3</I><I> to the Report on Form 6-K furnished by the Company to the SEC on</I><I> September 3</I><I>, 2014 and incorporated herein by reference. The Company urges you
to read the entire </I><I>Excel Vessel Bridge Facility</I><I> carefully.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;19, 2014, the Company, through Unity Holding
LLC, a direct subsidiary of the Company (&#147;Unity&#148;), entered into that 231.0&nbsp;million Senior Secured Credit Agreement, dated August&nbsp;19, 2014, among Unity, as Borrower, the initial lenders named therein, as Initial Lenders, and the
other lenders from time to time party thereto, as Lenders, and Wilmington Trust, National Association, as Administrative Agent (the &#147;Excel Vessel Bridge Facility&#148;). The initial lenders under the Excel Vessel Bridge Facility are entities
affiliated with Oaktree and entities affiliated with Angelo, Gordon&nbsp;&amp; Co. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company expects to use cash on hand, together with
borrowings under the &#147;Excel Vessel Bridge Facility&#148; to fund the cash consideration for the Excel Vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unity, is the
borrower under the Excel Vessel Bridge Facility, and the Company is, and each individual vessel-owning subsidiary of Unity (with one exception) will be, a guarantor. The Excel Vessel Bridge Facility matures on February&nbsp;28, 2016, with mandatory
prepayments of $6.0 million each due in March, June and September 2015. Outstanding amounts under the Excel Vessel Bridge Facility bear interest at a rate equal to LIBOR (based on a one month interest period) plus an applicable margin of either
5.00%&nbsp;per annum through February&nbsp;28, 2015 and 6.00%&nbsp;per annum thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Excel Vessel Bridge Facility will be secured
by 33 of the Excel Vessels acquired by the Company as well as related bank accounts, earnings and insurance proceeds and the equity of each vessel-owning subsidiary of Unity. The Excel Vessels are divided into 22 &#147;Core Collateral Vessels&#148;
and 11 &#147;Non-Core Collateral Vessels.&#148; As of September&nbsp;5, 2014, five of the Excel Vessels had been delivered to the Company, and $29.2 million of borrowings were outstanding under the Excel Vessel Bridge Facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Excel Vessel Bridge Facility contains customary affirmative and negative covenants applicable to Unity and its subsidiaries, including
limitations on the incurrence of additional indebtedness and guarantee obligations, the incurrence of liens, fundamental changes, asset sales, transactions with affiliates and investments. The Excel Vessel Bridge Facility contains customary events
of default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Excel Vessel Bridge Facility requires Unity and its subsidiaries to maintain in pledged accounts a minimum amount of cash
or cash equivalents in an aggregate amount of not less than (i)&nbsp;$500,000 multiplied by (ii)&nbsp;the number of Excel Vessels securing the Excel Vessel Bridge Facility at such time. The Excel Vessel Bridge Facility also requires Unity to
maintain a ratio of (i)&nbsp;the aggregate outstanding principal amount of loans under the Excel Vessel Bridge Facility to (ii)&nbsp;the aggregate fair market value of the Core Collateral Vessels at such time of not greater than 0.75 to 1.0. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Excel Vessel Bridge Facility also contains a restriction on distributions and other payments by Unity with various customary exceptions,
including the ability to pay distributions to its members so long as: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">no default or event of default shall have occurred and be continuing or would result from such payment; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">on a pro forma basis after giving effect to such payment, Unity is in compliance with its financial maintenance covenants; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">either: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(1) if the distribution is being made using the proceeds of a vessel disposition,
(A)&nbsp;25% of the net cash proceeds from sales of Core Collateral Vessels and (B)&nbsp;100% of the net cash proceeds from sales of Non-Core Collateral Vessels may be distributed, in each case, within 5 Business Days of receipt, to the extent that
the ratio of (x)&nbsp;the aggregate outstanding principal amount of loans under the Excel Vessel Bridge Facility (after taking account of mandatory prepayments) to (y)&nbsp;the aggregate fair market value of the Core Collateral Vessels is not
greater than 0.55 to 1.00; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(2) if the distribution is being made from other sources, on a pro forma basis after giving effect to such
payment, (x)&nbsp;the aggregate outstanding principal amount of loans under the Excel Vessel Bridge Facility (after taking account of mandatory prepayments) to (y)&nbsp;the aggregate fair market value of the Core Collateral Vessels is not greater
than 0.70 to 1.00. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On July 3, 2014, the Company received a notice of termination of the management agreement for the vessel Marto, one of the third-party owned vessels under the Company's management. The management agreement was terminated upon the vessel's delivery to its new managers, on August 20, 2014. The Company is entitled to receive management fees for a period of three months following the termination date, in accordance with the terms of the management agreement. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On July 11, 2014, the Company completed a transaction that resulted in the acquisition of Oceanbulk Shipping LLC (&amp;#147;Oceanbulk Shipping&amp;#148;) and Oceanbulk Carriers LLC (&amp;#147;Oceanbulk Carriers&amp;#148;, and, together with Oceanbulk Shipping, &amp;#147;Oceanbulk&amp;#148;) from Oaktree Dry Bulk Holdings LLC (including affiliated funds, &amp;#147;Oaktree&amp;#148;) and Millennia Holdings LLC (&amp;#147;Millennia Holdings&amp;#148;, and together with Oaktree, the &amp;#147;Sellers&amp;#148;) through the merger of the Company's wholly-owned subsidiaries into Oceanbulk's holding companies (the &amp;#147;Merger&amp;#148;). Oceanbulk owned and operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding fuel-efficient Eco-type dry bulk vessels (one of which, Peloreus was delivered on July 22, 2014) at shipyards in Japan and China. Millennia Holdings is an entity that is affiliated with the family of Mr. Petros Pappas, who became the Company's Chief Executive Officer in connection with the Merger. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The agreement governing the Merger also provided for the acquisition (the &amp;#147;Heron Transaction&amp;#148;) by the Company of two Kamsarmax vessels (the &amp;#147;Heron Vessels&amp;#148;), from Heron Ventures Ltd. (&amp;#147;Heron&amp;#148;), a limited liability the Company incorporated in Malta. The Company issued 2,115,706 of its common shares into escrow as consideration for the Heron Vessels. The common shares will be released from escrow to the Sellers at the time Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to the Company, and the Company expects to pay $25,000 in cash (for which it may seek financing). &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;In addition, concurrently with the Merger, the Company completed a transaction (the &amp;#147;Pappas Transaction&amp;#148;), in which it acquired all of the issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the &amp;#147;Pappas Companies&amp;#148;), which were entities owned and controlled by affiliates of the family of Mr. Pappas (the &amp;#147;Pappas Shareholders&amp;#148;). The Pappas Companies owned and operated a dry bulk carrier vessel (Tsu Ebisu) and had a contract for the construction of a newbuilding dry bulk carrier vessel, HN 5016 (tbn Indomitable). The Merger, the Heron Transaction and the Pappas Transaction are referred to, together, as the &amp;#147;July 2014 Transactions&amp;#148;. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;A total of 54,104,200 of the Company's common shares were issued to the various selling parties in the July 2014 Transactions, of which 45,460,324 shares were issued to Oaktree, and 8,643,876 were issued to the Pappas Shareholders and Millennia Holdings. As a result, Oaktree became the beneficial owner of approximately 61.3% of the Company's outstanding common shares, and the Pappas Shareholders and Millennia Holdings became the beneficial owners of approximately 12.6% of the Company's outstanding common shares. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;In July 2014 and in connection with the July 2014 Transactions, the Company's Board of Directors, or the Board, increased the number of directors constituting the Board to nine and, following the resignation of Mrs. Milena - Maria Pappas, appointed Mr. Rajath Shourie and Mses. Emily Stephens and Renee Kemp and Mr. Stelios Zavvos pursuant to the terms and subject to the conditions of the July 2014 Transactions. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;During July 2014, the Company obtained the consent of the various relevant lenders to complete the July 2014 Transactions. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;In July 2014 and in connection with the July 2014 Transactions, Mr. Petros Pappas was appointed Chief Executive Officer, Mr. Hamish Norton was appointed President, Mr. Christos Begleris was appointed Co-Chief Financial Officer, Mr. Nicos Rescos was appointed Chief Operating Officer, and Sophia Damigou was appointed Co-General Counsel. Mr. Spyros Capralos resigned as Chief Executive Officer and will remain the Company's Chairman and Zenon Kleopas will continue as the Company's Executive Vice President -&amp;#160;Technical Operations. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;As a result of the July 2014 Transactions, the Company assumed an additional $208,237 aggregate principal amount of vessel financing, all of which is secured by the vessels financed, some of which is guaranteed either by the Company or by certain of its subsidiaries. All of the vessel financing agreements have various negative and financial maintenance covenants. In addition, the Company also assumed bareboat charters with respect to four newbuilding vessels being built at New Yangzijiang and five newbuilding vessels being built at SWS. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Of the $208,237 aggregate principal amount of vessel financing that the Company assumed, $20,000 is outstanding under a facility (the &amp;#147;Dioriga Facility&amp;#148;) provided by HSBC Bank plc to Dioriga Shipping Co. (&amp;#147;Dioriga&amp;#148;) to partially finance the construction cost of Tsu Ebisu, which was delivered in April 2014. The Company assumed the Dioriga Facility when it purchased all of the outstanding equity of Dioriga in the Pappas Transaction. The Dioriga Facility will mature in March 2019 and will be repayable in 20 quarterly installments of $350 each, commencing three months after the drawdown, plus a balloon payment of $13,000 due together with the last installment. The loan bears interest at LIBOR plus a margin of 3.2% per annum (as long as ACR exceeds 143%) or 4.30% per annum (if ACR falls below 143%). The Dioriga Facility is secured by a first priority mortgage over the financed vessel and general and specific assignments. The Dioriga Facility includes certain negative covenants, including covenants against (i) changes in the management or legal or beneficial ownership of Dioriga and (ii) encumbrance on the assets of Dioriga. The Dioriga Facility includes the following financial maintenance covenants: &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#149;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;a market value of the vessel to loan (including interest rate swap exposure) ratio to exceed 130%; and &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#149;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;minimum liquidity to exceed $700, to be maintained in an account with HSBC Bank plc. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On July 11, 2014, 15,000 common shares were granted to the Company's directors, Mr. Softeland and Mr. Schmitz, and vested on the same date. The Company plans to issue the shares in connection with these grants during the third quarter of 2014. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On July 16, 2014, the Company executed a binding term sheet with NIBC Bank N.V. (the &amp;#147;NIBC Facility&amp;#148;) for financing an aggregate amount of $32,000, which will be available in two tranches of $16,000, to partially finance the construction cost of two Ultramax bulk carriers currently under construction by Japan Marine United Corporation (Hulls HN 5040, tbn Star Acquarius and HN 5043, tbn Star Pisces), with expected delivery in June 2015 and September 2015, respectively. Execution of the definitive agreements relating to this facility is scheduled on or before September 15, 2014. The facility will mature six years after the signing date. Each tranche is expected to be drawn with the delivery of the relevant vessel and will be repayable in consecutive quarterly installments of $268, commencing three months after the drawdown, plus a balloon payment of $10,650, for HN 5040, and $10,918, for HN 5043, both due in September 2020. The NIBC Facility will bear interest at LIBOR plus a margin of 2.80% per annum. It will be secured by a first priority cross collateralized mortgage over the financed vessels and general and specific assignments and will be guaranteed by the Company. The definitive agreements of the NIBC Facility will contain negative and financial covenants customary for facilities of this type. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On July 22, 2014, Peloreus, a Capesize vessel with a capacity of 182,000 dwt, was delivered to us by JMU. The delivery installment payment of $34,625 was partially financed by $32,500 drawn under a loan facility with Deutsche Bank AG, and the remaining amount of $2,125 was financed by existing cash. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;In July, 2014, Positive Shipping Company executed a binding term sheet with BNP Paribas (the &amp;#147;BNP Facility&amp;#148;) for financing an amount of $32,500 to partially finance the construction cost of its Capesize bulk carrier currently under construction by Japan Marine United Corporation (Hull HN 5016, tbn Indomitable), with expected delivery in October 2014. Execution of the definitive agreement relating to this facility is scheduled on or before September 30, 2014. The facility is expected to be drawn with the delivery of the vessel and will be repaid in 20 equal, consecutive, quarterly principal payments of $537.5 each with the first becoming due and payable three months from the drawdown date together with a balloon installment of $21,750 payable simultaneously with the 20th installment. The BNP Facility will bear interest at LIBOR plus a margin of 2.50% per annum. It will be secured by a first priority mortgage over the financed vessel and general and specific assignments and will be guaranteed by the Company. The definitive agreement of the BNP Facility will contain negative and financial covenants customary for facilities of this type. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On August 4, 2014, pursuant to a termination agreement between the Company and Mr. Spyros Capralos, former Chief Executive Officer and current Non-Executive Chairman, dated July 31, 2014, the Company made a severance payment of 168,842 common shares and &amp;#128;644,000 of cash to Mr. Capralos.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;In August 2014, the Company entered into definitive agreements with Excel Maritime Carriers Ltd. (&amp;#147;Excel&amp;#148;), pursuant to which the Company will acquire 34 dry bulk carrier vessels, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels (collectively, the &amp;#147;Excel Vessels&amp;#148;) for an aggregate of 29,917,312 common shares (the &amp;#147;Excel Vessel Share Consideration&amp;#148;) and $288,391 in cash. The Excel Vessels will be transferred to the Company in a series of closings, on a vessel-by-vessel basis, in general upon reaching port after their current voyages and cargoes are discharged. &amp;#160;In the case of three Excel Vessels (Christine (tbn Star Marsha), Sandra (tbn Star Pauline) and Lowlands Beilun (tbn Star Despoina)) which are being transferred subject to existing charters, the Company will receive the outstanding equity interests of the vessel-owning subsidiaries that own those Excel Vessels (although no liabilities and other assets of such vessel-owning subsidiaries will be transfered). &amp;#160;The Company expects to complete all of the Excel Vessel closings by the end of 2014.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Entities affiliated with Oaktree (the &amp;#147;Oaktree Excel Investors&amp;#148;) and entities affiliated with Angelo, Gordon &amp;amp; Co. (the &amp;#147;Angelo, Gordon Excel Investors&amp;#148;) are holders of 48.1% and 24.3%, respectively, of the outstanding equity of Excel. The Excel Transactions were approved by the disinterested members of the Company's board of directors, based upon the recommendation of a transaction committee of disinterested directors, which considered the Excel Transactions on the Company's behalf in coordination with the Company's management team. &amp;#160;The total consideration was determined based on the average of three vessel appraisals by independent vessel appraisers.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;At the transfer of each Excel Vessel, the Company will pay the cash and share consideration for such Excel Vessel to Excel. &amp;#160;The Company expects to use cash on hand, together with borrowings under a new $231,000 secured bridge loan facility (the &amp;#147;Excel Vessel Bridge Facility&amp;#148;) extended to the Company by entities affiliated with Oaktree and entities affiliated with Angelo, Gordon &amp;amp; Co. to fund the cash consideration for the Excel Vessels. Excel will use the cash consideration to cause an amount of outstanding indebtedness under its senior secured credit agreement to be repaid, such that all liens and obligations with respect to the transferred Excel Vessels (or vessel-owning subsidiary) are released upon the transfer to the Company. The Company has been informed that Excel expects to distribute the Excel Vessel Share Consideration to its equity holders, including the Oaktree Excel Investors and the Angelo, Gordon Excel Investors.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The Company refers to the foregoing transactions relating to the acquisition of the Excel Vessels as the &amp;#148; Excel Transactions&amp;#148;, and the Company refers to the Excel Transactions and the July 2014 Transactions as the &amp;#147;Transactions&amp;#148;.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;A total of 54,104,200 of the Company's common shares were issued to the various selling parties in the July 2014 Transactions, of which 45,460,324 shares were issued to Oaktree, and 8,643,876 shares were issued to owners of the Pappas Companies and Millennia Holdings. After the July 2014 Transactions, Oaktree was the beneficial owner of approximately 61.3% of the Company's outstanding common shares, and the Pappas Shareholders and Millennia Holdings were the beneficial owners of approximately 12.6% of the Company's outstanding common shares.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Giving effect to the completion of the Excel Transactions (which we expect to occur by the end of 2014), and assuming the full distribution of the Excel Vessel Share Consideration to Excel's equity holders, Oaktree will beneficially own 57.3% of the Company's outstanding common shares, and the Angelo Gordon Investors will beneficially own 7.8% of the Company's outstanding common shares. &amp;#160;As a result of the issuance of the Excel Vessel Share Consideration, the Pappas Shareholders will beneficially own 9.3% of the Company's outstanding common shares.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Under the Oaktree Shareholders Agreement, with certain limited exceptions, Oaktree effectively cannot vote more than 33% of the Company's outstanding common shares (subject to adjustment under certain circumstances), and the Pappas Shareholders are subject to a similar limitation under the Pappas Shareholders Agreement of 15% (subject to adjustment under certain circumstances). &amp;#160;For more information regarding these voting limitations, see Exhibit 99.3 to this Report on Form 6-K. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;As of September 5, 2014, five Excel Vessels had been delivered to the Company in exchange for 3,548,372 common shares and 3,678 of cash. As of the same date, there was $29,240 of outstanding borrowings under the Excel Vessel Bridge Facility. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;Developments Relating to Heron&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On September 5, 2014, Oceanbulk Shipping, which is now a subsidiary of the Company as a result of the July 2014 Transactions, entered into a term sheet with ABY Group Holdings Limited (&amp;#147;ABY Group&amp;#148;) and Heron. The term sheet provides for the conversion of the existing convertible notes (the &amp;#147;Convertible Notes&amp;#148;) issued by Heron to Oceanbulk into 50% of the equity of Heron (with the remaining 50% of Heron's equity to be held by ABY Group). Among other things, the term sheet contains customary governance provisions and provisions relating to the liquidation of Heron following the conversion of the Convertible Notes. Under the term sheet, as soon as practicable, Oceanbulk Shipping will receive as a distribution the ABYO Gwyneth and the ABYO Angelina (two Kamsarmax vessels of 82,790 dwt and 82,987 dwt, respectively), and ABY Group will receive as a distribution the ABYO Audrey (a Capesize vessel of 175,125 dwt) and the ABYO Oprah (a Kamsarmax vessel of &amp;#160;82,551 dwt). Subject to the lender's approval, the remaining amount of debt under Heron's existing credit facility (the &amp;#147;CiT Facility&amp;#148;), will be assigned to each equity holder based on the amount of the CiT facility corresponding to the vessels being distributed to such equity holder. The conversion of the Convertible Notes is expected to occur during September 2014, as soon as all customary conditions precedent are satisfied. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Pursuant to the Merger Agreement, the Company expects the Sellers will remain as the ultimate beneficial owners of Heron, until Heron is dissolved. In addition, upon the distribution of the Heron Vessels to its equity holders, the Company will be required to pay $25,000 in cash in respect of the debt secured by the Heron Vessels and instruct the Escrow Agent to release the 2,115,706 common shares held in escrow in order to acquire the two vessels distributed to Oceanbulk. The Company expects that the transfer of the two Heron Vessels to it will be completed within the second half of 2014.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:SubsequentEventsTextBlock>
  <us-gaap:FairValueDisclosuresTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;15.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Fair value measurements:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;ASC 815, "Derivatives and Hedging" requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The Company recognizes all derivative instruments as either assets or liabilities at fair value on its consolidated balance sheets.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Changes in the fair value of derivative instruments that have not been designated as hedging instruments are reported in the accompanying unaudited interim condensed consolidated statements of operations.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;&lt;u&gt;Fair value on a recurring basis&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;Interest rate swaps&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The Company enters into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to its variable interest loans and credit facilities. The Company's interest rate swaps did not qualify for hedge accounting and therefore resulting gains or losses are recognized in the accompanying unaudited interim condensed consolidated statements of operations.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;In June 2013, the Company entered into two interest rate swap agreements of $26,840 and $28,628 notional amount, which will be effective by November and August 2014, respectively, and mature in August and November 2018, respectively. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On April 28, 2014, the Company entered into two interest rate swap agreements to fix forward 50% of its floating interest rate liabilities for the $35,000 loan facility with HSH Nordbank AG (see Note 8 a)), which will be in effect by September 30, 2014 and mature in September 2018 respectively. Under the terms of the respective interest rate swap agreements, the Company will be paying on a quarterly basis a fixed rate of 1.765% per annum, while receiving a variable amount equal to the three month U.S. LIBOR rate, both applied on the notional amount of the swaps outstanding at each settlement date. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;As of December 31, 2013, the Company had two interest rate swap transactions outstanding, and the Company had four interest rate swap transactions outstanding as of June 30, 2014.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The change in the fair market value of the respective swaps for the six month periods ended June 30, 2013 and 2014 resulted in a gain of $438 and in a loss of $819, respectively and are included in &amp;#147;Gain / (loss) on derivative financial instruments, net&amp;#148; in the accompanying unaudited interim condensed consolidated statement of operations.&lt;br/&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:301px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;SIx month period ended&lt;br/&gt;June 30,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:111px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:128px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:111px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:128px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:29px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Gain/ (loss) on interest rate swaps&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;438&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(819&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td valign="top"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:111px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;438 &amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:128px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;(819) &amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:140px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:111px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:128px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Level 1: Quoted market prices in active markets for identical assets or liabilities&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Level 3: Unobservable inputs that are not corroborated by market data&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The following table summarizes the valuation of the Company's financial instruments as of December 31, 2013 and June 30, 2014.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="5" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:250px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Significant Other Observable Inputs &lt;br/&gt;(Level 2)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;December 31,&lt;br/&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;June 30,&lt;br/&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;ASSETS&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Interest rate swaps - asset position&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;91&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;91&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;-&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;LIABILITIES&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Interest rate swaps - liability position&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;728&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;-&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;728&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:238px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:102px;"&gt;&lt;/td&gt;
    &lt;td style="width:17px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:87px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&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 June 30, 2014.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#8195;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;14.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Commitments and Contingencies:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Future minimum contractual charter revenue&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Future minimum contractual charter revenue, based on vessels committed to non-cancelable, time charter contracts net of address commission which amounted to $657, as of June 30, 2014, will be:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:35px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Twelve month periods ending &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Amount*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;24,419&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;14,541&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2017&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;765&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2020 and thereafter&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;39,725&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:209px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:603px;height:35px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(*)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;These amounts do not include any assumed off-hire except for the scheduled dry-docking intermediate and special surveys of the vessels.&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#8195;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Georgia;font-size:13.3px;color:#000000;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Contractual obligations&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The following table sets forth the Company's contractual obligations and their maturity as June 30, 2014.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="18" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:527px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Twelve month periods ending June 30,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2017&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2020 and thereafter&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Shipbuilding contracts &amp;amp; agreed extra costs &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;303,934&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$ 81,747&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:75px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$ 222,187&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:56px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$ -&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:57px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$ -&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:38px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:47px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&amp;#160;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;$-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Bareboat capital leases - upfront hire &amp;amp; handling fees&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;13,080&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;12,024&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,056&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:150px;height:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Bareboat commitments charter hire &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;124,739&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;6,588&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9,266&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9,249&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9,232&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;90,404&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;441,753&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$93,771&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$229,831&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$9,266&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$9,249&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$9,232&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$90,404&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" colspan="22" style=" border:solid #000000 0.0px;width:761px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(1) The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.327%, as of June 30, 2014 (please refer to Note 6).&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:125px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:58px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:69px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:3px;"&gt;&lt;/td&gt;
    &lt;td style="width:75px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:56px;"&gt;&lt;/td&gt;
    &lt;td style="width:5px;"&gt;&lt;/td&gt;
    &lt;td style="width:22px;"&gt;&lt;/td&gt;
    &lt;td style="width:5px;"&gt;&lt;/td&gt;
    &lt;td style="width:52px;"&gt;&lt;/td&gt;
    &lt;td style="width:33px;"&gt;&lt;/td&gt;
    &lt;td style="width:5px;"&gt;&lt;/td&gt;
    &lt;td style="width:46px;"&gt;&lt;/td&gt;
    &lt;td style="width:0px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:77px;"&gt;&lt;/td&gt;
    &lt;td style="width:9px;"&gt;&lt;/td&gt;
    &lt;td style="width:0px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Legal proceedings&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&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 accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, for which it has not accrued for, requiring disclosure in the accompanying unaudited interim condensed consolidated financial statements.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The Company's vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&amp;amp;I Association in which the Company's vessels are entered. The Company's vessels are subject to calls payable to their P&amp;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;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 condensed consolidated financial statements.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;13.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Equity Incentive Plan:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On March 21, 2013, the Company's Board of Directors adopted the 2013 Equity Incentive Plan (the 2013 Plan) and reserved for issuance 240,000 common shares thereunder. 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 an interest in the success of the Company, maximize their performance and enhance the long-term performance of the Company. As of June 30, 2014, all of the respective shares have been granted and vested.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On March 21, 2013, 239,333 restricted common shares were granted to certain directors, officers, employees of the Company, the respective shares were issued on September 11, 2013, and vested on March 21, 2014. Additionally, on the same day, 12,000 restricted common shares were granted to the Company's former director Mr. Espig, the respective shares vested immediately and were issued on June 27, 2013. The fair value of each share was $6.46 and was determined by reference to the closing price of the Company's common stock on the grant date.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On February 20, 2014, the Company's Board of Directors adopted the 2014 Equity Incentive Plan (the 2014 Plan) and reserved for issuance 430,000 common shares thereunder. The terms and conditions of the 2014 Plan are substantially similar to the terms and conditions of Company's previous equity incentive plans. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On February 20, 2014, 394,167 restricted common shares were granted to certain directors, officers, employees of the Company, the respective shares will vest on March 20, 2015. Additionally, on the same day, 8,000 restricted common shares were granted to two Company's directors Mr. Softeland and Mr. Erhardt, which vested immediately. The fair value of each share was $10.86, based on the closing price of the Company's common stock on the grant date. The respective shares were issued in May 2014 along with 9,333 common shares to the Company's Chief Executive Officer, representing the first installment of his minimum guaranteed incentive award in accordance with his consultancy agreement dated May 3, 2013.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;All non-vested shares vest based on upon the grantee's continued service as an employee of the Company, or as a director until the applicable vesting date. 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, although, the issued and non-vested shares pay dividends as declared. The dividends of these shares are forfeitable.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&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. For the six month periods ended June 30, 2013 and 2014, stock based compensation cost was $600 and $1,903, respectively, and is included under &amp;#147;General and administrative expenses&amp;#148; in the accompanying unaudited interim condensed consolidated statements of operations.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;A summary of the status of the Company's non-vested shares as of June 30, 2014 and the movement during the year ended December 31, 2013 and the six month period ended June 30, 2014, is presented below.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:43px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Number of shares&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Weighted Average Grant Date Fair Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Unvested as at January 1, 2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;18,667&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;36.75&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Granted&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;279,333&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;6.43&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vested&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(21,333&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;19.71&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Unvested as at June 30, 2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;276,667&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;7.46&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Unvested as at January 1, 2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;276,667&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;7.46&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Granted&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;402,167&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;10.86&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vested&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(266,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;7.65&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Unvested as at June 30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;412,834&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;10.65&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;As of June 30, 2014, there was $2,917 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 0.74 years.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:EarningsPerShareTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;12.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Earnings / Loss per Share:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;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 earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The Company calculates basic and diluted earnings per share as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:244px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Six month period ended&lt;br/&gt;June 30,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Income:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Net income / (loss)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,964&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(3,870&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:92px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Basic earnings / (loss) per share:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Weighted average common shares outstanding, basic &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;5,414,998 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;28,973,621 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Basic earnings/(loss) per share&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;0.36 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(0.13&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Effect of dilutive securities:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Dilutive effect of non-vested shares&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;28,641 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Weighted average common shares outstanding, diluted&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;5,443,639 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;28,973,621 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Diluted earnings / (loss) per share&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;0.36&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(0.13&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:353px;"&gt;&lt;/td&gt;
    &lt;td style="width:101px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:82px;"&gt;&lt;/td&gt;
    &lt;td style="width:26px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:92px;"&gt;&lt;/td&gt;
    &lt;td style="width:92px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The weighted average diluted common shares outstanding for the six month period ended June 30, 2013 includes the effect of 28,641 shares being the number of incremental shares assumed to be issued under the treasury stock method and 6,807 shares has been excluded from this calculation due to their anti-dilutive effect. For the six month period ended June 30, 2014, and on the basis that the Company incurred a net loss, the effect of 412,834 non- vested shares would be anti-dilutive; therefore basic equals diluted loss per share.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:244px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Six month period ended&lt;br/&gt;June 30,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Income:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Net income / (loss)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,964&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(3,870&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td valign="top"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Basic earnings / (loss) per share:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Weighted average common shares outstanding, basic &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;5,414,998 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;28,973,621 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Basic earnings/(loss) per share&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;0.36 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(0.13&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td valign="top"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Effect of dilutive securities:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Dilutive effect of non-vested shares&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;28,641 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Weighted average common shares outstanding, diluted&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;5,443,639 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;28,973,621 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Diluted earnings / (loss) per share&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;0.36&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(0.13&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td valign="top"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:101px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:26px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:92px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:353px;"&gt;&lt;/td&gt;
    &lt;td style="width:101px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:82px;"&gt;&lt;/td&gt;
    &lt;td style="width:26px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:92px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
  <sblk:OtherOperationalLossTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;11.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Other Operational Loss:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&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. During the six month period ended June 30, 2013, an expense amounted to $562 incurred by the Company towards the third party based on the agreement mentioned above. The expense of $562 was incurred in connection to the settlement amount of $1,250, described in Note 10 &amp;#147;Other Operational Gain&amp;#148;, above. This amount is presented in &amp;#147;Other operational loss&amp;#148; in the accompanying unaudited interim condensed consolidated statement of operations for the period ended June 30, 2013. Other operational loss for the six month period ended June 30, 2014, amounted to $94. &lt;/font&gt;&lt;/div&gt;</sblk:OtherOperationalLossTextBlock>
  <sblk:OtherOperationalGainTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;10.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Other Operational Gain:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Other operational gain for the six month period ended June 30, 2013, totaled $1,647 and represented non-recurring revenue of $1,250 from the settlement of a commercial claim and a gain from hull &amp;amp; machinery claim of $397. For the six month period ended June 30, 2014, other operational gain totaling $407 consisted of a gain from a hull and machinery claim of $237 and a $170 rebate from Company's previous manning agent. &amp;#160;&lt;/font&gt;&lt;/div&gt;</sblk:OtherOperationalGainTextBlock>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;9.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Preferred, Common Stock and Additional Paid in Capital:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&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 June 30, 2014 the Company has not issued any preferred stock.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&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;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&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;/font&gt;&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:LongTermDebtTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;8.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Long-term Debt:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Details of the Company's loan and credit facilities are discussed in Note 9 of the Company's consolidated financial statements for the year ended December 31, 2013, included in the Company's annual report on Form 20-F, except for two new loan agreements signed during the six months ended June 30, 2014, as noted below:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;HSH Nordbank AG $35,000 facility:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On February 6, 2014, the Company entered into a new $35,000 secured term loan agreement with HSH Nordbank AG. The borrowing under this new loan agreement is used to partially finance the acquisition of the vessels Star Challenger and Star Fighter, which also provide the security for this loan agreement. 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 will mature in February 2021 and is repayable in 28 consecutive quarterly installments, which commence in May 2014 and amount to $312.5 and $291.7, and a final balloon payment of $8,750 and $9,332.4, payable together with the last installments, for Star Challenger and Star Fighter respectively. This senior secured credit facility bears interest at LIBOR plus a margin of 3.25%.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;This loan agreement contains financial and other customary covenants, under which the Company as corporate guarantor shall ensure the following : (i) the market value adjusted leverage ratio shall not be greater than 75%, (ii) a ratio of EBITDA to interest expense, no less than 2.0:1.0, (iii) minimum liquidity of $500 shall be maintained for each of the Company's vessels, (iv) a minimum market adjusted net worth shall not be less than $100,000, (v) an actual pledged amount of $300 shall be maintained per mortgaged vessel (the &amp;#147; Mandatory Minimum Amount&amp;#148;), and (vi) an additional actual pledged amount of $600 shall be maintained per vessel (the &amp;#147;Additional Liquidity Amount&amp;#148;), in case there is no time charter employment in place (as defined in the loan agreement) on the drawdown date. The respective amounts pledged will be gradually reduced by $150 per annum per vessel on each anniversary of the drawdown date with respect to the relevant vessel. The borrowers may not pay any dividends or make similar distributions if breach of covenant and/or event of default or will occur after such dividend or distribution. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of Star Challenger and Star Fighter of at least 125% of the amount outstanding including the Mandatory Minimum Amount and excluding the Additional Liquidity Amount.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;As of December 31, 2013 and June 30, 2014, the Company had outstanding borrowings of $0 and $34,396, respectively, under this loan agreement.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Deutsche Bank AG $39,000 facility:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On March 14, 2014, the Company entered into a new $39,000 secured term loan agreement with Deutsche Bank AG. The borrowings under this new loan agreement were used to partially finance the two Post Panamax vessels, Star Sirius and Star Vega, which are the collateral for this facility. Under this 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 consists of two tranches of $19,500 each. This senior secured credit facility will mature in March 2021. Each tranche is repayable in 28 consecutive installments of $390 each which commence in June 2014 and a final balloon payment of $8,580. Both tranches bear interest at LIBOR, plus a margin of 3.35%.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;This loan agreement contains financial and other covenants under which the Company is the corporate guarantor shall maintain the following: (i) a market value adjusted leverage ratio of not greater than 70%; (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) minimum liquidity of $500 per vessel for each of the Company's vessels; (v) an actual pledged amount of $500 for each mortgaged vessel under this credit facility; and (vi) a minimum fair market value of the vessels plus the pledged amount of cash of no less than 130% of the outstanding amount under that facility. In addition, the borrowers will not pay any dividends or make similar distributions if the Company is in breach of a covenant and/or an event of default exists or will occur after such dividend or distribution.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;As of December 31, 2013 and June 30, 2014, the Company had outstanding borrowings of $0 and $38,220, respectively, under this loan agreement. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The principal payments required to be made after June 30, 2014, for all outstanding debt, are as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Twelve month periods ending&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Amount&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;29,250&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;41,252&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2017&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;82,257&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9,477&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;46,714&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2020 and thereafter&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;44,932&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;253,882&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#8195;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;As of June 30, 2014, the Company was in compliance with the amended financial and other covenants contained in its loan agreements. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;At June 30, 2014, all of the Company's vessels, having a net carrying value of $376,643, are first-priority mortgaged as collateral to its loan facilities.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Interest expense for the six month periods ended June 30, 2013 and 2014, amounted to $3,455, and $2,684, respectively, amortization of deferred finance fees amounted to $292 and $284, respectively, and other finance fees amounted to $47 and $89, respectively, and are included under &amp;#147;Interest and finance costs&amp;#148; in the accompanying unaudited interim condensed consolidated statements of operations as of June 30, 2013, and 2014, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:LongTermDebtTextBlock>
  <sblk:FairValueAboveMarketAcquiredTimeChartersTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;7.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Fair value of Above Market Acquired Time Charters:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The amortization of fair value of above-market acquired time charters related to the vessels Star Big and Star Mega, which were acquired in 2011, amounted to $3,150 and $3,149 &amp;#160;for the six months ended June 30, 2013 and 2014, respectively, and is included under "Voyage revenues" in the accompanying unaudited interim condensed consolidated statements of operations.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The estimated aggregate amortization expense of the above market acquired time charters until their expiration is analyzed as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:201px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Twelve month periods ending&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Amount&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:201px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;3,525&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,304&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;4,829&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</sblk:FairValueAboveMarketAcquiredTimeChartersTextBlock>
  <sblk:AdvancesForVesselsAcquisitionsTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;6.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Advances for Vessels Acquisitions:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:29px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 31,&lt;br/&gt;2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30,&lt;br/&gt;2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Pre-delivery Yard installments &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;66,780&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;66,780&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Bareboat capital leases - upfront hire &amp;amp; handling fees&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;12,012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Capitalized interest and finance costs&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;633&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,885&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Other capitalized costs (Note 3) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;519&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,117&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;67,932&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;81,794&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On July 5, 2013, Star Bulk through two wholly-owned subsidiaries, Star Cape I LLC and Star Cape II LLC, contracted with Shanghai Waigaoqiao Shipbuilding Co. Ltd., or SWS, shipyard to build two 180,000 dwt eco-type, fuel efficient Capesize dry bulk vessels, Hull 1338 and Hull 1339. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On September 23, 2013, Star Bulk through two wholly-owned subsidiaries, Star Castle I LLC and Star Castle II LLC, contracted with SWS, to build two 208,000 dwt eco-type, fuel efficient Newcastlemax dry bulk vessels, Hull 1342 and Hull 1343&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On September 27, 2013, Star Bulk through three wholly-owned subsidiaries, Star Axe I LLC, Star Axe II LLC and Star Ennea LLC, contracted with Nantong COSCO KHI Ship Engineering Co., or NACKS, shipyard to build two 61,000 dwt eco-type, fuel efficient Ultramax dry bulk vessels, Hull NE 196 and Hull NE 197 and one 209,000 dwt eco-type, fuel efficient Newcastlemax dry bulk vessel, Hull NE 198.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On October 22, 2013, Star Bulk through two wholly-owned subsidiaries, Star Asia I LLC and Star Asia II LLC, contracted with Japan Marine United Corporation, or JMU, shipyard to build two 60,000 dwt eco-type,fuel efficient Ultramax dry bulk vessels, Hull 5040 and Hull 5043.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The total aggregate contracted price for all nine newbuilding vessels is $367,400 plus agreed extras costs of $3,314, payable in periodic installments up to their deliveries. During the year ended December 31, 2013, and for the six month period ended June 30, 2014, the Company paid advances to the shipyards amounting to $66,780.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On February 17, 2014, the Company entered into agreements, or the &amp;#147;Bareboat Charters&amp;#148;, with CSSC (Hong Kong) Shipping Company Limited, or CSSC, an affiliate of SWS, to bareboat charter for ten years, two fuel efficient newbuilding Newcastlemax dry bulk vessels, Hull 1372 and Hull 1371, or the &amp;#147;CSSC Vessels&amp;#148;, each with a cargo carrying capacity of 208,000 dwt, which are under construction. The vessels are being constructed pursuant to shipbuilding contracts entered into between two pairings of affiliates of SWS. Each pair has one shipyard party (each, an &amp;#147;SWS Builder&amp;#148;) and one ship-owning entity (each an &amp;#147;SWS Owner&amp;#148;). Delivery to the Company of each vessel is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder. An amount of $47,200 and $46,400, respectively, for the construction cost of each vessel will be financed by the relevant SWS Owner, to whom the Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount corresponding to the LIBOR rate payable every six months. In addition, the Company will pay for Hull 1371 an installment of $300 plus an additional amount of $378 per vessel for agreed extra costs. In addition, the Company is also obliged to pay an amount of $936 representing handling fees in two installments. The first installment of $462 was paid upon the signing of the Bareboat Charters, and the second installment is due in one year. Under the terms of the Bareboat Charters, the Company has the option to purchase the CSSC Vessels at any time, such option exercisable on a monthly basis against a predetermined, amortizing balance payment whilst it has a respective obligation of purchasing the vessels at the expiration of the bareboat term. Upon the earlier of the exercise of the purchase options or the expiration of the Bareboat Charters, the Company will own the CSSC Vessels. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Based on ASC Topic 840, the Company determined that the bareboat charters should be classified as capital leases. In addition, based on the lease agreement provisions, the Company is deemed to have substantially all of the construction period risk and therefore is considered the owner of the vessels during the construction period. Therefore the amount of $12,012 paid during the six months ended June 30, 2014, representing the first installment of upfront hire and the handling fees for the two newbuilding vessels, has been capitalized and is included under &amp;#147;Advances for vessel acquisitions&amp;#148; in the accompanying unaudited consolidated balance sheets.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Each of the above Bareboat Charters is considered a sales type lease and will be accounted for as a sale and leaseback transaction upon the delivery of each newbuilding to the Company and the beginning of the lease term. At that time the financial liability and the financial asset will be recognized in accordance with the applicable capital lease accounting guidance. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The amounts of $67,932 and $81,794 are included in &amp;#147;Advances for vessel acquisitions&amp;#148; in the accompanying consolidated balance sheets, and represent amounts paid to shipyards for newbuilding vessels, upfront hire payments and handling fees payments for the bareboat charters, capitalized interest and finance costs and other capitalized costs, as analyzed in the table in this Note.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</sblk:AdvancesForVesselsAcquisitionsTextBlock>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;5.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Vessels and Other Fixed Assets, Net:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The amounts in the accompanying consolidated balance sheets are analyzed as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:29px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 31,&lt;br/&gt;2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30,&lt;br/&gt;2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vessels&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;481,086&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;541,141&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Other fixed assets&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,083&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,433&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total cost&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;482,169&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;542,574&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Accumulated depreciation&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(155,495&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(165,272&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td valign="top"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Vessels and other fixed assets, net&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;326,674&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;377,302&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;i&gt;&lt;b&gt;Vessels acquired / disposed during the six month period ended June 30, 2013&lt;/b&gt;&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On March 14, 2013, the Company entered into an agreement with a third party to sell the Star Sigma, for a contracted price of $9,044 less address commission of 3% and brokerage commission of 2%.&lt;i&gt; &lt;/i&gt;The vessel was delivered to its purchasers on April 10, 2013. The net carrying amount of Star Sigma as of the date of its delivery was $8,354 and the resulting loss of $81 is included under "Loss on sale of vessel" in the accompanying unaudited interim condensed consolidated statement of operations for the six month period ended June 30, 2013.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;No vessel acquisitions took place in the six month period ended June 30, 2013.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;i&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;i&gt;&lt;b&gt;Vessels acquired / disposed during the six month period ended June 30, 2014&lt;/b&gt;&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On January 24, 2014, the Company entered into two agreements to acquire from Glocal Maritime Ltd, or "Glocal", an unaffiliated third party, two 98,000 dwt Post Panamax vessels, Star Vega and Star Sirius, built 2011, for an aggregate purchase price of $60,000. The vessels Star Vega and Star Sirius, were delivered to the Company on February 13, 2014 and March 7, 2014, respectively. The vessels, upon their delivery, were chartered back to Glocal for a daily rate of $15 less brokerage commission of 1.25% until at least June 2016. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;No vessel disposals took place in the six month period ended June 30, 2014.&lt;/font&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:InventoryDisclosureTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;4.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Inventories:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:112px;height:29px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 31,&lt;br/&gt;2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30,&lt;br/&gt;2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:112px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Lubricants&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:156px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,726&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2,099&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Bunkers&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;3,128&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:156px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;1,726&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;5,227&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:InventoryDisclosureTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;3.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Transactions with Related Parties:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Transactions and balances with related parties are analyzed as follows:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Balance Sheet&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;December 31, 2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;June 30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Combine Marine Ltd (c)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Oceanbulk Maritime S.A. (d)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;176&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Managed Vessels of Oceanbulk Shipping LLC (e)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;420&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,752&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Product Shipping &amp;amp; Trading S.A. (f)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;56&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;25&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total Assets&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;486&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;1,953&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Interchart Shipping Inc. (a)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;58&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;77&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Management and Directors Fees (b)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;111&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;71&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Managed Vessels of Oceanbulk Shipping LLC (e)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;390&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,328&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;559&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;1,476&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Capitalized Expenses&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;December 31, 2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;June 30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Advances for vessels under construction and acquisition of vessels and other assets&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Oceanbulk Maritime S.A.- commision fee for newbuilding vessels (d)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;519&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,038&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Statements of Operations&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:276px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="4" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:276px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Six month period ended June 30,&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Commision on sale of vessel - Oceanbulk Maritime S.A.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(90) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;-&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Executive directors consultancy fees (b)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(246) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(286) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Non-executive directors compensation (b)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(51) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(71) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Office rent - Combine Marine Ltd. (c)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(20) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(21) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Voyage expenses-Interchart (a)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(397) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(385) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Management fee income - Oceanbulk Maritime S.A. (d)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;93&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Management fee income - Managed Vessels of Oceanbulk Shipping LLC (e)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;272 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,299&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Management fee income Product Shipping &amp;amp; Trading S.A. (f)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;40 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;62&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Interchart Shipping Inc. or Interchart:&lt;/b&gt; On February 25, 2014, the Company acquired 33% of the total outstanding common stock of Interchart for a consideration of $200 in cash and 22,598 of the Company's restricted common shares. The common shares were issued on April 1, 2014, and the fair value per share of $14.51 was determined by reference to the closing price of the Company's common share on the issuance date. This transaction is considered an equity method accounted investment. On February 25, 2014, the Company entered into a services agreement (the &amp;#147;Services Agreement&amp;#148;) with Interchart, for chartering, brokering and commercial services for all the Company's vessels for an annual fee of &amp;#128;500,000 (approx. $685, using the exchange rate as of June 30, 2014, which was $1.37 per euro). This fee is adjustable for changes in Company's fleet pursuant to the terms of the Services Agreement. Under the Services Agreement, all previously agreed upon brokerage commissions due to Interchart were cancelled retroactively from January 1, 2014. Previous to this Agreement, Interchart acted as chartering broker of all the Company's vessels. As of December 31, 2013 and June 30, 2014, the Company had an outstanding payable of $58 and $77, respectively, to Interchart. During the six months ended June 30, 2013 and 2014, the brokerage commission charged by Interchart amounted to $397 and $385, respectively, and is included in &amp;#147;Voyage expenses&amp;#148; in the accompanying unaudited interim condensed consolidated statements of operations.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Management and Directors Fees:&lt;/b&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 resigned from the Company's Board of Directors on March 31, 2012. Effective February 7, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's Chief Executive Officer, Mr Spyros Capralos. This agreement had a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company paid the Chief Executive Officer a base fee at an annual rate of not less than &amp;#128;160,000 (approx. $219, using the exchange rate as of June 30, 2014, which was $1.37 per euro), additionally, the Chief Executive Officer was 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 vested in three equal annual installments, the first installment of 9,333 shares vested on February 7, 2012, the second installment of 9,333 shares vested on February 7, 2013 and the last installment of 9,334 shares vested on February 7, 2014. During the six months ended June 30, 2013, the consultancy fees under the specific consulting agreement with the Company's Chief Executive Officer amounted to $79.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On May 2, 2011, the Company entered into a consulting agreement with a company owned and controlled by Mr. Simos Spyrou, the Company's Chief Financial Officer. This agreement had a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company paid the Chief Financial Officer a base fee at an annual rate of not less than &amp;#128;56,000 (approx. $77, using the exchange rate as of June 30, 2014, which was $1.37 per euro). Additionally, the Chief Financial Officer is entitled to receive an annual discretionary bonus, as determined by the Company's Board of Directors in its sole discretion. During the six months ended June 30, 2013, the consultancy fees under the specific consulting agreement with the Chief Financial Officer amounted to $25.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On May 3, 2013, the Company entered into separate renewal consulting agreements with companies owned and controlled by the Company's Chief Executive Officer and Chief Financial Officer. Under these agreements, each company controlled by the Company's Chief Executive Officer and Chief Financial Officer will receive an annual consulting fee of not less than &amp;#128;174,600 (approx. $239, using the exchange rate as of June 30, 2014, which was $1.37 per euro) and &amp;#128;102,000 (approx. $140), respectively. The respective agreements have a term of three years and will be renewed for a successive year unless terminated earlier in accordance with their terms. Both the Company's Chief Executive Officer and Chief Financial Officer are entitled to receive an annual discretionary bonus, as determined by the Company's Board of Directors in its sole discretion. In addition, under his renewed consulting agreement, the Company's Chief Executive Officer is entitled to receive a minimum guaranteed incentive award of 28,000 shares of stock. These shares vest in three equal annual installments, the first installment of 9,333 shares vested on May 3, 2014, the second installment of 9,333 shares vests on May 3, 2015 and the last installment of 9,334 shares vests on May 3, 2016. On May 27, 2014, the Company issued the first installment of 9,333 shares. During the six months ended June 30, 2013 and 2014, the consultancy fees in aggregate, under the renewal consulting agreements with the Company's Chief Executive Officer and Chief Financial Officer amounted to $63 and $202, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On July 1, 2011, the Company entered into a consulting agreement with a company owned and controlled by Mr. Zenon Kleopas, the Company's 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 pays the Chief Operating Officer a base fee at an annual rate of not less than &amp;#128;117,519 (approx. $161, using the exchange rate as of June 30, 2014, which was $1.37 per euro). During the six months ended June 30, 2013 and 2014, the consultancy fees under the specific consulting agreement with the Chief Operating Officer amounted to $79, and $84, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The related expenses for the Company's executive officers for the six months ended June 30, 2013 and 2014 were $246 and $286, respectively, and are included under &amp;#147;General and administrative expenses&amp;#148; in the accompanying unaudited interim condensed consolidated statements of operations. As of December 31, 2013 and June 30, 2014, Star Bulk had an outstanding payable balance of $111 and $71 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 of Non-executive directors for the six months ended June 30, 2013 and 2014 amounted to $51 and $71, respectively and are included under &amp;#147;General and administrative expenses&amp;#148; in the accompanying unaudited interim condensed consolidated statements of operations.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;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's directors, Mrs. Milena - 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 &amp;#128;2,500 (approximately $3.4, using the exchange rate as of June 30, 2014, which was $1.37 per euro). On January 1, 2013, the agreement was renewed and unless terminated by either party, it will expire in eleven years. The related expense for the rent for the six months ended June 30, 2013 and 2014 was $20 and $21, respectively, and is included under &amp;#147;General and administrative expenses&amp;#148; in the accompanying unaudited interim condensed consolidated statements of operations. As of December 31, 2013 and as of June 30, 2014, the Company had an outstanding receivable of $1 and nil, respectively, with Combine Marine Ltd.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;(d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;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's directors, Mrs. Milena-Maria Pappas. During the six months ended June 30, 2013, the Company paid to Oceanbulk a brokerage commission of $90 relating to the sale of the vessel Star Sigma. &lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On November 25, 2013, Company's Board of Directors approved to pay Oceanbulk Maritime S.A. a commission fee relative to the negotiations with the shipyards on the construction of the Company's contracted newbuilding vessels (Note 6). The agreement is to pay a commission of 0.5% of the shipbuilding contract price for the two newbuilding Capesize vessels and the three newbuilding Newcastlemax vessels and a flat fee of $200 per vessel for the four newbuilding Ultramax vessels. For the respective nine newbuilding vessels the total commission will amount to $2,077. The commission has been agreed to be paid in four equal installments, the first two installments will be paid in cash and the remaining two installments will be paid with the issuance of common shares. The first and the second installment of $519 each were paid in cash in December 2013 and in April 2014, respectively. The total amount of $1,038 was capitalized and is included in the &amp;#147;Advances for vessel under construction and acquisition of vessels&amp;#148; in the accompanying consolidated balance sheets. The last two installments, to be paid with the issuance of common shares are due in June 2015 and in April 2016, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On March 22, 2014, Starbulk S.A. entered into an agreement with Oceanbulk, under which, the Company provides certain management services including crewing, purchasing, arranging insurance, vessel telecommunications and Master general accounts supervision, to the vessels which are under the management of Oceanbulk. Pursuant to the terms of this agreement, Starbulk S.A. received a fixed management fee of $0.17 per day, per vessel, which as of June 1, 2014, was changed to $0.11 per day, per vessel, based on an addendum signed on May 22, 2014. As of June 30, 2014, the Company provided the respective services to six dry bulk carrier vessels. The related income for the six months ended June 30, 2014, was $93 and is included under &amp;#147;Management fee income&amp;#148; in the accompanying unaudited interim condensed consolidated statement of operations. As of December 31, 2013 and June 30, 2014, the Company had an outstanding receivable of $9 and $176, respectively, with Oceanbulk.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;(e) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Managed vessels of Oceanbulk Shipping LLC:&lt;/b&gt; Oceanbulk Shipping LLC is a company minority owned by one of the Company's directors, Mrs. Milena-Maria Pappas. Starbulk S.A. has entered into vessel management agreements with Maiden Voyage LLC, Premier Voyage LLC, OOCAPE1 Holdings LLC, Sea Cape Shipping LLC, Sky Cape Shipping LLC, Glory Supra Shipping LLC, Pacific Cape Shipping LLC, Global Cape Shipping LLC, Majestic Shipping LLC, Nautical Shipping LLC, Mineral Shipping LLC and Grain Shipping LLC, entities owned and controlled by Oceanbulk Shipping LLC. Pursuant to the terms of these agreements, Starbulk S.A. receives a fixed management fee of $0.75 per day, per vessel. The related income for the six months ended June 30, 2013 and 2014, was $272 and $1,299, respectively, and is included under &amp;#147;Management fee income&amp;#148; in the accompanying unaudited interim condensed consolidated statement of operations. As of December 31, 2013, and as of June 30, 2014, the Company had an outstanding receivable of $420 and $1,752, respectively, and an outstanding liability of $390 and $1,328, respectively, with the companies owned and controlled by Oceanbulk Shipping LLC. &amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#8195;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;&amp;#160;(f)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Product Shipping &amp;amp; Trading S.A.:&lt;/b&gt; Product Shipping &amp;amp; Trading S.A. is controlled by family members of the Company's Chairman, Mr. Petros Pappas. On June 7, 2013, Starbulk S.A. entered into an agreement with Product Shipping &amp;amp; Trading S.A., a Marshall Islands company, under which, the Company provides certain management services including crewing, purchasing and arranging insurance to the vessels which are under the management of Product Shipping &amp;amp; Trading S.A. Pursuant to the terms of this agreement, Starbulk S.A. receives a fixed management fee of $0.13 per day, per vessel. In October, 2013 the Company decided to gradually cease providing the above mentioned services to the vessels managed by Product Shipping &amp;amp; Trading S.A., except for arranging insurance services, and, as a result, the management fee decreased to $0.02 per day, per vessel. As of June 30, 2014, the Company provided insurance services for 17 product tankers. The related income for the six months ended June 30, 2013 and 2014 was $40 and $62, respectively, and is included under &amp;#147;Management fee income&amp;#148; in the accompanying unaudited interim condensed consolidated statement of operations. As of December 31, 2013 and June 30, 2014, the Company had an outstanding receivable of $56 and $25, respectively, with Product Shipping &amp;amp; Trading S.A.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;i&gt;&lt;b&gt;&lt;u&gt;Merger Agreement with Oceanbulk&lt;/u&gt;&lt;/b&gt;&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;On June 16, 2014, the Company entered into an Agreement and Plan of Merger, (as amended from time to time, the &amp;#147;Merger Agreement&amp;#148;) among Oceanbulk, Star Synergy LLC, a Marshall Islands limited liability company and a wholly-owned subsidiary of the Company (&amp;#147;Oaktree Holdco Merger Sub&amp;#148;), Star Omas LLC a Marshall Islands limited liability company and a wholly-owned subsidiary of the Company (&amp;#147;Pappas Holdco Merger Sub&amp;#148; and together with Oaktree Holdco Merger Sub, the &amp;#147;Merger Subs&amp;#148;), Oaktree and, Millennia, pursuant to which Oaktree and Millennia would merge with and into one of the Merger Subs (the &amp;#147;Merger&amp;#148;), with the Merger Subs continuing as the surviving companies and wholly-owned subsidiaries of the Company.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The Merger Agreement also provided for the acquisition (the &amp;#147;Heron Transaction&amp;#148;) by the Company of two Kamsarmax vessels (the &amp;#147;Heron Vessels&amp;#148;), from Heron Ventures Ltd. (&amp;#147;Heron&amp;#148;), a limited liability company incorporated in Malta. The Merger Agreement provided that the Company would issue 2,115,706 of its common shares into escrow as consideration for the Heron Vessels, which common shares will be released from escrow when Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to the Company.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Significant Accounting Policies:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;A summary of the Company's significant accounting policies is identified in Note 2 on the Company's consolidated financial statements included in the Annual Report on Form 20-F for the fiscal year ended December 31, 2013, filed with the SEC on March 21, 2014. There have been no changes to the Company's significant accounting policies in the six month period ended June 30, 2014.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;i&gt;&lt;b&gt;Revenue from Contracts with Customers:&lt;/b&gt;&lt;/i&gt; &amp;#160;In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 will also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on its financial statements and accompanying notes.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;b&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Basis of Presentation and General Information:&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Star Bulk Carriers Corp. (&amp;#147;Star Bulk&amp;#148;) is a public shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Star Bulk shares started trading on the NASDAQ Global Select Market on December 3, 2007, under the ticker symbol SBLK. The accompanying unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its subsidiaries, which are hereinafter collectively referred to as the &amp;#147;Company,&amp;#148; and have been prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#147;U.S. GAAP&amp;#148;) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the &amp;#147;SEC&amp;#148;) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2014, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2014.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the Company's Annual Report on Form 20-F for the year ended December 31, 2013, filed with the SEC on March 21, 2014.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Below is the list of Star Bulk's subsidiaries, all wholly-owned, as of June 30, 2014:&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
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  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:43px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Wholly Owned Subsidiaries&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vessel Name&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;DWT&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Date&lt;br/&gt;Delivered to Star Bulk&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;168,404&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;July 25, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1996&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Borealis LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Borealis&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;179,678&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 9, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Mega LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Mega&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;170,631&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;August 16, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1994&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Polaris LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Polaris&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;179,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;November 14, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Sirius LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Sirius&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;98,681&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;March 7, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Vega LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Vega&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;98,681&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 13, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Challenger I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Challenger&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;61,462&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 12, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Challenger II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Fighter&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;61,455&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 30, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Cosmo LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Cosmo&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,247&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;July 1, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2005&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Delta LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Delta (ex F Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,434&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 2, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Epsilon LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Epsilon (ex G Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,402&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 3, 2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2001&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Gamma LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Gamma (ex C Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;53,098&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 4, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2002&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Kappa LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Kappa (ex E Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,055&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 14, 2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2001&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Omicron LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Omicron&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;53,489&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;April 17, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2005&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Theta LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Theta (ex J Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,425&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 6, 2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2003&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Zeta LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Zeta (ex I Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,994&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 2, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2003&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Vessels disposed*&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Lamda LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Sigma&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;184,403&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;April 15, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1991&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Alpha LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Alpha (ex A Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;175,075&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 9,2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1992&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Beta LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Beta (ex B Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;174,691&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 28, 2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1993&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star &amp;#160;Ypsilon LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Ypsilon&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;150,940&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 18, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1991&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:12.0px;color:#000000; "&gt;*For vessels disposed refer to Note 5.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="6" style=" border:solid #000000 0.0px;width:389px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newbuildings at June 30, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Wholly Owned Subsidiaries&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Newbuildings Name&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Type&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;DWT&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Expected Delivery Date&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR CAPE I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1338 &amp;#160;(tbn Star Aries)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Capesize&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;180,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR ASIA I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 5040 (tbn Star Aquarius)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Ultramax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;60,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR SEEKER&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1372 (tbn Star Libra)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;208,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;July 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR ASIA II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 5043 (tbn Star Pisces)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Ultramax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;60,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR AXE I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN NE 196 (tbn Star Antares)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Ultramax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;61,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR AXE II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN NE 197 (tbn Star Lutas)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Ultramax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;61,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;October 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR BREEZER&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1371 (tbn Star Virgo)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;208,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR CAPE II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1339 (tbn Star Taurus)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Capesize&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;180,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR CASTLE I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1342 (tbn Star Gemini)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;208,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR ENNEA LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN NE 198 (tbn Star Poseidon)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;209,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 2016 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR CASTLE II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1343 (tbn Star Leo)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;208,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;April 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="9" style=" border:solid #000000 0.0px;width:679px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(1)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:19px;"&gt;&lt;/td&gt;
    &lt;td style="width:133px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:180px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:94px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:58px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:137px;"&gt;&lt;/td&gt;
    &lt;td style="width:17px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;Below is the list of the vessels which are under commercial and technical management by the Star Bulk's wholly owned subsidiary Starbulk S.A. as of June 30, 2014. For each vessel Starbulk S.A. receives a fixed management fee of $0.75 per day.&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:42px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vessel Owning Company&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vessel Name&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;DWT&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Effective Date&lt;br/&gt;of Management Agreement&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Year Built&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Global Cape Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Kymopolia&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;176,990&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 30, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2006&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;OOCAPE1 Holdings LLC *&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Obelix&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;181,433&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;October 19, 2012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Pacific Cape Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Pantagruel&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;180,181&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;October 24, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2004&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Sea Cape Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Big Bang&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;174,109&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;August 30, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Sky Cape Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Big Fish&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;177,662&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;October 18, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2004&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Majestic Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Madredeus&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;98,681&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 4, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Nautical Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Amami&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;98,681&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 4, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Grain Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Pendulum&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;82,619&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 17, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2006&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Mineral Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Mercurial Virgo&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;81,545&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 17, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Hamon Shipping Inc&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Marto&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;74,470&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;August 2, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2001&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Glory Supra Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Strange Attractor&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;55,742&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 24, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2006&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Premier Voyage LLC *&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Maiden Voyage&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;58,722&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 28, 2012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Serenity Maritime Inc.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Serenity I&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;53,688&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 11, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2006&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:355px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Arial;font-size:14.7px;color:#000000; "&gt;*&lt;/font&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;The respective companies are related parties, please refer to Note 3 &lt;/font&gt;&lt;/div&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="font-family:Georgia;font-size:13.3px;color:#000000;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
  <sblk:ContractsRevenueRecognitionPolicyTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:13.3px;color:#000000; "&gt;&lt;i&gt;&lt;b&gt;Revenue from Contracts with Customers:&lt;/b&gt;&lt;/i&gt; &amp;#160;In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 will also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on its financial statements and accompanying notes.&lt;/font&gt;&lt;/div&gt;</sblk:ContractsRevenueRecognitionPolicyTextBlock>
  <us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="5" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:250px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Significant Other Observable Inputs &lt;br/&gt;(Level 2)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;December 31,&lt;br/&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;June 30,&lt;br/&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;ASSETS&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Interest rate swaps - asset position&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;91&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;91&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;-&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;LIABILITIES&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Interest rate swaps - liability position&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;728&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;-&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:87px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;728&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:238px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:102px;"&gt;&lt;/td&gt;
    &lt;td style="width:17px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:87px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>
  <us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:301px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;SIx month period ended&lt;br/&gt;June 30,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:111px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:128px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:111px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:128px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:29px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Gain/ (loss) on interest rate swaps&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;438&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(819&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td valign="top"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:111px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;438 &amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:128px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;(819) &amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:140px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:111px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:21px;"&gt;&lt;/td&gt;
    &lt;td style="width:128px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock>
  <us-gaap:ContractualObligationFiscalYearMaturityScheduleTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="18" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:527px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Twelve month periods ending June 30,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2017&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2020 and thereafter&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Shipbuilding contracts &amp;amp; agreed extra costs &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;303,934&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$ 81,747&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:75px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$ 222,187&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:56px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$ -&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:57px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$ -&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:38px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:47px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&amp;#160;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:87px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;$-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Bareboat capital leases - upfront hire &amp;amp; handling fees&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;13,080&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;12,024&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,056&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:150px;height:16px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Bareboat commitments charter hire &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;124,739&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;6,588&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9,266&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9,249&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9,232&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;90,404&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;441,753&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$93,771&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$229,831&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$9,266&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$9,249&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$9,232&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$90,404&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:24px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:33px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" colspan="22" style=" border:solid #000000 0.0px;width:761px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(1) The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.327%, as of June 30, 2014 (please refer to Note 6).&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:125px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:58px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:69px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:3px;"&gt;&lt;/td&gt;
    &lt;td style="width:75px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:56px;"&gt;&lt;/td&gt;
    &lt;td style="width:5px;"&gt;&lt;/td&gt;
    &lt;td style="width:22px;"&gt;&lt;/td&gt;
    &lt;td style="width:5px;"&gt;&lt;/td&gt;
    &lt;td style="width:52px;"&gt;&lt;/td&gt;
    &lt;td style="width:33px;"&gt;&lt;/td&gt;
    &lt;td style="width:5px;"&gt;&lt;/td&gt;
    &lt;td style="width:46px;"&gt;&lt;/td&gt;
    &lt;td style="width:0px;"&gt;&lt;/td&gt;
    &lt;td style="width:24px;"&gt;&lt;/td&gt;
    &lt;td style="width:77px;"&gt;&lt;/td&gt;
    &lt;td style="width:9px;"&gt;&lt;/td&gt;
    &lt;td style="width:0px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:ContractualObligationFiscalYearMaturityScheduleTableTextBlock>
  <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:35px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Twelve month periods ending &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Amount*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;24,419&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;14,541&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2017&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;765&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2020 and thereafter&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;39,725&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:209px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:217px;height:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:107px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:69px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:209px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:603px;height:35px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(*)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;These amounts do not include any assumed off-hire except for the scheduled dry-docking intermediate and special surveys of the vessels.&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#8195;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
  <us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:43px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Number of shares&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Weighted Average Grant Date Fair Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Unvested as at January 1, 2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;18,667&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;36.75&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Granted&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;279,333&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;6.43&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vested&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(21,333&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;19.71&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Unvested as at June 30, 2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;276,667&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;7.46&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Unvested as at January 1, 2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;276,667&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;7.46&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Granted&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;402,167&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;10.86&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vested&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(266,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;7.65&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Unvested as at June 30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:66px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;412,834&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:123px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;10.65&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock>
  <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Twelve month periods ending&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Amount&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;29,250&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;41,252&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2017&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;82,257&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9,477&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;46,714&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2020 and thereafter&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;44,932&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:31px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;253,882&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
  <us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:201px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Twelve month periods ending&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Amount&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:201px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;3,525&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30, 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,304&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;4,829&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock>
  <sblk:AdvancesForVesselsAcquisitionsTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:29px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 31,&lt;br/&gt;2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30,&lt;br/&gt;2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Pre-delivery Yard installments &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;66,780&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;66,780&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Bareboat capital leases - upfront hire &amp;amp; handling fees&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;12,012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Capitalized interest and finance costs&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;633&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,885&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Other capitalized costs (Note 3) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;519&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,117&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:306px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;67,932&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;81,794&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</sblk:AdvancesForVesselsAcquisitionsTableTextBlock>
  <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:29px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 31,&lt;br/&gt;2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30,&lt;br/&gt;2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vessels&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;481,086&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;541,141&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Other fixed assets&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,083&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,433&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total cost&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;482,169&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;542,574&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Accumulated depreciation&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(155,495&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(165,272&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td valign="top"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;)&lt;/font&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:238px;height:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Vessels and other fixed assets, net&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;326,674&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;377,302&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
  <us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:112px;height:29px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 31,&lt;br/&gt;2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 30,&lt;br/&gt;2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:112px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Lubricants&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:156px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,726&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2,099&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Bunkers&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;3,128&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:156px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;1,726&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:114px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;5,227&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
  <us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Balance Sheet&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;December 31, 2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;June 30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Combine Marine Ltd (c)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Oceanbulk Maritime S.A. (d)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;9&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;176&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Managed Vessels of Oceanbulk Shipping LLC (e)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;420&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,752&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Product Shipping &amp;amp; Trading S.A. (f)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;56&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;25&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total Assets&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;486&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;1,953&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Interchart Shipping Inc. (a)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;58&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;77&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Management and Directors Fees (b)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;111&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;71&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Managed Vessels of Oceanbulk Shipping LLC (e)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;390&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,328&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Total Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;559&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;1,476&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Capitalized Expenses&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;December 31, 2013&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;June 30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Advances for vessels under construction and acquisition of vessels and other assets&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Oceanbulk Maritime S.A.- commision fee for newbuilding vessels (d)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;519&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,038&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Statements of Operations&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:276px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="4" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:276px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Six month period ended June 30,&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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  &lt;/tr&gt;
  &lt;tr&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;-&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Executive directors consultancy fees (b)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(246) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(286) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Non-executive directors compensation (b)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(51) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(71) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Office rent - Combine Marine Ltd. (c)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(20) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(21) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Voyage expenses-Interchart (a)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(397) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(385) &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Management fee income - Oceanbulk Maritime S.A. (d)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;93&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Management fee income - Managed Vessels of Oceanbulk Shipping LLC (e)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;272 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1,299&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:343px;height:27px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Management fee income Product Shipping &amp;amp; Trading S.A. (f)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:136px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;40 &amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:21px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:99px;"&gt;&lt;div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;62&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
  <sblk:ListVesselsUnderCommercialTechnicalManagementTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:42px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vessel Owning Company&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vessel Name&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;DWT&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Effective Date&lt;br/&gt;of Management Agreement&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Year Built&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Global Cape Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Kymopolia&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;176,990&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 30, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2006&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;OOCAPE1 Holdings LLC *&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Obelix&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;181,433&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;October 19, 2012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Pacific Cape Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Pantagruel&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;180,181&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;October 24, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2004&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Sea Cape Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Big Bang&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;174,109&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;August 30, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Sky Cape Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Big Fish&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;177,662&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;October 18, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2004&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Majestic Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Madredeus&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;98,681&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 4, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Nautical Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Amami&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;98,681&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 4, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Grain Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Pendulum&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;82,619&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 17, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2006&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Mineral Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Mercurial Virgo&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;81,545&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 17, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Hamon Shipping Inc&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Marto&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;74,470&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;August 2, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2001&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Glory Supra Shipping LLC*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Strange Attractor&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;55,742&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 24, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2006&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Premier Voyage LLC *&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Maiden Voyage&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;58,722&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 28, 2012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Serenity Maritime Inc.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Serenity I&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;53,688&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 11, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2006&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:154px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:106px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:355px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Arial;font-size:14.7px;color:#000000; "&gt;*&lt;/font&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;The respective companies are related parties, please refer to Note 3 &lt;/font&gt;&lt;/div&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:120px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:17px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:63px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</sblk:ListVesselsUnderCommercialTechnicalManagementTableTextBlock>
  <sblk:ListNewbuildingsTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="6" style=" border:solid #000000 0.0px;width:389px;"&gt;&lt;div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newbuildings at June 30, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Wholly Owned Subsidiaries&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Newbuildings Name&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Type&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;DWT&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Expected Delivery Date&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR CAPE I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1338 &amp;#160;(tbn Star Aries)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Capesize&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;180,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR ASIA I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 5040 (tbn Star Aquarius)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Ultramax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;60,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;June 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR SEEKER&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1372 (tbn Star Libra)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;208,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;July 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR ASIA II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 5043 (tbn Star Pisces)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Ultramax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;60,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 2015&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR AXE I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN NE 196 (tbn Star Antares)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Ultramax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;61,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR AXE II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN NE 197 (tbn Star Lutas)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Ultramax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;61,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;October 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR BREEZER&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1371 (tbn Star Virgo)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;208,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR CAPE II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1339 (tbn Star Taurus)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Capesize&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;180,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 2015 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR CASTLE I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1342 (tbn Star Gemini)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;208,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR ENNEA LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN NE 198 (tbn Star Poseidon)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;209,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 2016 &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;STAR CASTLE II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;HN 1343 (tbn Star Leo)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Newcastlemax&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;208,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;April 2016&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:180px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:94px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:58px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:137px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" colspan="9" style=" border:solid #000000 0.0px;width:679px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;(1)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width:19px;"&gt;&lt;/td&gt;
    &lt;td style="width:133px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:180px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:94px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:58px;"&gt;&lt;/td&gt;
    &lt;td style="width:18px;"&gt;&lt;/td&gt;
    &lt;td style="width:137px;"&gt;&lt;/td&gt;
  &lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;</sblk:ListNewbuildingsTableTextBlock>
  <sblk:ListOfSubsidiariesTableTextBlock contextRef="FYp0YTD">&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;/div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:43px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Wholly Owned Subsidiaries&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Vessel Name&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;DWT&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Date&lt;br/&gt;Delivered to Star Bulk&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#151;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Starbulk S.A.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#151;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#151;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Bulk Manning LLC &lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#151;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#151;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#151;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#151;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
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    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Vessels in operation at June 30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Aurora LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Aurora&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;171,199&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 8, 2010&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Big LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Big&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;168,404&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;July 25, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1996&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Borealis LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Borealis&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;179,678&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 9, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Mega LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Mega&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;170,631&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;August 16, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1994&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Polaris LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Polaris&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;179,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;November 14, 2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Sirius LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Sirius&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;98,681&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;March 7, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Vega LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Vega&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;98,681&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;February 13, 2014&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2011&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Challenger I LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Challenger&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;61,462&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 12, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2012&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Challenger II LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Fighter&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;61,455&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 30, 2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2013&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Cosmo LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Cosmo&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,247&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;July 1, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2005&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Delta LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Delta (ex F Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,434&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 2, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Epsilon LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Epsilon (ex G Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,402&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 3, 2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2001&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Gamma LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Gamma (ex C Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;53,098&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 4, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2002&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Kappa LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Kappa (ex E Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,055&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 14, 2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2001&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Omicron LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Omicron&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;53,489&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;April 17, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2005&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Theta LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Theta (ex J Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,425&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 6, 2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2003&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Zeta LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Zeta (ex I Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;52,994&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 2, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;2003&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;Vessels disposed*&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Lamda LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Sigma&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;184,403&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;April 15, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1991&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Alpha LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Alpha (ex A Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;175,075&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;January 9,2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1992&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Beta LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Beta (ex B Duckling)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;174,691&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;December 28, 2007&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1993&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star &amp;#160;Ypsilon LLC&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;Star Ypsilon&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;150,940&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;September 18, 2008&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"&gt;&lt;font style="font-family:Calibri;font-size:14.7px;color:#000000; "&gt;1991&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:41px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
  &lt;/tr&gt;
  &lt;tr&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:133px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&lt;font style="font-family:Calibri;font-size:12.0px;color:#000000; "&gt;*For vessels disposed refer to Note 5.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:240px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:67px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:125px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
    &lt;td valign="top" style=" border:solid #000000 0.0px;width:18px;"&gt;&lt;div style="margin-bottom:12.0px;text-indent:0.0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;
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  <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="FYp0YTD" decimals="0" unitRef="Shares">412834</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
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Contact www.ubmatrix.com
Copyright (c) 2002-2014 UBmatrix inc., All Rights Reserved
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    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ManagedVesselsOceanBulkShippingMember"
    name="ManagedVesselsOceanBulkShippingMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ManagementDirectorsMember"
    name="ManagementDirectorsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_MartoMember"
    name="MartoMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_MercurialVirgoMember"
    name="MercurialVirgoMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_NibcFacilityMember"
    name="NibcFacilityMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_NineNewbuildingVesselsMember"
    name="NineNewbuildingVesselsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    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_NumberContractsForConstructionAcquired"
    name="NumberContractsForConstructionAcquired"
    type="xbrli:integerItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_NumberLoanTranches"
    name="NumberLoanTranches"
    type="xbrli:integerItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_OaktreeExcelInvestorsMember"
    name="OaktreeExcelInvestorsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_OaktreeMember"
    name="OaktreeMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ObelixMember"
    name="ObelixMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_OceanbulkMaritimeMember"
    name="OceanbulkMaritimeMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_OceanbulkMember"
    name="OceanbulkMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_OtherCostsCapitalized"
    name="OtherCostsCapitalized"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    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_PantagruelMember"
    name="PantagruelMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_PappasShareholdersMember"
    name="PappasShareholdersMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    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_PaymentsForPostemploymentBenefitsShares"
    name="PaymentsForPostemploymentBenefitsShares"
    type="xbrli:sharesItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_Peloreus2Member"
    name="Peloreus2Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_PeloreusFinancedByExistingCashMember"
    name="PeloreusFinancedByExistingCashMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_PeloreusFinancedByLoanFacilityMember"
    name="PeloreusFinancedByLoanFacilityMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_PendulumMember"
    name="PendulumMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_PercentageOfFutureProceedsSold"
    name="PercentageOfFutureProceedsSold"
    type="num:percentItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_PreviousManningAgentMember"
    name="PreviousManningAgentMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ProductShippingTradingMember"
    name="ProductShippingTradingMember"
    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_RenewalConsultingAgreementMember"
    name="RenewalConsultingAgreementMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    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_SaleOfFutureClaimsProceeds"
    name="SaleOfFutureClaimsProceeds"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_SecondInstallmentMember"
    name="SecondInstallmentMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_SerenityIMember"
    name="SerenityIMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ServicesAgreementAnnualLumpFeeRemuneration"
    name="ServicesAgreementAnnualLumpFeeRemuneration"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue"
    name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue"
    type="num:perShareItemType"
    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_ShipbuildingContractsAgreedExtraCostsMember"
    name="ShipbuildingContractsAgreedExtraCostsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    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_StarChallenger1Member"
    name="StarChallenger1Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarChallengerMember"
    name="StarChallengerMember"
    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_StarDeltaMember"
    name="StarDeltaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarEpsilonAndStarKappa1Member"
    name="StarEpsilonAndStarKappa1Member"
    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_StarFighter1Member"
    name="StarFighter1Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarFighterMember"
    name="StarFighterMember"
    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_StarSigmaMember"
    name="StarSigmaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarSirius2Member"
    name="StarSirius2Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarSiriusStarVega2Member"
    name="StarSiriusStarVega2Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarSiriusStarVegaMember"
    name="StarSiriusStarVegaMember"
    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_StarVega2Member"
    name="StarVega2Member"
    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_StarbulkSaMember"
    name="StarbulkSaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StrangeAttractorMember"
    name="StrangeAttractorMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ThirdInstallmentMember"
    name="ThirdInstallmentMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_TotalMember"
    name="TotalMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_TwoCompanysDirectorsMember"
    name="TwoCompanysDirectorsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_VesselAcquisitionCommissionPercentage"
    name="VesselAcquisitionCommissionPercentage"
    type="num:percentItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_VesselAcquisitionContractPrice"
    name="VesselAcquisitionContractPrice"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_VesselCapacity"
    name="VesselCapacity"
    type="xbrli:integerItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    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_VesselNet"
    name="VesselNet"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_VesselType"
    name="VesselType"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_VesselYearBuilt"
    name="VesselYearBuilt"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    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_VesselsDelivered"
    name="VesselsDelivered"
    type="xbrli:integerItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    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_VoyageRevenues"
    name="VoyageRevenues"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_VoyageVesselOperatingExpensesTextBlock"
    name="VoyageVesselOperatingExpensesTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>sblk-20140630_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) 2002-2014 UBmatrix inc., All Rights Reserved
Produced on 2014-09-05 21:19:11
-->
<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-20140630.xsd#ConsolidatedBalanceSheets"
    roleURI="http://www.starbulk.com/20140630/role/ConsolidatedBalanceSheet" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20140630.xsd#ConsolidatedStatementsOfOperations"
    roleURI="http://www.starbulk.com/20140630/role/ConsolidatedStatementsOfOperations" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20140630.xsd#ConsolidatedStatementsOfCashFlows"
    roleURI="http://www.starbulk.com/20140630/role/ConsolidatedStatementsOfCashFlows" />
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>9
<FILENAME>sblk-20140630_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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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) 2002-2014 UBmatrix inc., All Rights Reserved
Produced on 2014-09-05 21:19:11
-->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>sblk-20140630_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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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).
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      xlink:role="http://www.xbrl.org/2003/role/label">Entity Well Known Seasoned Issuer</label>
    <loc xlink:type="locator"
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      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>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel Operating and voyage expenses</label>
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      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"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other professional fees</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Additional Financing [Member]</label>
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      xlink:label="sblk_AdditionalFinancingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional financing</label>
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      xlink:label="sblk_AdditionalPaymentsToAcquirePropertyPlantEquipment_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/documentation">The additional cash outflow  associated with the acquisition of property, plant and equipment.</label>
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      xlink:label="sblk_AdditionalPaymentsToAcquirePropertyPlantEquipment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Additional Payments To Acquire Property Plant And Equipment</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional payments to acquire property plant and equipment</label>
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      xlink:label="sblk_AddressCommissionPercentage"
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    <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>
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      xlink:label="sblk_AddressCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Address Commission Percentage</label>
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      xlink:label="sblk_AddressCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Address commission</label>
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      xlink:label="sblk_AddressCommission"
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    <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>
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      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_AdvancesForVesselsAcquisitionsAbstract"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessels Acquisitions [Abstract]</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure for advances paid to yard and capitalized expenses for the acquisition of vessels.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsAcquisitionsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessels Acquisitions [Table Text Block]</label>
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advances for Vessels Acquisitions</label>
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AdvancesForVesselsAcquisitionsTextBlock"
      xlink:to="sblk_AdvancesForVesselsAcquisitionsTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsAcquisitionsTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This entire disclosure for advances paid to yards and capitalized expenses for acquisition of vessels.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsAcquisitionsTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessels Acquisitions [Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsAcquisitionsTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advances for Vessels Acquisitions</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AdvancesForVesselsUnderCapitalLeases"
      xlink:href="sblk-20140630.xsd#sblk_AdvancesForVesselsUnderCapitalLeases" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AdvancesForVesselsUnderCapitalLeases"
      xlink:to="sblk_AdvancesForVesselsUnderCapitalLeases_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderCapitalLeases_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash outflow associated with the acquisition of vessels, bareboats, etc.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderCapitalLeases_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessels Under Capital Leases</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderCapitalLeases_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bareboat capital leases - upfront hire &amp; handling fees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionAcquisitionVesselsOtherAssets"
      xlink:href="sblk-20140630.xsd#sblk_AdvancesForVesselsUnderConstructionAcquisitionVesselsOtherAssets" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AdvancesForVesselsUnderConstructionAcquisitionVesselsOtherAssets"
      xlink:to="sblk_AdvancesForVesselsUnderConstructionAcquisitionVesselsOtherAssets_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionAcquisitionVesselsOtherAssets_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>
    <loc xlink:type="locator"
      xlink:label="sblk_AmamiMember"
      xlink:href="sblk-20140630.xsd#sblk_AmamiMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AmamiMember" xlink:to="sblk_AmamiMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AmamiMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amami [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmamiMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amami</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Amendment1Member"
      xlink:href="sblk-20140630.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-20140630.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-20140630.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 7)</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Amortization</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Amortization of fair value of above market acquired time charters (Note 7)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AmountPerTrancheUnderCreditFacility"
      xlink:href="sblk-20140630.xsd#sblk_AmountPerTrancheUnderCreditFacility" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AmountPerTrancheUnderCreditFacility"
      xlink:to="sblk_AmountPerTrancheUnderCreditFacility_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AmountPerTrancheUnderCreditFacility_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amount received for each tranche under the credit facility</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmountPerTrancheUnderCreditFacility_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amount Per Tranche Under Credit Facility</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmountPerTrancheUnderCreditFacility_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amount of each tranche</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AngeloGordonExcelInvestorsMember"
      xlink:href="sblk-20140630.xsd#sblk_AngeloGordonExcelInvestorsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AngeloGordonExcelInvestorsMember"
      xlink:to="sblk_AngeloGordonExcelInvestorsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AngeloGordonExcelInvestorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Angelo Gordon Excel Investors [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_AngeloGordonExcelInvestorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Angelo, Gordon Excel investors</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AngeloGordonInvestorMember"
      xlink:href="sblk-20140630.xsd#sblk_AngeloGordonInvestorMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AngeloGordonInvestorMember"
      xlink:to="sblk_AngeloGordonInvestorMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AngeloGordonInvestorMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Angelo Gordon Investor [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_AngeloGordonInvestorMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Angelo Gordon investors</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AnnualConsultingFees"
      xlink:href="sblk-20140630.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-20140630.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_BareboatCapitalLeasesMember"
      xlink:href="sblk-20140630.xsd#sblk_BareboatCapitalLeasesMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BareboatCapitalLeasesMember"
      xlink:to="sblk_BareboatCapitalLeasesMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BareboatCapitalLeasesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bareboat Capital Leases [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_BareboatCapitalLeasesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bareboat capital leases - upfront hire &amp; handling fees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BareboatCommitmentsCharterHireMember"
      xlink:href="sblk-20140630.xsd#sblk_BareboatCommitmentsCharterHireMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BareboatCommitmentsCharterHireMember"
      xlink:to="sblk_BareboatCommitmentsCharterHireMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BareboatCommitmentsCharterHireMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bareboat Commitments Charter Hire [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_BareboatCommitmentsCharterHireMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bareboat commitments charter hire</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BigBangMember"
      xlink:href="sblk-20140630.xsd#sblk_BigBangMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BigBangMember" xlink:to="sblk_BigBangMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BigBangMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Big Bang [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_BigBangMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Big Bang</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BigFishMember"
      xlink:href="sblk-20140630.xsd#sblk_BigFishMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BigFishMember" xlink:to="sblk_BigFishMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BigFishMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Big Fish [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_BigFishMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Big Fish</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BnpFacilityMember"
      xlink:href="sblk-20140630.xsd#sblk_BnpFacilityMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BnpFacilityMember" xlink:to="sblk_BnpFacilityMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BnpFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bnp Facility [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_BnpFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">The "BNP Facility"</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BrokerageCommissionPercentage"
      xlink:href="sblk-20140630.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-20140630.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-20140630.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_BusinessAcquisitionFairValuePerShareTransferred"
      xlink:href="sblk-20140630.xsd#sblk_BusinessAcquisitionFairValuePerShareTransferred" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BusinessAcquisitionFairValuePerShareTransferred"
      xlink:to="sblk_BusinessAcquisitionFairValuePerShareTransferred_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BusinessAcquisitionFairValuePerShareTransferred_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Fair value per share, transferred.</label>
    <label xlink:type="resource"
      xlink:label="sblk_BusinessAcquisitionFairValuePerShareTransferred_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Business Acquisition Fair Value Per Share Transferred</label>
    <label xlink:type="resource"
      xlink:label="sblk_BusinessAcquisitionFairValuePerShareTransferred_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value per share transferred</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CEOIncentiveAwardMember"
      xlink:href="sblk-20140630.xsd#sblk_CEOIncentiveAwardMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CEOIncentiveAwardMember"
      xlink:to="sblk_CEOIncentiveAwardMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CEOIncentiveAwardMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">CEO Incentive Award [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CEOIncentiveAwardMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">CEO Incentive Award</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CeoCfoMember"
      xlink:href="sblk-20140630.xsd#sblk_CeoCfoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CeoCfoMember" xlink:to="sblk_CeoCfoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CeoCfoMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Ceo Cfo [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CeoCfoMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">CEO and CFO</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ChiefExecutiveOfficerFirstInstallmentMember"
      xlink:href="sblk-20140630.xsd#sblk_ChiefExecutiveOfficerFirstInstallmentMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ChiefExecutiveOfficerFirstInstallmentMember"
      xlink:to="sblk_ChiefExecutiveOfficerFirstInstallmentMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ChiefExecutiveOfficerFirstInstallmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Chief Executive Officer First Installment [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ChiefExecutiveOfficerFirstInstallmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">First Installment CEO</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CombineMarineLtdMember"
      xlink:href="sblk-20140630.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 (c)</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-20140630.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-20140630.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_CommisionsOnAcquisitionOfAssetsCopy"
      xlink:href="sblk-20140630.xsd#sblk_CommisionsOnAcquisitionOfAssetsCopy" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommisionsOnAcquisitionOfAssetsCopy"
      xlink:to="sblk_CommisionsOnAcquisitionOfAssetsCopy_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommisionsOnAcquisitionOfAssetsCopy_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">CommisionsOnAcquisitionOfAssets</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommisionsOnAcquisitionOfAssets"
      xlink:href="sblk-20140630.xsd#sblk_CommisionsOnAcquisitionOfAssets" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommisionsOnAcquisitionOfAssets"
      xlink:to="sblk_CommisionsOnAcquisitionOfAssets_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommisionsOnAcquisitionOfAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Commisions on acquisitions of assets.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommisionsOnAcquisitionOfAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Commisions On Acquisition Of Assets</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommisionsOnAcquisitionOfAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commision fee for newbuilding vessels (d)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommisionsOnSaleOfAssets"
      xlink:href="sblk-20140630.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/verboseLabel">Commission on sale of vessel</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommonStock1Member"
      xlink:href="sblk-20140630.xsd#sblk_CommonStock1Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommonStock1Member" xlink:to="sblk_CommonStock1Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommonStock1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Common Stock 1 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommonStock1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommonStockParentheticalsMember"
      xlink:href="sblk-20140630.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_CompanyAndSubsidiariesDirectorsOfficersAndEmployeesMember"
      xlink:href="sblk-20140630.xsd#sblk_CompanyAndSubsidiariesDirectorsOfficersAndEmployeesMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CompanyAndSubsidiariesDirectorsOfficersAndEmployeesMember"
      xlink:to="sblk_CompanyAndSubsidiariesDirectorsOfficersAndEmployeesMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CompanyAndSubsidiariesDirectorsOfficersAndEmployeesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Company And Subsidiaries Directors Officers And Employees [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CompanyAndSubsidiariesDirectorsOfficersAndEmployeesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Directors, Officers and Employees of the Company and its subsidiaries</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CompanysDirectorsMrSoftelandMrSchmitzMember"
      xlink:href="sblk-20140630.xsd#sblk_CompanysDirectorsMrSoftelandMrSchmitzMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CompanysDirectorsMrSoftelandMrSchmitzMember"
      xlink:to="sblk_CompanysDirectorsMrSoftelandMrSchmitzMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CompanysDirectorsMrSoftelandMrSchmitzMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Companys Directors Mr Softeland Mr Schmitz [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CompanysDirectorsMrSoftelandMrSchmitzMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mr Softeland and Mr Schmitz</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ContractsRevenueRecognitionPolicyTextBlock"
      xlink:href="sblk-20140630.xsd#sblk_ContractsRevenueRecognitionPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ContractsRevenueRecognitionPolicyTextBlock"
      xlink:to="sblk_ContractsRevenueRecognitionPolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ContractsRevenueRecognitionPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for revenue recognition on contracts, the timing of revenue recognition, and the bases for determining the amount of revenue recognized.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ContractsRevenueRecognitionPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Contracts Revenue Recognition [Policy Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ContractsRevenueRecognitionPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revenue from Contracts with Customers</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ContractualObligationDue"
      xlink:href="sblk-20140630.xsd#sblk_ContractualObligationDue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ContractualObligationDue"
      xlink:to="sblk_ContractualObligationDue_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ContractualObligationDue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of contractual obligation for the construction of newbuilding vessels.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ContractualObligationDue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Contractual Obligation Due</label>
    <label xlink:type="resource"
      xlink:label="sblk_ContractualObligationDue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CreditAgricoleCorporateAndInvestmentBankMember"
      xlink:href="sblk-20140630.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 $70,000 facility</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DailyManagementFee"
      xlink:href="sblk-20140630.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_DebtInstrumentBasisSpreadOnVariableRate2"
      xlink:href="sblk-20140630.xsd#sblk_DebtInstrumentBasisSpreadOnVariableRate2" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DebtInstrumentBasisSpreadOnVariableRate2"
      xlink:to="sblk_DebtInstrumentBasisSpreadOnVariableRate2_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRate2_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_DebtInstrumentBasisSpreadOnVariableRate2_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Basis Spread On Variable Rate 2</label>
    <label xlink:type="resource"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRate2_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_DecreaseInRestrictedCash1"
      xlink:href="sblk-20140630.xsd#sblk_DecreaseInRestrictedCash1" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DecreaseInRestrictedCash1"
      xlink:to="sblk_DecreaseInRestrictedCash1_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DecreaseInRestrictedCash1_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_DecreaseInRestrictedCash1_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Decrease In Restricted Cash1</label>
    <label xlink:type="resource"
      xlink:label="sblk_DecreaseInRestrictedCash1_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_DeliveryDateVessel"
      xlink:href="sblk-20140630.xsd#sblk_DeliveryDateVessel" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DeliveryDateVessel" xlink:to="sblk_DeliveryDateVessel_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DeliveryDateVessel_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The date the vessel was delivered to the Company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_DeliveryDateVessel_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Delivery Date Of Vessel</label>
    <label xlink:type="resource"
      xlink:label="sblk_DeliveryDateVessel_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Date Delivered to Star Bulk</label>
    <label xlink:type="resource"
      xlink:label="sblk_DeliveryDateVessel_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Expected Delivery Date</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DeutscheBankMember"
      xlink:href="sblk-20140630.xsd#sblk_DeutscheBankMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DeutscheBankMember" xlink:to="sblk_DeutscheBankMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DeutscheBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">DeutscheBank [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_DeutscheBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deutsche Bank, $39,000 facility</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DiorigaFacilityMember"
      xlink:href="sblk-20140630.xsd#sblk_DiorigaFacilityMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DiorigaFacilityMember"
      xlink:to="sblk_DiorigaFacilityMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DiorigaFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Dioriga Facility [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_DiorigaFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">The "Dioriga Facility"</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DocumentAndEntityInformationAbstract"
      xlink:href="sblk-20140630.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_EffectiveDateManagementAgreement"
      xlink:href="sblk-20140630.xsd#sblk_EffectiveDateManagementAgreement" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_EffectiveDateManagementAgreement"
      xlink:to="sblk_EffectiveDateManagementAgreement_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_EffectiveDateManagementAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The element refers to the effective date of management agreement.</label>
    <label xlink:type="resource"
      xlink:label="sblk_EffectiveDateManagementAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Effective Date of Management Agreement</label>
    <loc xlink:type="locator"
      xlink:label="sblk_EquityIncentivePlan2013Member"
      xlink:href="sblk-20140630.xsd#sblk_EquityIncentivePlan2013Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_EquityIncentivePlan2013Member"
      xlink:to="sblk_EquityIncentivePlan2013Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2013Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan 2013 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2013Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Incentive Plan 2013</label>
    <loc xlink:type="locator"
      xlink:label="sblk_EquityIncentivePlan2014Member"
      xlink:href="sblk-20140630.xsd#sblk_EquityIncentivePlan2014Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_EquityIncentivePlan2014Member"
      xlink:to="sblk_EquityIncentivePlan2014Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2014Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan 2014 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2014Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Incentive Plan 2014</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ExcelVesselBridgeFacilityMember"
      xlink:href="sblk-20140630.xsd#sblk_ExcelVesselBridgeFacilityMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ExcelVesselBridgeFacilityMember"
      xlink:to="sblk_ExcelVesselBridgeFacilityMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselBridgeFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Excel Vessel Bridge Facility [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselBridgeFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Excel Vessel Bridge Facility</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ExcelVesselsCapesizeMember"
      xlink:href="sblk-20140630.xsd#sblk_ExcelVesselsCapesizeMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ExcelVesselsCapesizeMember"
      xlink:to="sblk_ExcelVesselsCapesizeMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsCapesizeMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Excel Vessels Capesize [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsCapesizeMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Excel vessels capesize</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ExcelVesselsHandymaxMember"
      xlink:href="sblk-20140630.xsd#sblk_ExcelVesselsHandymaxMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ExcelVesselsHandymaxMember"
      xlink:to="sblk_ExcelVesselsHandymaxMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsHandymaxMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Excel Vessels Handymax [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsHandymaxMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Excel vessels Handymax</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ExcelVesselsKamsarmaxMember"
      xlink:href="sblk-20140630.xsd#sblk_ExcelVesselsKamsarmaxMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ExcelVesselsKamsarmaxMember"
      xlink:to="sblk_ExcelVesselsKamsarmaxMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsKamsarmaxMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Excel Vessels Kamsarmax [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsKamsarmaxMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Excel vessels Kamsarmax</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ExcelVesselsMember"
      xlink:href="sblk-20140630.xsd#sblk_ExcelVesselsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ExcelVesselsMember" xlink:to="sblk_ExcelVesselsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Excel Vessels [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Excel vessels</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ExcelVesselsPanamaxMember"
      xlink:href="sblk-20140630.xsd#sblk_ExcelVesselsPanamaxMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ExcelVesselsPanamaxMember"
      xlink:to="sblk_ExcelVesselsPanamaxMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsPanamaxMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Excel Vessels Panamax [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ExcelVesselsPanamaxMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Excel vessels Panamax</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ExecutiveOfficersMember"
      xlink:href="sblk-20140630.xsd#sblk_ExecutiveOfficersMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ExecutiveOfficersMember"
      xlink:to="sblk_ExecutiveOfficersMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ExecutiveOfficersMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Executive Officers [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ExecutiveOfficersMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Executive Officers</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueAboveMarketAcquiredTimeChartersAbstract"
      xlink:href="sblk-20140630.xsd#sblk_FairValueAboveMarketAcquiredTimeChartersAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueAboveMarketAcquiredTimeChartersAbstract"
      xlink:to="sblk_FairValueAboveMarketAcquiredTimeChartersAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueAboveMarketAcquiredTimeChartersAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Above Market Acquired Time Charters [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueAboveMarketAcquiredTimeChartersTextBlock"
      xlink:href="sblk-20140630.xsd#sblk_FairValueAboveMarketAcquiredTimeChartersTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueAboveMarketAcquiredTimeChartersTextBlock"
      xlink:to="sblk_FairValueAboveMarketAcquiredTimeChartersTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueAboveMarketAcquiredTimeChartersTextBlock_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.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueAboveMarketAcquiredTimeChartersTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Above Market Acquired Time Charters [Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueAboveMarketAcquiredTimeChartersTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value of Above Market Acquired Time Charters</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter"
      xlink:href="sblk-20140630.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</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance</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 7)</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_FirstInstallmentMember"
      xlink:href="sblk-20140630.xsd#sblk_FirstInstallmentMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FirstInstallmentMember"
      xlink:to="sblk_FirstInstallmentMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FirstInstallmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">First Installment [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FirstInstallmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">First Installment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FixForwardFloatingInterestRateForLiabilityMember"
      xlink:href="sblk-20140630.xsd#sblk_FixForwardFloatingInterestRateForLiabilityMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FixForwardFloatingInterestRateForLiabilityMember"
      xlink:to="sblk_FixForwardFloatingInterestRateForLiabilityMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FixForwardFloatingInterestRateForLiabilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fix Forward Floating Interest Rate For Liability [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FixForwardFloatingInterestRateForLiabilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fix forward 50% of floating interest rate for HSH Nordbank AG $35,000 facility</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FlatFeePerVessel"
      xlink:href="sblk-20140630.xsd#sblk_FlatFeePerVessel" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FlatFeePerVessel" xlink:to="sblk_FlatFeePerVessel_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FlatFeePerVessel_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Flat fee charged per each newbuilding vessel, as commission fee relative to the negotiations with the shipyards on the construction of the Company's contracted newbuilding vessels.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FlatFeePerVessel_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Flat Fee Per Vessel</label>
    <label xlink:type="resource"
      xlink:label="sblk_FlatFeePerVessel_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Flat fee per vessel</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FormerCeoMember"
      xlink:href="sblk-20140630.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_FormerDirectorMember"
      xlink:href="sblk-20140630.xsd#sblk_FormerDirectorMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FormerDirectorMember"
      xlink:to="sblk_FormerDirectorMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FormerDirectorMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Former Director [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerDirectorMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Company's former Director</label>
    <loc xlink:type="locator"
      xlink:label="sblk_GainFromInsuranceClaim"
      xlink:href="sblk-20140630.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 (Note 10)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_GainOnTimeCharterAgreementTerminationAbstract"
      xlink:href="sblk-20140630.xsd#sblk_GainOnTimeCharterAgreementTerminationAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_GainOnTimeCharterAgreementTerminationAbstract"
      xlink:to="sblk_GainOnTimeCharterAgreementTerminationAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_GainOnTimeCharterAgreementTerminationAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Gain On Time Charter Agreement Termination [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="sblk_GrossDailyCharterRate"
      xlink:href="sblk-20140630.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_HSHNordbankAG35KMember"
      xlink:href="sblk-20140630.xsd#sblk_HSHNordbankAG35KMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HSHNordbankAG35KMember"
      xlink:to="sblk_HSHNordbankAG35KMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HSHNordbankAG35KMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">HSH Nordbank AG 35K [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HSHNordbankAG35KMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG (Loan agreement dated December 24, 2013)</label>
    <label xlink:type="resource"
      xlink:label="sblk_HSHNordbankAG35KMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HSH Nordbank AG $35,000 facility</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HandlingFees"
      xlink:href="sblk-20140630.xsd#sblk_HandlingFees" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HandlingFees" xlink:to="sblk_HandlingFees_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HandlingFees_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of fees related to handling fees at acquisition of property, plant and equipment.</label>
    <label xlink:type="resource"
      xlink:label="sblk_HandlingFees_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Handling Fees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HeldInEscrowHeronVesselsMember"
      xlink:href="sblk-20140630.xsd#sblk_HeldInEscrowHeronVesselsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HeldInEscrowHeronVesselsMember"
      xlink:to="sblk_HeldInEscrowHeronVesselsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HeldInEscrowHeronVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Held In Escrow Heron Vessels [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HeldInEscrowHeronVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Held in escrow for Heron vessels</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HeronVesselsMember"
      xlink:href="sblk-20140630.xsd#sblk_HeronVesselsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HeronVesselsMember" xlink:to="sblk_HeronVesselsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HeronVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Heron Vessels [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HeronVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Heron vessels</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HshNordbankAg2Member"
      xlink:href="sblk-20140630.xsd#sblk_HshNordbankAg2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HshNordbankAg2Member"
      xlink:to="sblk_HshNordbankAg2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankAg2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsh Nordbank Ag2 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankAg2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG $35,000 facility</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HshNordbankAgMember"
      xlink:href="sblk-20140630.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 $35,000 facility</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Hull1338Member"
      xlink:href="sblk-20140630.xsd#sblk_Hull1338Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Hull1338Member" xlink:to="sblk_Hull1338Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Hull1338Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 1338 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1338Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 1338</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1338Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN 1338 (tbn Star Aries)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Hull1339Member"
      xlink:href="sblk-20140630.xsd#sblk_Hull1339Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Hull1339Member" xlink:to="sblk_Hull1339Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Hull1339Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 1339 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1339Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 1339</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1339Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN 1339 (tbn Star Taurus)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Hull1342Member"
      xlink:href="sblk-20140630.xsd#sblk_Hull1342Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Hull1342Member" xlink:to="sblk_Hull1342Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Hull1342Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 1342 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1342Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 1342</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1342Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN 1342 (tbn Star Gemini)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Hull1343Member"
      xlink:href="sblk-20140630.xsd#sblk_Hull1343Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Hull1343Member" xlink:to="sblk_Hull1343Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Hull1343Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 1343 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1343Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 1343</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1343Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN 1343 (tbn Star Leo)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Hull1371FinancedBySwsOwnerMember"
      xlink:href="sblk-20140630.xsd#sblk_Hull1371FinancedBySwsOwnerMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Hull1371FinancedBySwsOwnerMember"
      xlink:to="sblk_Hull1371FinancedBySwsOwnerMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Hull1371FinancedBySwsOwnerMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 1371 Financed By Sws Owner [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1371FinancedBySwsOwnerMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 1371 Financed By SWS Owner</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Hull1372FinancedBySwsOwnerMember"
      xlink:href="sblk-20140630.xsd#sblk_Hull1372FinancedBySwsOwnerMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Hull1372FinancedBySwsOwnerMember"
      xlink:to="sblk_Hull1372FinancedBySwsOwnerMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Hull1372FinancedBySwsOwnerMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 1372 Financed By Sws Owner [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull1372FinancedBySwsOwnerMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 1372 Financed By SWS Owner</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Hull5040Hull5043Member"
      xlink:href="sblk-20140630.xsd#sblk_Hull5040Hull5043Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Hull5040Hull5043Member"
      xlink:to="sblk_Hull5040Hull5043Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Hull5040Hull5043Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 5040 Hull 5043 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull5040Hull5043Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 5040 and Hull 5043</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Hull5040Member"
      xlink:href="sblk-20140630.xsd#sblk_Hull5040Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Hull5040Member" xlink:to="sblk_Hull5040Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Hull5040Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 5040 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull5040Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 5040</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull5040Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN 5040 (tbn Star Aquarius)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Hull5043Member"
      xlink:href="sblk-20140630.xsd#sblk_Hull5043Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Hull5043Member" xlink:to="sblk_Hull5043Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Hull5043Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 5043 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull5043Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 5043</label>
    <label xlink:type="resource"
      xlink:label="sblk_Hull5043Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN 5043 (tbn Star Pisces)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HullAndMachineryClaimMember"
      xlink:href="sblk-20140630.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_HullNE196Member"
      xlink:href="sblk-20140630.xsd#sblk_HullNE196Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HullNE196Member" xlink:to="sblk_HullNE196Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HullNE196Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull NE 196 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNE196Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull NE 196</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNE196Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN NE 196 (tbn Star Antares)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HullNE197Member"
      xlink:href="sblk-20140630.xsd#sblk_HullNE197Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HullNE197Member" xlink:to="sblk_HullNE197Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HullNE197Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull NE 197 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNE197Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull NE 197</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNE197Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN NE 197 (Star Lutas)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HullNE198Member"
      xlink:href="sblk-20140630.xsd#sblk_HullNE198Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HullNE198Member" xlink:to="sblk_HullNE198Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HullNE198Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull NE 198 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNE198Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull NE 198</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNE198Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN NE 198 (tbn Star Poseidon)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HullNo1371AndHullNo1372Member"
      xlink:href="sblk-20140630.xsd#sblk_HullNo1371AndHullNo1372Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HullNo1371AndHullNo1372Member"
      xlink:to="sblk_HullNo1371AndHullNo1372Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HullNo1371AndHullNo1372Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull No 1371 And Hull No 1372 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNo1371AndHullNo1372Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 1371 and Hull 1372</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HullNo1371Member"
      xlink:href="sblk-20140630.xsd#sblk_HullNo1371Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HullNo1371Member" xlink:to="sblk_HullNo1371Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HullNo1371Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull No 1371 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNo1371Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 1371</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNo1371Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN 1371 (tbn Star Virgo)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HullNo1372Member"
      xlink:href="sblk-20140630.xsd#sblk_HullNo1372Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HullNo1372Member" xlink:to="sblk_HullNo1372Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HullNo1372Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull No 1372 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNo1372Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull 1372</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullNo1372Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HN 1372 (tbn Star Libra)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_InsuranceCoverageMaximumAmount"
      xlink:href="sblk-20140630.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_InterchartShippingMember"
      xlink:href="sblk-20140630.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_InterestRateSwap1Member"
      xlink:href="sblk-20140630.xsd#sblk_InterestRateSwap1Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_InterestRateSwap1Member"
      xlink:to="sblk_InterestRateSwap1Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_InterestRateSwap1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate Swap1 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_InterestRateSwap1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest Rate Swap A</label>
    <loc xlink:type="locator"
      xlink:label="sblk_InterestRateSwap2Member"
      xlink:href="sblk-20140630.xsd#sblk_InterestRateSwap2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_InterestRateSwap2Member"
      xlink:to="sblk_InterestRateSwap2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_InterestRateSwap2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate Swap2 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_InterestRateSwap2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest Rate Swap B</label>
    <loc xlink:type="locator"
      xlink:label="sblk_InterestRateSwapsMember"
      xlink:href="sblk-20140630.xsd#sblk_InterestRateSwapsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_InterestRateSwapsMember"
      xlink:to="sblk_InterestRateSwapsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_InterestRateSwapsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate Swaps [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_InterestRateSwapsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate swaps (gain)/loss</label>
    <label xlink:type="resource"
      xlink:label="sblk_InterestRateSwapsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interest Rate Swaps</label>
    <loc xlink:type="locator"
      xlink:label="sblk_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue"
      xlink:href="sblk-20140630.xsd#sblk_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue"
      xlink:to="sblk_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue_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_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue_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_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue_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 13)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_KymopoliaMember"
      xlink:href="sblk-20140630.xsd#sblk_KymopoliaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_KymopoliaMember" xlink:to="sblk_KymopoliaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_KymopoliaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Kymopolia [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_KymopoliaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Kymopolia</label>
    <loc xlink:type="locator"
      xlink:label="sblk_LegalFeesAccruedLiabilities"
      xlink:href="sblk-20140630.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_ListNewbuildingsTableTextBlock"
      xlink:href="sblk-20140630.xsd#sblk_ListNewbuildingsTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ListNewbuildingsTableTextBlock"
      xlink:to="sblk_ListNewbuildingsTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ListNewbuildingsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of the entity's newbuildings.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ListNewbuildingsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">List Of Newbuildings [Table Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ListNewbuildingsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">List of Newbuildings</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ListOfSubsidiariesTableTextBlock"
      xlink:href="sblk-20140630.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_ListVesselsUnderCommercialTechnicalManagementTableTextBlock"
      xlink:href="sblk-20140630.xsd#sblk_ListVesselsUnderCommercialTechnicalManagementTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ListVesselsUnderCommercialTechnicalManagementTableTextBlock"
      xlink:to="sblk_ListVesselsUnderCommercialTechnicalManagementTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ListVesselsUnderCommercialTechnicalManagementTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of vessels under commercial and technical management.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ListVesselsUnderCommercialTechnicalManagementTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">List Of Vessels Under Commercial And Technical Management [Table Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ListVesselsUnderCommercialTechnicalManagementTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">List of vessels under commercial and technical management by Starbulk S.A.</label>
    <loc xlink:type="locator"
      xlink:label="sblk_LubricantsInventoryCurrent"
      xlink:href="sblk-20140630.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_MadredeusMember"
      xlink:href="sblk-20140630.xsd#sblk_MadredeusMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_MadredeusMember" xlink:to="sblk_MadredeusMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_MadredeusMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Madredeus [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_MadredeusMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Madredeus</label>
    <loc xlink:type="locator"
      xlink:label="sblk_MaidenVoyageCopyMember"
      xlink:href="sblk-20140630.xsd#sblk_MaidenVoyageCopyMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_MaidenVoyageCopyMember"
      xlink:to="sblk_MaidenVoyageCopyMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_MaidenVoyageCopyMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Maiden Voyage Copy [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_MaidenVoyageCopyMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maiden Voyage</label>
    <loc xlink:type="locator"
      xlink:label="sblk_MaidenVoyageMember"
      xlink:href="sblk-20140630.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_ManagedVesselsOceanBulkShippingMember"
      xlink:href="sblk-20140630.xsd#sblk_ManagedVesselsOceanBulkShippingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ManagedVesselsOceanBulkShippingMember"
      xlink:to="sblk_ManagedVesselsOceanBulkShippingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ManagedVesselsOceanBulkShippingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Managed Vessels OceanBulk Shipping [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ManagedVesselsOceanBulkShippingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Managed Vessels of Oceanbulk Shipping LLC (e)</label>
    <label xlink:type="resource"
      xlink:label="sblk_ManagedVesselsOceanBulkShippingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Managed Vessels of Oceanbulk Shipping LLC</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ManagementDirectorsMember"
      xlink:href="sblk-20140630.xsd#sblk_ManagementDirectorsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ManagementDirectorsMember"
      xlink:to="sblk_ManagementDirectorsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ManagementDirectorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Management And Directors [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ManagementDirectorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management and Directors</label>
    <loc xlink:type="locator"
      xlink:label="sblk_MartoMember"
      xlink:href="sblk-20140630.xsd#sblk_MartoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_MartoMember" xlink:to="sblk_MartoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_MartoMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Marto [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_MartoMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Marto</label>
    <loc xlink:type="locator"
      xlink:label="sblk_MercurialVirgoMember"
      xlink:href="sblk-20140630.xsd#sblk_MercurialVirgoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_MercurialVirgoMember"
      xlink:to="sblk_MercurialVirgoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_MercurialVirgoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Mercurial Virgo [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_MercurialVirgoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mercurial Virgo</label>
    <loc xlink:type="locator"
      xlink:label="sblk_NibcFacilityMember"
      xlink:href="sblk-20140630.xsd#sblk_NibcFacilityMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_NibcFacilityMember" xlink:to="sblk_NibcFacilityMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_NibcFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Nibc Facility [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_NibcFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">The "NIBC Facility"</label>
    <loc xlink:type="locator"
      xlink:label="sblk_NineNewbuildingVesselsMember"
      xlink:href="sblk-20140630.xsd#sblk_NineNewbuildingVesselsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_NineNewbuildingVesselsMember"
      xlink:to="sblk_NineNewbuildingVesselsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_NineNewbuildingVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Nine Newbuilding Vessels [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_NineNewbuildingVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nine Newbuilding Vessels</label>
    <loc xlink:type="locator"
      xlink:label="sblk_NonExecutiveDirectorsCompensation"
      xlink:href="sblk-20140630.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_NumberContractsForConstructionAcquired"
      xlink:href="sblk-20140630.xsd#sblk_NumberContractsForConstructionAcquired" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_NumberContractsForConstructionAcquired"
      xlink:to="sblk_NumberContractsForConstructionAcquired_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_NumberContractsForConstructionAcquired_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Number of contracts for construction acquired.</label>
    <label xlink:type="resource"
      xlink:label="sblk_NumberContractsForConstructionAcquired_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Number Contracts For Construction Acquired</label>
    <label xlink:type="resource"
      xlink:label="sblk_NumberContractsForConstructionAcquired_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of contracts acquired for vessels construction</label>
    <loc xlink:type="locator"
      xlink:label="sblk_NumberLoanTranches"
      xlink:href="sblk-20140630.xsd#sblk_NumberLoanTranches" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_NumberLoanTranches" xlink:to="sblk_NumberLoanTranches_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_NumberLoanTranches_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The number of tranches under the credit facility</label>
    <label xlink:type="resource"
      xlink:label="sblk_NumberLoanTranches_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Number Loan Tranches</label>
    <label xlink:type="resource"
      xlink:label="sblk_NumberLoanTranches_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of tranches per loan</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OaktreeExcelInvestorsMember"
      xlink:href="sblk-20140630.xsd#sblk_OaktreeExcelInvestorsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OaktreeExcelInvestorsMember"
      xlink:to="sblk_OaktreeExcelInvestorsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OaktreeExcelInvestorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Oaktree Excel Investors [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_OaktreeExcelInvestorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Oaktree Excel investors</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OaktreeMember"
      xlink:href="sblk-20140630.xsd#sblk_OaktreeMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OaktreeMember" xlink:to="sblk_OaktreeMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OaktreeMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Oaktree [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_OaktreeMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Oaktree</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ObelixMember"
      xlink:href="sblk-20140630.xsd#sblk_ObelixMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ObelixMember" xlink:to="sblk_ObelixMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ObelixMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Obelix [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ObelixMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Obelix</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OceanbulkMaritimeMember"
      xlink:href="sblk-20140630.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. (d)</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., or Oceanbulk</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OceanbulkMember"
      xlink:href="sblk-20140630.xsd#sblk_OceanbulkMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OceanbulkMember" xlink:to="sblk_OceanbulkMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OceanbulkMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Oceanbulk [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_OceanbulkMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Oceanbulk</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OtherCostsCapitalized"
      xlink:href="sblk-20140630.xsd#sblk_OtherCostsCapitalized" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OtherCostsCapitalized"
      xlink:to="sblk_OtherCostsCapitalized_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OtherCostsCapitalized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Commission fee for new building vessels.</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherCostsCapitalized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Costs Capitalized</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherCostsCapitalized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commission fee for new building vessels (e)</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherCostsCapitalized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Other capitalized costs (Note 3)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OtherFinancingFees"
      xlink:href="sblk-20140630.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-20140630.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-20140630.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-20140630.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">Amount of extra fees related to acquisition of property, plant and equipment.</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_PantagruelMember"
      xlink:href="sblk-20140630.xsd#sblk_PantagruelMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PantagruelMember" xlink:to="sblk_PantagruelMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PantagruelMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Pantagruel [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_PantagruelMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pantagruel</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PappasShareholdersMember"
      xlink:href="sblk-20140630.xsd#sblk_PappasShareholdersMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PappasShareholdersMember"
      xlink:to="sblk_PappasShareholdersMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PappasShareholdersMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Pappas Shareholders [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_PappasShareholdersMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pappas shareholders and Millennia Holdings</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity"
      xlink:href="sblk-20140630.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_PaymentsForPostemploymentBenefitsShares"
      xlink:href="sblk-20140630.xsd#sblk_PaymentsForPostemploymentBenefitsShares" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PaymentsForPostemploymentBenefitsShares"
      xlink:to="sblk_PaymentsForPostemploymentBenefitsShares_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsForPostemploymentBenefitsShares_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Shares used for payments of postemployment benefits (such as severance pay and health insurance benefits) recognised during the period. Postemployment benefits are benefits paid to employees after employment but before retirement.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsForPostemploymentBenefitsShares_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payments For Postemployment Benefits Shares</label>
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsForPostemploymentBenefitsShares_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Severance payments,common shares</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Peloreus2Member"
      xlink:href="sblk-20140630.xsd#sblk_Peloreus2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Peloreus2Member" xlink:to="sblk_Peloreus2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Peloreus2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Peloreus 2 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Peloreus2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Peloreus</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PeloreusFinancedByExistingCashMember"
      xlink:href="sblk-20140630.xsd#sblk_PeloreusFinancedByExistingCashMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PeloreusFinancedByExistingCashMember"
      xlink:to="sblk_PeloreusFinancedByExistingCashMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PeloreusFinancedByExistingCashMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Peloreus Financed By Existing Cash [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_PeloreusFinancedByExistingCashMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Peloreus- Financed by existing cash</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PeloreusFinancedByLoanFacilityMember"
      xlink:href="sblk-20140630.xsd#sblk_PeloreusFinancedByLoanFacilityMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PeloreusFinancedByLoanFacilityMember"
      xlink:to="sblk_PeloreusFinancedByLoanFacilityMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PeloreusFinancedByLoanFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Peloreus Financed By Loan Facility [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_PeloreusFinancedByLoanFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Peloreus - Financed by Deutsche Bank AG loan facility</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PendulumMember"
      xlink:href="sblk-20140630.xsd#sblk_PendulumMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PendulumMember" xlink:to="sblk_PendulumMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PendulumMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Pendulum [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_PendulumMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pendulum</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PercentageOfFutureProceedsSold"
      xlink:href="sblk-20140630.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_PreviousManningAgentMember"
      xlink:href="sblk-20140630.xsd#sblk_PreviousManningAgentMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PreviousManningAgentMember"
      xlink:to="sblk_PreviousManningAgentMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PreviousManningAgentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Previous Manning Agent [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_PreviousManningAgentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rebate from Company's previous manning agent</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ProductShippingTradingMember"
      xlink:href="sblk-20140630.xsd#sblk_ProductShippingTradingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ProductShippingTradingMember"
      xlink:to="sblk_ProductShippingTradingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ProductShippingTradingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Product Shipping Trading [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ProductShippingTradingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Product Shipping &amp; Trading S.A. (f)</label>
    <label xlink:type="resource"
      xlink:label="sblk_ProductShippingTradingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Product Shipping &amp; Trading S.A</label>
    <loc xlink:type="locator"
      xlink:label="sblk_RelatedPartiesCommissionsFees"
      xlink:href="sblk-20140630.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 (Note 3)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_RenewalConsultingAgreementMember"
      xlink:href="sblk-20140630.xsd#sblk_RenewalConsultingAgreementMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_RenewalConsultingAgreementMember"
      xlink:to="sblk_RenewalConsultingAgreementMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_RenewalConsultingAgreementMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Renewal Consulting Agreement [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_RenewalConsultingAgreementMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Renewal Consulting Agreements</label>
    <loc xlink:type="locator"
      xlink:label="sblk_RentExpensePerMonth"
      xlink:href="sblk-20140630.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 rent.</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_SaleOfFutureClaimsProceeds"
      xlink:href="sblk-20140630.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/documentation">The amount received from selling a percentage of interest in future proceeds, related to recovery of commercial claims.</label>
    <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">Sale of future claims proceeds</label>
    <loc xlink:type="locator"
      xlink:label="sblk_SecondInstallmentMember"
      xlink:href="sblk-20140630.xsd#sblk_SecondInstallmentMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_SecondInstallmentMember"
      xlink:to="sblk_SecondInstallmentMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_SecondInstallmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Second Installment [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_SecondInstallmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Second Installment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_SerenityIMember"
      xlink:href="sblk-20140630.xsd#sblk_SerenityIMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_SerenityIMember" xlink:to="sblk_SerenityIMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_SerenityIMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Serenity I [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_SerenityIMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Serenity I</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ServicesAgreementAnnualLumpFeeRemuneration"
      xlink:href="sblk-20140630.xsd#sblk_ServicesAgreementAnnualLumpFeeRemuneration" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ServicesAgreementAnnualLumpFeeRemuneration"
      xlink:to="sblk_ServicesAgreementAnnualLumpFeeRemuneration_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ServicesAgreementAnnualLumpFeeRemuneration_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Annual lump fee payable to Interchart, as part of the Services Agreement for brokering and commercial services.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ServicesAgreementAnnualLumpFeeRemuneration_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Services Agreement Annual Lump Fee Remuneration</label>
    <label xlink:type="resource"
      xlink:label="sblk_ServicesAgreementAnnualLumpFeeRemuneration_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Annual lump sum fee</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue"
      xlink:href="sblk-20140630.xsd#sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue"
      xlink:to="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The 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.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Grant Date Fair Value</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod"
      xlink:href="sblk-20140630.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">Number of shares vested</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_ShipbuildingContractsAgreedExtraCostsMember"
      xlink:href="sblk-20140630.xsd#sblk_ShipbuildingContractsAgreedExtraCostsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ShipbuildingContractsAgreedExtraCostsMember"
      xlink:to="sblk_ShipbuildingContractsAgreedExtraCostsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ShipbuildingContractsAgreedExtraCostsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Shipbuilding Contracts Agreed Extra Costs [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShipbuildingContractsAgreedExtraCostsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shipbuliding contracts &amp; agreed extra costs</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarAlphaMember"
      xlink:href="sblk-20140630.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/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-20140630.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-20140630.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/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-20140630.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-20140630.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/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>
    <label xlink:type="resource"
      xlink:label="sblk_StarBigMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Big (ex-Big Fish)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarBorealisAndStarPolarisMember"
      xlink:href="sblk-20140630.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-20140630.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_StarChallenger1Member"
      xlink:href="sblk-20140630.xsd#sblk_StarChallenger1Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarChallenger1Member"
      xlink:to="sblk_StarChallenger1Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarChallenger1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Challenger 1 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarChallenger1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Challenger</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarChallengerMember"
      xlink:href="sblk-20140630.xsd#sblk_StarChallengerMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarChallengerMember"
      xlink:to="sblk_StarChallengerMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarChallengerMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Challenger.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarChallengerMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Challenger [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarChallengerMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Challenger</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarCosmoMember"
      xlink:href="sblk-20140630.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/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_StarDeltaMember"
      xlink:href="sblk-20140630.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/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_StarEpsilonAndStarKappa1Member"
      xlink:href="sblk-20140630.xsd#sblk_StarEpsilonAndStarKappa1Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarEpsilonAndStarKappa1Member"
      xlink:to="sblk_StarEpsilonAndStarKappa1Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonAndStarKappa1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Epsilon And Star Kappa 1 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonAndStarKappa1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Epsilon And Star Kappa</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarEpsilonAndStarKappaMember"
      xlink:href="sblk-20140630.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-20140630.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/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_StarFighter1Member"
      xlink:href="sblk-20140630.xsd#sblk_StarFighter1Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarFighter1Member" xlink:to="sblk_StarFighter1Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarFighter1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Fighter 1 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarFighter1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Fighter</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarFighterMember"
      xlink:href="sblk-20140630.xsd#sblk_StarFighterMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarFighterMember" xlink:to="sblk_StarFighterMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarFighterMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Fighter.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarFighterMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Fighter [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarFighterMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Fighter</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarGammaMember"
      xlink:href="sblk-20140630.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-20140630.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/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-20140630.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/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>
    <label xlink:type="resource"
      xlink:label="sblk_StarMegaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Mega (ex-Megalodon)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarOmicronMember"
      xlink:href="sblk-20140630.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-20140630.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_StarSigmaMember"
      xlink:href="sblk-20140630.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>
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Sigma - Disposed</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarSirius2Member"
      xlink:href="sblk-20140630.xsd#sblk_StarSirius2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarSirius2Member" xlink:to="sblk_StarSirius2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarSirius2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Sirius2 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarSirius2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Sirius</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarSiriusStarVega2Member"
      xlink:href="sblk-20140630.xsd#sblk_StarSiriusStarVega2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarSiriusStarVega2Member"
      xlink:to="sblk_StarSiriusStarVega2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarSiriusStarVega2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">StarSiriusStarVega2[Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarSiriusStarVega2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Sirius and Star Vega</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarSiriusStarVegaMember"
      xlink:href="sblk-20140630.xsd#sblk_StarSiriusStarVegaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarSiriusStarVegaMember"
      xlink:to="sblk_StarSiriusStarVegaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarSiriusStarVegaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Sirius Star Vega [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarSiriusStarVegaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Sirius and Star Vega</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarThetaMember"
      xlink:href="sblk-20140630.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/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_StarVega2Member"
      xlink:href="sblk-20140630.xsd#sblk_StarVega2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarVega2Member" xlink:to="sblk_StarVega2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarVega2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Vega2 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarVega2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Vega</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarYpsilonMember"
      xlink:href="sblk-20140630.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/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-20140630.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_StarbulkSaMember"
      xlink:href="sblk-20140630.xsd#sblk_StarbulkSaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarbulkSaMember" xlink:to="sblk_StarbulkSaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarbulkSaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Starbulk Sa [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarbulkSaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Starbulk S.A.</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StrangeAttractorMember"
      xlink:href="sblk-20140630.xsd#sblk_StrangeAttractorMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StrangeAttractorMember"
      xlink:to="sblk_StrangeAttractorMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StrangeAttractorMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Strange Attractor [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StrangeAttractorMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Strange Attractor</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ThirdInstallmentMember"
      xlink:href="sblk-20140630.xsd#sblk_ThirdInstallmentMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ThirdInstallmentMember"
      xlink:to="sblk_ThirdInstallmentMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ThirdInstallmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Third Installment [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ThirdInstallmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Third Installment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_TotalMember"
      xlink:href="sblk-20140630.xsd#sblk_TotalMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_TotalMember" xlink:to="sblk_TotalMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_TotalMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_TotalMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total</label>
    <loc xlink:type="locator"
      xlink:label="sblk_TwoCompanysDirectorsMember"
      xlink:href="sblk-20140630.xsd#sblk_TwoCompanysDirectorsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_TwoCompanysDirectorsMember"
      xlink:to="sblk_TwoCompanysDirectorsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_TwoCompanysDirectorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Two Companys Directors [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_TwoCompanysDirectorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Directors Mr Softeland and Mr Erhardt</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselAcquisitionCommissionPercentage"
      xlink:href="sblk-20140630.xsd#sblk_VesselAcquisitionCommissionPercentage" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselAcquisitionCommissionPercentage"
      xlink:to="sblk_VesselAcquisitionCommissionPercentage_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselAcquisitionCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Commission paid to an entity related to negotiations made, with a shipyard, regarding a vessel acquisition.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselAcquisitionCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Acquisition Commission Percentage</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselAcquisitionCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel acquisition commission percentage</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselAcquisitionContractPrice"
      xlink:href="sblk-20140630.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-20140630.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_VesselGross"
      xlink:href="sblk-20140630.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_VesselNet"
      xlink:href="sblk-20140630.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_VesselType"
      xlink:href="sblk-20140630.xsd#sblk_VesselType" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselType" xlink:to="sblk_VesselType_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselType_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The type of vessel.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselType_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Type</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselType_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Type</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselYearBuilt"
      xlink:href="sblk-20140630.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-20140630.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">Number of vessels acquired</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselsAndOtherFixedAssetsNet"
      xlink:href="sblk-20140630.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_VesselsDelivered"
      xlink:href="sblk-20140630.xsd#sblk_VesselsDelivered" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselsDelivered" xlink:to="sblk_VesselsDelivered_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselsDelivered_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Number of vessels delivered.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsDelivered_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels Delivered</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VoyageExpenses"
      xlink:href="sblk-20140630.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</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-20140630.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_VoyageVesselOperatingExpensesTextBlock"
      xlink:href="sblk-20140630.xsd#sblk_VoyageVesselOperatingExpensesTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VoyageVesselOperatingExpensesTextBlock"
      xlink:to="sblk_VoyageVesselOperatingExpensesTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VoyageVesselOperatingExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This 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_VoyageVesselOperatingExpensesTextBlock_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_VoyageVesselOperatingExpensesTextBlock_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="us-gaap_AccountingPoliciesAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.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">Accounting Policies [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.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">Accrued Liabilities</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsPayableTradeCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.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_AccountsReceivableNetCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccountsReceivableNetCurrent"
      xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Trade accounts receivable</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccrualForEnvironmentalLossContingenciesDisclosureAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccrualForEnvironmentalLossContingenciesDisclosureAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccrualForEnvironmentalLossContingenciesDisclosureAbstract"
      xlink:to="us-gaap_AccrualForEnvironmentalLossContingenciesDisclosureAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccrualForEnvironmentalLossContingenciesDisclosureAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accrual For Environmental Loss Contingencies Disclosure [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccruedLiabilitiesCurrentAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccruedLiabilitiesCurrentAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccruedLiabilitiesCurrentAbstract"
      xlink:to="us-gaap_AccruedLiabilitiesCurrentAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccruedLiabilitiesCurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accrued Liabilities (Abstract)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract"
      xlink:to="us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accrued Liabilities [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccruedLiabilitiesCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccruedLiabilitiesCurrent"
      xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accrued Liabilities Current</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued liabilities</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Accrued Liabilities</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"
      xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accumulated depreciation</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accumulated depreciation</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife"
      xlink:to="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amortization weighted-average period</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AdditionalPaidInCapitalCommonStock"
      xlink:to="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Additional paid in capital</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AdditionalPaidInCapitalMember"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AdditionalPaidInCapitalMember"
      xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid In Capital [Member]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional Paid-in Capital</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther"
      xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other non-cash expenses</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Other non-cash charges</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts"
      xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Adjustments To Additional Paid In Capital Stock Issued Issuance Costs</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Offering expenses</label>
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      xlink:to="us-gaap_DebtInstrumentFaceAmount_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loan amount</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DebtInstrumentIssuanceDate1"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentIssuanceDate1" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DebtInstrumentIssuanceDate1"
      xlink:to="us-gaap_DebtInstrumentIssuanceDate1_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DebtInstrumentIssuanceDate1_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Issuance date</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DebtInstrumentLineItems"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentLineItems" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DebtInstrumentLineItems"
      xlink:to="us-gaap_DebtInstrumentLineItems_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DebtInstrumentLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Long term debt [Line Items]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DebtInstrumentPaymentTerms"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentPaymentTerms" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DebtInstrumentPaymentTerms"
      xlink:to="us-gaap_DebtInstrumentPaymentTerms_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DebtInstrumentPaymentTerms_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loan repayment terms</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DebtInstrumentTable"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentTable" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DebtInstrumentTable"
      xlink:to="us-gaap_DebtInstrumentTable_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DebtInstrumentTable_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Long-term Debt [Table]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount"
      xlink:to="us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Undrawn amount</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DebtPolicyTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DebtPolicyTextBlock"
      xlink:to="us-gaap_DebtPolicyTextBlock_lbl" />
    <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>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DecreaseInRestrictedCash"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DecreaseInRestrictedCash" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DecreaseInRestrictedCash"
      xlink:to="us-gaap_DecreaseInRestrictedCash_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_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="us-gaap_DecreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Decrease in restricted cash</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_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="us-gaap_DeferredFinanceCostsNoncurrentNet"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DeferredFinanceCostsNoncurrentNet"
      xlink:to="us-gaap_DeferredFinanceCostsNoncurrentNet_lbl" />
    <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>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DeferredRevenueCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRevenueCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DeferredRevenueCurrent"
      xlink:to="us-gaap_DeferredRevenueCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DeferredRevenueCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Deferred revenue, current</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DeferredRevenueCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred revenue</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DeferredRevenueNoncurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DeferredRevenueNoncurrent"
      xlink:to="us-gaap_DeferredRevenueNoncurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DeferredRevenueNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Deferred revenue, non-current</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DeferredRevenueNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred revenue</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_Depreciation"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Depreciation" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_Depreciation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Depreciation (Note 6)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_Depreciation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeAssetNotionalAmount"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeAssetNotionalAmount" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeAssetNotionalAmount"
      xlink:to="us-gaap_DerivativeAssetNotionalAmount_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeAssetNotionalAmount_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative Asset Notional Amount</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeAssetsNoncurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeAssetsNoncurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeAssetsNoncurrent"
      xlink:to="us-gaap_DerivativeAssetsNoncurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeAssetsNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative Assets Noncurrent</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeAssetsNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative asset (Note 15)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeAssetsNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interest rate swaps - asset position</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeAssets"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeAssets" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeAssets"
      xlink:to="us-gaap_DerivativeAssets_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative Assets</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative asset (Note 19)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeByNatureAxis"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeByNatureAxis" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeByNatureAxis"
      xlink:to="us-gaap_DerivativeByNatureAxis_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeByNatureAxis_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative [Axis]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeDescriptionOfVariableRateBasis"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeDescriptionOfVariableRateBasis" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeDescriptionOfVariableRateBasis"
      xlink:to="us-gaap_DerivativeDescriptionOfVariableRateBasis_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeDescriptionOfVariableRateBasis_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Variable rate basis</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeFixedInterestRate"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeFixedInterestRate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeFixedInterestRate"
      xlink:to="us-gaap_DerivativeFixedInterestRate_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeFixedInterestRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fixed rate, per annum</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeInstrumentsAndHedgesLiabilities"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesLiabilities" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeInstrumentsAndHedgesLiabilities"
      xlink:to="us-gaap_DerivativeInstrumentsAndHedgesLiabilities_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeInstrumentsAndHedgesLiabilities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative instruments</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent"
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    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative instruments, non-current (Note 16)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeInstrumentsAndHedges"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedges" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeInstrumentsAndHedges"
      xlink:to="us-gaap_DerivativeInstrumentsAndHedges_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeInstrumentsAndHedges_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative instruments (Note 16)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"
      xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair value</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeLiabilitiesCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeLiabilitiesCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeLiabilitiesCurrent"
      xlink:to="us-gaap_DerivativeLiabilitiesCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeLiabilitiesCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative Liabilities Current</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeLiabilitiesCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative liability (Note 15)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeLiabilitiesNoncurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeLiabilitiesNoncurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeLiabilitiesNoncurrent"
      xlink:to="us-gaap_DerivativeLiabilitiesNoncurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeLiabilitiesNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative liability (Note 15)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeLiabilitiesNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate swaps - liability position</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeLineItems"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeLineItems" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeLineItems"
      xlink:to="us-gaap_DerivativeLineItems_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative [Line Items]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeMaturityDates"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeMaturityDates" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeMaturityDates"
      xlink:to="us-gaap_DerivativeMaturityDates_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeMaturityDates_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative Maturity Dates</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeMaturityDates_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maturity date</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeMaturityDate"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeMaturityDate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeMaturityDate"
      xlink:to="us-gaap_DerivativeMaturityDate_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeMaturityDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative maturity date</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeNameDomain"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeNameDomain" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_DerivativeNameDomain"
      xlink:to="us-gaap_DerivativeNameDomain_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_DerivativeNameDomain_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative [Domain]</label>
    <loc xlink:type="locator"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Incentive Plan</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Dividends declared and paid</label>
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    <label xlink:type="resource"
      xlink:label="us-gaap_DividendsPayableAmountPerShare_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Dividend declared, per share</label>
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      xlink:label="us-gaap_DividendsPreferredStockCash"
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      xlink:role="http://www.xbrl.org/2003/role/label">Dividends paid to nonvested shares</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_DueFromRelatedPartiesCurrentAbstract"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Due From Related Parties Current [Abstract]</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Assets</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Due from related parties (Note 3)</label>
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      xlink:label="us-gaap_DueFromRelatedPartiesCurrent_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Due from related parties</label>
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_DueToOfficersOrStockholdersCurrent_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Outstanding balance - unpaid fees</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_DueToRelatedPartiesCurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Due To Related Parties Current [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DueToRelatedPartiesCurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Liabilities</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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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Due to related parties (Note 3)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due to related parties</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Outstanding balance</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_EarningsPerShareAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_EarningsPerShareAbstract_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Earnings / Loss per Share [Abstract]</label>
    <loc xlink:type="locator"
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      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" />
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    <label xlink:type="resource"
      xlink:label="us-gaap_EarningsPerShareBasicAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share Basic [Abstract]</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/label">Earnings Per Share Basic And Diluted</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">(Loss) / Earning per share, basic and diluted (Note 13)</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">Earnings Per Share Basic Other Disclosures [Abstract]</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings per Share</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/verboseLabel">Diluted loss per share</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share Policy Text Block</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings/(loss) per common share</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/terseLabel">Earnings / Loss per Share</label>
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Increase in restricted cash</label>
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    <label xlink:type="resource"
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      xlink:label="us-gaap_IntangibleAssetsFiniteLivedPolicy"
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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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    <label xlink:type="resource"
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    <label xlink:type="resource"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
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      xlink:label="us-gaap_ManagementFeesBaseRevenue_lbl"
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    <loc xlink:type="locator"
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    <label xlink:type="resource"
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    <loc xlink:type="locator"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel operating expenses</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Operating Expenses [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingExpensesAbstract_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expenses</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingExpensesAbstract_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Voyage expenses</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingExpenses"
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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_OperatingExpenses_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Total Operating Expenses</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingExpenses_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Operating Expenses</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingIncomeLossAbstract"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Other Operational Loss [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingIncomeLoss"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Operating income/(loss)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingIncomeLoss_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Operating income/ (loss)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableCurrent</label>
    <label xlink:type="resource"
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      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">June 30, 2019</label>
    <loc xlink:type="locator"
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      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableInFourYears</label>
    <label xlink:type="resource"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears</label>
    <label xlink:type="resource"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_lbl"
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    <label xlink:type="resource"
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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_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableThereafter</label>
    <label xlink:type="resource"
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    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_lbl"
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    <label xlink:type="resource"
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    <loc xlink:type="locator"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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    <loc xlink:type="locator"
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    <label xlink:type="resource"
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    <loc xlink:type="locator"
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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">Other Commitments [Axis]</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Other Commitments [Line Items]</label>
    <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">Other Commitments [Table]</label>
    <loc xlink:type="locator"
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      xlink:role="http://www.xbrl.org/2003/role/label">Other Cost And Expense Operating</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Miscellaneous</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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      xlink:role="http://www.xbrl.org/2003/role/label">Other operational loss (Note 11)</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other operational loss</label>
    <loc xlink:type="locator"
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      xlink:role="http://www.xbrl.org/2003/role/label">Other Expenses</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">Other Operational Gain [Abstract]</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">Other operational gain (Note 9)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OtherIncome_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other operational gain</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OtherIncome_lbl"
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Other operational gain (Note 10)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OtherLiabilitiesNoncurrent"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Other non-current liabilities</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OtherNoncashIncomeExpense"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" />
    <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">OtherNoncashIncomeExpense</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl"
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Other non-cash charges</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OtherNoncashIncome"
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    <labelArc xlink:type="arc"
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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">Other Noncash Income</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OtherNonoperatingIncomeExpense"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" />
    <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">Total other income/(expense), net</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total other expenses, net</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">Due from managers</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsForPostemploymentBenefits_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Severance payment, cash</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Repurchase of common shares</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repurchase and cancellation of common shares, value (Note 10)</label>
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      xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl"
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      xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Repurchase of common shares</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PaymentsForRepurchaseOfEquityAbstract"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsForRepurchaseOfEquityAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payments For Repurchase Of Equity [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsForRepurchaseOfEquityAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share Re-purchase plan</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PaymentsOfDebtRestructuringCosts"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfDebtRestructuringCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payments Of Debt Restructuring Costs</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfDebtRestructuringCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Processing fee</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">PaymentsOfDividendsCommonStock</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Cash dividend</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PaymentsOfFinancingCosts"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">PaymentsOfFinancingCosts</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Financing fees paid</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PaymentsOfStockIssuanceCosts"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Offering expenses paid</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Offering expenses paid related to the issuance of common stock</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Offering expenses paid related to the issuance of common stock</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PaymentsToAcquireBusinessesGross"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquireBusinessesGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Businesses Gross</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquireBusinessesGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payment to acquire business</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquireBusinessesGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Expected payment upon the distribution of vessels</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Intangible Assets</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets_lbl"
      xml:lang="en-US"
      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"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Cash paid for above market acquired time charters</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquireLongtermInvestments_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">PaymentsToAcquireLongtermInvestments</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquireLongtermInvestments_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Long term Investment</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Delivery installment payment</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payments to acquire property plant and equipment</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre-delivery installments</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Pre-delivery Yard installments</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Advances for vessels acquisitions and vessels under construction</label>
    <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">Pension and retirement benefit obligations?crew</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pension and retirement benefit obligations?administrative personnel</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan [Axis]</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock [Member]</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Stock</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Stock:</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock - Shares Authorized</label>
    <loc xlink:type="locator"
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      xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock - Shares Issued</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock - Shares Outstanding</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Preferred stock value</label>
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    <loc xlink:type="locator"
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      xlink:role="http://www.xbrl.org/2003/role/label">Prepaid expenses and other receivables</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">Private Placement [Member]</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Private Placement</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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      xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from bank loans</label>
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    <labelArc xlink:type="arc"
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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">Insurance proceeds</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">Proceeds From Issuance Initial Public Offering</label>
    <label xlink:type="resource"
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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>
    <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">Legal proceeds</label>
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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">Vessels and Other Fixed Assets Net Text Block</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels and Other Fixed Assets, Net</label>
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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"
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    <labelArc xlink:type="arc"
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    <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"
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    <labelArc xlink:type="arc"
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      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 [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/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" />
    <labelArc xlink:type="arc"
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    <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"
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    <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"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Fixed Assets</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_PropertyPlantAndEquipmentOther"
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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">PropertyPlantAndEquipmentOther</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentOther_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other 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">Vessels, net</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.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</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</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/2013/elts/us-gaap-2013-01-31.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</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyDomain"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RelatedPartyTransactionsAbstract"
      xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" />
    <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/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.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/2013/elts/us-gaap-2013-01-31.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"
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      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, current</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" />
    <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_RestrictedCashAndCashEquivalentsNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Restricted cash, non-current (Note 7)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted cash, non-current</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"
      xlink:to="us-gaap_RestrictedStockMember_lbl" />
    <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"
      xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" />
    <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/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RetainedEarningsMember"
      xlink:to="us-gaap_RetainedEarningsMember_lbl" />
    <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">Accumulated deficit</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_RetainedEarningsMember_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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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">First year</label>
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    <label xlink:type="resource"
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      xlink:label="us-gaap_UseOfEstimates_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Use of estimates</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage"
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>sblk-20140630_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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Taxonomy Presentation 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) 2002-2014 UBmatrix inc., All Rights Reserved
Produced on 2014-09-05 21:19:11
-->
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          <div class="a">Combine Marine Ltd (c)</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_DueFromRelatedPartiesCurrent', window );">Due from related parties</a></td>
        <td class="nump">176<span></span></td>
        <td class="nump">9<span></span></td>
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          <div class="a">Managed Vessels of Oceanbulk Shipping LLC (e)</div>
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          <div class="a">Interchart Shipping Inc. (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 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 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=26873400&amp;loc=d3e23780-122690<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 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 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 3<br><br> -Subparagraph a<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 210.5-02.3(a)(2))<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 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=28358313&amp;loc=d3e6676-107765<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 2<br><br> -Article 4<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>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 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=26873400&amp;loc=d3e23780-122690<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 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 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 k<br><br> -Subparagraph 1<br><br> -Article 4<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 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></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAIAC">
      <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">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HSH Nordbank AG $35,000 facility</div>
        </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_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
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        <td class="text">This senior secured credit facility will mature in February 2021 and is repayable in 28 consecutive quarterly installments, which commence in May 2014 and amount to $312.5 and $291.7, and a final balloon payment of $8,750 and $9,332.4, payable together with the last installments, for Star Challenger and Star Fighter 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 contains financial and other customary covenants, under which the Company as corporate guarantor shall ensure the following : (i) the market value adjusted leverage ratio shall not be greater than 75%, (ii) a ratio of EBITDA to interest expense, no less than 2.0:1.0, (iii) minimum liquidity of $500 shall be maintained for each of the Company's vessels, (iv) a minimum market adjusted net worth shall not be less than $100,000, (v) an actual pledged amount of $300 shall be maintained per mortgaged vessel (the ' Mandatory Minimum Amount'), and (vi) an additional actual pledged amount of $600 shall be maintained per vessel (the 'Additional Liquidity Amount'), in case there is no time charter employment in place (as defined in the loan agreement) on the drawdown date. The respective amounts pledged will be gradually reduced by $150 per annum per vessel on each anniversary of the drawdown date with respect to the relevant vessel. The borrowers may not pay any dividends or make similar distributions if breach of covenant and/or event of default or will occur after such dividend or distribution. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of Star Challenger and Star Fighter of at least 125% of the amount outstanding including the Mandatory Minimum Amount and excluding the Additional Liquidity Amount.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Deutsche Bank, $39,000 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>
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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_DebtInstrumentPaymentTerms', window );">Loan repayment terms</a></td>
        <td class="text">This senior secured credit facility consists of two tranches of $19,500 each. This senior secured credit facility will mature in March 2021. Each tranche is repayable in 28 consecutive installments of $390 each which commence in June 2014 and a final balloon payment of $8,580.<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 contains financial and other covenants under which the Company is the corporate guarantor shall maintain the following: (i) a market value adjusted leverage ratio of not greater than 70%; (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) minimum liquidity of $500 per vessel for each of the Company's vessels; (v) an actual pledged amount of $500 for each mortgaged vessel under this credit facility; and (vi) a minimum fair market value of the vessels plus the pledged amount of cash of no less than 130% of the outstanding amount under that facility. In addition, the borrowers will not pay any dividends or make similar distributions if the Company is in breach of a covenant and/or an event of default exists or will occur after such dividend or distribution.<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>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>
              </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 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 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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          <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>Description of the payment terms of the debt instrument (for example, whether periodic payments include principal and frequency of payments) and discussion about any contingencies associated with the payment.</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 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 Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 470<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<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)(3))<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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ECGAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Advances for Vessels Acquisitions (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">6 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Nine Newbuilding Vessels</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Nine Newbuilding Vessels</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>
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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 );">Pre-delivery Yard installments</a></td>
        <td class="nump">$ 74,267<span></span></td>
        <td class="nump">$ 827<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 66,780<span></span></td>
        <td class="nump">$ 66,780<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_AdvancesForVesselsUnderCapitalLeases', window );">Bareboat capital leases - upfront hire &amp; handling fees</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">12,012<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_InterestCostsCapitalized', window );">Capitalized interest and finance costs</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">1,885<span></span></td>
        <td class="nump">633<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_OtherCostsCapitalized', window );">Other capitalized costs (Note 3)</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">1,117<span></span></td>
        <td class="nump">519<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_ConstructionInProgressGross', window );">Total</a></td>
        <td class="nump">$ 81,794<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 67,932<span></span></td>
        <td class="nump">$ 81,794<span></span></td>
        <td class="nump">$ 67,932<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 cash outflow associated with the acquisition of vessels, bareboats, etc.</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>
                    <td><nobr>sblk_AdvancesForVesselsUnderCapitalLeases</nobr></td>
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                    <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>Commission fee for new building 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">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_OtherCostsCapitalized</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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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of structure or a modification to a structure under construction. Includes recently completed structures or modifications to structures that have not been placed into service.</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 (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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_ConstructionInProgressGross</nobr></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 );">- 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> -Glossary Allowance for Funds Used during Construction<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6504829<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> -Subparagraph (b)<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">
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                <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 Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
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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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EGDAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Long term Debt (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract', window );"><strong>Long term Debt [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseLongTermDebt', window );">Interest expense</a></td>
        <td class="nump">$ 2,684<span></span></td>
        <td class="nump">$ 3,455<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">284<span></span></td>
        <td class="nump">292<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_OtherFinancingFees', window );">Other finance fees</a></td>
        <td class="nump">$ 89<span></span></td>
        <td class="nump">$ 47<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <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>
        </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 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>
                  </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_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 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=31042434&amp;loc=d3e3602-108585<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 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=26872669&amp;loc=d3e20235-122688<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 8<br><br> -Article 5<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> -Paragraph 8<br><br> -Article 9<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_InterestExpenseLongTermDebt">
        <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 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 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>
              </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_InterestExpenseLongTermDebt</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>
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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_LongTermDebtByCurrentAndNoncurrentAbstract">
        <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_LongTermDebtByCurrentAndNoncurrentAbstract</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>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
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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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E5GAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Vessels and Other Fixed Assets, Net (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGrossAbstract', window );"><strong>Cost</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselGross', window );">Vessels</a></td>
        <td class="nump">$ 541,141<span></span></td>
        <td class="nump">$ 481,086<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_PropertyPlantAndEquipmentOther', window );">Other fixed assets</a></td>
        <td class="nump">1,433<span></span></td>
        <td class="nump">1,083<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_PropertyPlantAndEquipmentGross', window );">Total cost</a></td>
        <td class="nump">542,574<span></span></td>
        <td class="nump">482,169<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation</a></td>
        <td class="num">(165,272)<span></span></td>
        <td class="num">(155,495)<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_VesselsAndOtherFixedAssetsNet', window );">Vessels and other fixed assets, net</a></td>
        <td class="nump">$ 377,302<span></span></td>
        <td class="nump">$ 326,674<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselGross">
        <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>Gross amount of vessel acquired.</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_VesselGross</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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
        <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 accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce 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 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>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 210.5-02.14)<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 14<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</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_PropertyPlantAndEquipmentGross">
        <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 before accumulated depreciation, depletion and amortization of 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, and furniture and fixtures.</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 (b)<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 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>
              </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_PropertyPlantAndEquipmentGross</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_PropertyPlantAndEquipmentGrossAbstract">
        <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_PropertyPlantAndEquipmentGrossAbstract</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_PropertyPlantAndEquipmentOther">
        <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 before accumulated depreciation, depletion and amortization of other physical assets 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 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></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_PropertyPlantAndEquipmentOther</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>
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  </body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R33.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E2F">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments and Contingencies (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</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_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies [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_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock', window );">Schedule of future minimum contractual charter revenue</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:35px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending </font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amount*</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">24,419</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">14,541</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2017</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">765</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2018</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2019</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2020 and thereafter</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>39,725</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:209px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:603px;height:35px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(*)&#160;&#160;&#160;&#160;&#160;&#160;These amounts do not include any assumed off-hire except for the scheduled dry-docking intermediate and special surveys of the vessels.</font></div><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#8195;</b></font></div></td>
  </tr>
</table>
<div></div><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_ContractualObligationFiscalYearMaturityScheduleTableTextBlock', window );">Schedule of future minimum contractual obligations</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="18" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:527px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending June 30,</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2015</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2016</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2017</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2018</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2019</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2020 and thereafter</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Shipbuilding contracts &amp; agreed extra costs </font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">303,934</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ 81,747</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:75px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ 222,187</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:56px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:57px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:38px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:47px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$&#160;-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:87px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;$-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat capital leases - upfront hire &amp; handling fees</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">13,080</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">12,024</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,056</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:150px;height:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat commitments charter hire <sup>(1)</sup></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">124,739</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6,588</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,266</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,249</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,232</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">90,404</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">441,753</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$93,771</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$229,831</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,266</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,249</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,232</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$90,404</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" colspan="22" style=" border:solid #000000 0.0px;width:761px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1) The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.327%, as of June 30, 2014 (please refer to Note 6).</font></div></td>
  </tr>
  <tr>
    <td style="width:125px;"></td>
    <td style="width:24px;"></td>
    <td style="width:58px;"></td>
    <td style="width:24px;"></td>
    <td style="width:69px;"></td>
    <td style="width:24px;"></td>
    <td style="width:3px;"></td>
    <td style="width:75px;"></td>
    <td style="width:24px;"></td>
    <td style="width:56px;"></td>
    <td style="width:5px;"></td>
    <td style="width:22px;"></td>
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                <p>Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <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>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30, 2014</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Assets</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Combine Marine Ltd (c)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A. (d)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">176</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">420</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,752</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Product Shipping &amp; Trading S.A. (f)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">56</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">25</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Assets</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>486</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,953</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Liabilities</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interchart Shipping Inc. (a)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">58</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">77</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management and Directors Fees (b)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">111</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">71</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">390</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,328</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Liabilities</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>559</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,476</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Capitalized Expenses</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31, 2013</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30, 2014</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Advances for vessels under construction and acquisition of vessels and other assets</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A.- commision fee for newbuilding vessels (d)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">519</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,038</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Statements of Operations</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:276px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" colspan="4" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:276px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Six month period ended June 30,</b></font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Commision on sale of vessel - Oceanbulk Maritime S.A.</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(90) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Executive directors consultancy fees (b)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(246) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(286) &#160;</font></div></td>
  </tr>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Non-executive directors compensation (b)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(51) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(71) &#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Office rent - Combine Marine Ltd. (c)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(20) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(21) &#160;</font></div></td>
  </tr>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Voyage expenses-Interchart (a)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(397) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(385) &#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income - Oceanbulk Maritime S.A. (d)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">93</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income - Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">272 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,299</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income Product Shipping &amp; Trading S.A. (f)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">40 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">62</font></div></td>
  </tr>
</table>
<div></div><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_RelatedPartyTransactionsAbstract">
        <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_RelatedPartyTransactionsAbstract</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>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock">
        <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 related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.</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_ScheduleOfRelatedPartyTransactionsTableTextBlock</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>
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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>duration</td>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R50.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EADAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Fair value of Above Market Acquired Time Charters - Future Amortization (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract', window );"><strong>Estimated aggregate amortization expense of the above market acquired time charters</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths', window );">June 30, 2015</a></td>
        <td class="nump">$ 3,525<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_FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo', window );">June 30, 2016</a></td>
        <td class="nump">1,304<span></span></td>
        <td class="text">&#xA0;<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_FairValueOfAboveMarketAcquiredTimeCharter', window );">Total</a></td>
        <td class="nump">$ 4,829<span></span></td>
        <td class="nump">$ 7,978<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_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths">
        <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 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">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths</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>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_FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo">
        <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 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;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo</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_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract">
        <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_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract</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>23
<FILENAME>R42.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EZEAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Transactions With Related Parties - Additional Information - Interchart (Details)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">0 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 11, 2014</div>
        </th>
        <th class="th">
          <div>Feb. 25, 2014

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Feb. 25, 2014

</div>
          <div>EUR (&#x20AC;)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</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_RelatedPartyTransactionsAbstract', window );"><strong>Transactions with Related Parties [Abstract]</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>
      </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_PaymentsToAcquireBusinessesGross', window );">Payment to acquire business</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 200<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_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued', window );">Shares to acquire business</a></td>
        <td class="nump">54,104,200<span></span></td>
        <td class="nump">22,598<span></span></td>
        <td class="nump">22,598<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_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership in Interchart acquired</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">33.00%<span></span></td>
        <td class="nump">33.00%<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_ServicesAgreementAnnualLumpFeeRemuneration', window );">Annual lump sum fee</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 685<span></span></td>
        <td class="nump">&#x20AC; 500<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_ForeignCurrencyExchangeRateTranslation1', window );">Exchange rate EUR/USD</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">1.37<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_BusinessAcquisitionSharePrice', window );">Fair value per share transferred</a></td>
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        <td class="nump">$ 14.51<span></span></td>
        <td class="text">&#xA0;<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>Annual lump fee payable to Interchart, as part of the Services Agreement for brokering and commercial services.</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_ServicesAgreementAnnualLumpFeeRemuneration</nobr></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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        <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 of equity interests issued or issuable to acquire 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 Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)(4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7488404&amp;loc=d3e6927-128479<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_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued</nobr></td>
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                    <td>us-gaap_</td>
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                    <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>Price of a single share of a number of saleable stocks paid or offered to be paid in a business combination.</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_BusinessAcquisitionSharePrice</nobr></td>
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                    <td>num:perShareItemType</td>
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                    <td>na</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 );">- Definition</a><div>
                <p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</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 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<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>Foreign exchange rate used to translate amounts denominated in functional currency to reporting currency.</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> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6897108&amp;loc=SL6897125-166521<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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        <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 cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price.</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 Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<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_PaymentsToAcquireBusinessesGross</nobr></td>
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                    <td>credit</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><nobr>us-gaap_RelatedPartyTransactionsAbstract</nobr></td>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKKAI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Basis of Presentation and General Information - Vessel Under Commercial and Technical Management (Table) (Details)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Kymopolia</div>
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        <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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</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_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">176,990<span></span></td>
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        <td class="text">January 30, 2014<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Obelix</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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</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_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">181,433<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2011<span></span></td>
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        <td class="text">October 19, 2012<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Pantagruel</div>
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        <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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</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_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">180,181<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_VesselYearBuilt', window );">Year Built</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_sblk_EffectiveDateManagementAgreement', window );">Effective Date of Management Agreement</a></td>
        <td class="text">October 24, 2013<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Big Bang</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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</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_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">174,109<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_VesselYearBuilt', window );">Year Built</a></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_EffectiveDateManagementAgreement', window );">Effective Date of Management Agreement</a></td>
        <td class="text">August 30, 2013<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Big Fish</div>
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        <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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</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_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">177,662<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_VesselYearBuilt', window );">Year Built</a></td>
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        <td class="text">October 18, 2013<span></span></td>
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      <tr class="rh">
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          <div class="a">Madredeus</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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</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_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">98,681<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2011<span></span></td>
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        <td class="text">February 4, 2014<span></span></td>
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      <tr class="rh">
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          <div class="a">Amami</div>
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        <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">98,681<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="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_EffectiveDateManagementAgreement', window );">Effective Date of Management Agreement</a></td>
        <td class="text">February 4, 2014<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Pendulum</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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">82,619<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2006<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_EffectiveDateManagementAgreement', window );">Effective Date of Management Agreement</a></td>
        <td class="text">February 17, 2014<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Mercurial Virgo</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">81,545<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="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_EffectiveDateManagementAgreement', window );">Effective Date of Management Agreement</a></td>
        <td class="text">February 17, 2014<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Marto</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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">74,470<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2001<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_EffectiveDateManagementAgreement', window );">Effective Date of Management Agreement</a></td>
        <td class="text">August 2, 2013<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Strange Attractor</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">55,742<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">2006<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_EffectiveDateManagementAgreement', window );">Effective Date of Management Agreement</a></td>
        <td class="text">September 24, 2013<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Maiden Voyage</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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">58,722<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2012<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_EffectiveDateManagementAgreement', window );">Effective Date of Management Agreement</a></td>
        <td class="text">September 28, 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Serenity I</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">53,688<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">2006<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_EffectiveDateManagementAgreement', window );">Effective Date of Management Agreement</a></td>
        <td class="text">June 11, 2011<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_EffectiveDateManagementAgreement">
        <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 element refers to the effective date of 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_EffectiveDateManagementAgreement</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>
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          </td>
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      <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>
                  </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_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>
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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>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R52.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;">v2.4.0.8</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 - Principal Payments (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByMaturityAbstract', window );"><strong>Long-term Debt - Principal payments</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths', window );">June 30, 2015</a></td>
        <td class="nump">$ 29,250<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_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo', window );">June 30, 2016</a></td>
        <td class="nump">41,252<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 );">June 30, 2017</a></td>
        <td class="nump">82,257<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 );">June 30, 2018</a></td>
        <td class="nump">9,477<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 );">June 30, 2019</a></td>
        <td class="nump">46,714<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 );">June 30, 2020 and thereafter</a></td>
        <td class="nump">44,932<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">$ 253,882<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 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 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 210.5-02.22)<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 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 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 16<br><br> -Article 9<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 20, 22<br><br> -Article 5<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>
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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>
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                  <tr>
                    <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_LongTermDebtByMaturityAbstract</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>
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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>
        </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>
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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>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>
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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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            <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">
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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 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>
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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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                <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">
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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 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">
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<DOCUMENT>
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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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E5KAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair value measurements - Additional Information (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">6 Months Ended</th>
        <th class="th" colspan="1">0 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013

</div>
          <div>Interest Rate Swap A</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013

</div>
          <div>Interest Rate Swap B</div>
        </th>
        <th class="th">
          <div>Apr. 28, 2014

</div>
          <div>Fix forward 50% of floating interest rate for HSH Nordbank AG $35,000 facility</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfInterestRateDerivativesHeld', window );">Number of interest rate derivatives held by the Company</a></td>
        <td class="nump">4<span></span></td>
        <td class="nump">2<span></span></td>
        <td class="nump">2<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 26,840<span></span></td>
        <td class="nump">$ 28,628<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">Aug. 31,
				 2018<span></span></td>
        <td class="text">Nov. 30,
				 2018<span></span></td>
        <td class="text">Sep. 30,
				 2018<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_DerivativeFixedInterestRate', window );">Fixed rate, per annum</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>
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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">LIBOR<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>Nominal or face amount used to calculate payments on the derivative 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 Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5580258-113959<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 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5579245-113959<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 Notional Amount<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519104<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 reference rate for the variable rate of the interest rate derivative, 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>
              </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_DerivativeDescriptionOfVariableRateBasis</nobr></td>
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                <p>Fixed interest rate related to the interest rate derivative.</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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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeLineItems</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>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeMaturityDates">
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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>Date the derivative contract matures, 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>
              </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_DerivativeMaturityDates</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:dateItemType</td>
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                    <td>na</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_NumberOfInterestRateDerivativesHeld">
        <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 interest rate derivative instruments held by the entity at the reporting 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 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5580258-113959<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 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5579245-113959<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_NumberOfInterestRateDerivativesHeld</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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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EOSAG">
      <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="2">6 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2"></th>
        <th class="th" colspan="3">0 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">0 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Feb. 20, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 21, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 21, 2013

</div>
          <div>Equity Incentive Plan 2013</div>
        </th>
        <th class="th">
          <div>Feb. 20, 2014

</div>
          <div>Directors, Officers and Employees of the Company and its subsidiaries</div>
        </th>
        <th class="th">
          <div>Mar. 21, 2013

</div>
          <div>Directors, Officers and Employees of the Company and its subsidiaries</div>
        </th>
        <th class="th">
          <div>Mar. 21, 2013

</div>
          <div>Company's former Director</div>
        </th>
        <th class="th">
          <div>Feb. 20, 2014

</div>
          <div>Equity Incentive Plan 2014</div>
        </th>
        <th class="th">
          <div>May 03, 2014

</div>
          <div>CEO Incentive Award</div>
        </th>
        <th class="th">
          <div>Feb. 20, 2014

</div>
          <div>Directors Mr Softeland and Mr Erhardt</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>
        <td class="text">&#xA0;<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">240,000<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">430,000<span></span></td>
        <td class="nump">9,333<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">402,167<span></span></td>
        <td class="nump">279,333<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="nump">394,167<span></span></td>
        <td class="nump">239,333<span></span></td>
        <td class="nump">12,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">8,000<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="nump">266,000<span></span></td>
        <td class="nump">21,333<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_ShareBasedCompensation', window );">Share based compensation</a></td>
        <td class="nump">$ 1,903<span></span></td>
        <td class="nump">$ 600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Total unrecognized compensation cost</a></td>
        <td class="nump">$ 2,917<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1', window );">Expected period of recognition of unrecognized compensation cost</a></td>
        <td class="text">0 years 8 months 26 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>
        <td class="text">&#xA0;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue', window );">Grant Date Fair Value</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 10.86<span></span></td>
        <td class="nump">$ 6.46<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue">
        <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 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>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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue</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: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_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>Unrecognized cost of unvested share-based compensation awards.</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_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>
                  </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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                </table>
              </div>
            </div>
          </td>
        </tr>
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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>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</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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              </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 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=31042434&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>
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                  <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>
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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_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></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>
                  </tr>
                  <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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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
        <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, 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></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>
                  </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>
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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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
        <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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</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>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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized">
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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 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 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>
              </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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</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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<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R47.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EGGAG">
      <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="3">6 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="3">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013

</div>
          <div>Star Sigma</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Star Sigma</div>
        </th>
        <th class="th">
          <div>Apr. 10, 2013

</div>
          <div>Star Sigma</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Star Sirius and Star Vega</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Star Sirius</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Star Vega</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>
      </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_SignificantAcquisitionsAndDisposalsDateOfTransactionForAcquisitionsOrDisposals', window );">Delivery date</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Apr. 10,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Mar.
				07,
				 2014<span></span></td>
        <td class="text">Feb. 13,
				 2014<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_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Contracted sale price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 9,044<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 60,000<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="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>
      </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="nump">2.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1.25%<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="nump">376,643<span></span></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">8,354<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_GainLossOnSaleOfPropertyPlantEquipment', window );">Loss on sale of vessel</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">81<span></span></td>
        <td class="num">(81)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_VesselCapacity', window );">DWT</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">184,403<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">98,681<span></span></td>
        <td class="nump">98,681<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="nump">$ 15<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_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>
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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>duration</td>
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      <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>
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                  <tr>
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                    <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_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>
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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>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_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_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>
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          </td>
        </tr>
      </table>
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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>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber 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 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=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnSaleOfPropertyPlantEquipment</nobr></td>
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                  <tr>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <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 );">- Details</a><div>
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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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                    <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_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds">
        <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 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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                    <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>debit</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 );">- Definition</a><div>
                <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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                    <td>us-gaap_</td>
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                    <td>xbrli:dateItemType</td>
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                    <td>na</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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  <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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Transactions with Related Parties<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</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_RelatedPartyTransactionsAbstract', window );"><strong>Transactions with Related Parties [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_RelatedPartyTransactionsDisclosureTextBlock', window );">Transactions with Related Parties</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>3.&#160;&#160;&#160;&#160;&#160;&#160;Transactions with Related Parties:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Transactions and balances with related parties are analyzed as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Balance Sheet</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31, 2013</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30, 2014</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Assets</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Combine Marine Ltd (c)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A. (d)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">176</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">420</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,752</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Product Shipping &amp; Trading S.A. (f)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">56</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">25</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Assets</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>486</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,953</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Liabilities</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interchart Shipping Inc. (a)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">58</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">77</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management and Directors Fees (b)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">111</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">71</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">390</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,328</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Liabilities</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>559</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,476</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Capitalized Expenses</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31, 2013</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30, 2014</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Advances for vessels under construction and acquisition of vessels and other assets</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A.- commision fee for newbuilding vessels (d)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">519</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,038</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Statements of Operations</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:276px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" colspan="4" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:276px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Six month period ended June 30,</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Commision on sale of vessel - Oceanbulk Maritime S.A.</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(90) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Executive directors consultancy fees (b)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(246) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(286) &#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Non-executive directors compensation (b)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(51) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(71) &#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Office rent - Combine Marine Ltd. (c)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(20) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(21) &#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Voyage expenses-Interchart (a)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(397) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(385) &#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income - Oceanbulk Maritime S.A. (d)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">93</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income - Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">272 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,299</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:343px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income Product Shipping &amp; Trading S.A. (f)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">40 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">62</font></div></td>
  </tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>&#160;</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(a)&#160;&#160;&#160;&#160;&#160;&#160;Interchart Shipping Inc. or Interchart:</b> On February 25, 2014, the Company acquired 33% of the total outstanding common stock of Interchart for a consideration of $200 in cash and 22,598 of the Company's restricted common shares. The common shares were issued on April 1, 2014, and the fair value per share of $14.51 was determined by reference to the closing price of the Company's common share on the issuance date. This transaction is considered an equity method accounted investment. On February 25, 2014, the Company entered into a services agreement (the &#147;Services Agreement&#148;) with Interchart, for chartering, brokering and commercial services for all the Company's vessels for an annual fee of &#128;500,000 (approx. $685, using the exchange rate as of June 30, 2014, which was $1.37 per euro). This fee is adjustable for changes in Company's fleet pursuant to the terms of the Services Agreement. Under the Services Agreement, all previously agreed upon brokerage commissions due to Interchart were cancelled retroactively from January 1, 2014. Previous to this Agreement, Interchart acted as chartering broker of all the Company's vessels. As of December 31, 2013 and June 30, 2014, the Company had an outstanding payable of $58 and $77, respectively, to Interchart. During the six months ended June 30, 2013 and 2014, the brokerage commission charged by Interchart amounted to $397 and $385, respectively, and is included in &#147;Voyage expenses&#148; in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(b)&#160;&#160;&#160;&#160;&#160;&#160;Management and Directors Fees:</b> 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. Effective February 7, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's Chief Executive Officer, Mr Spyros Capralos. This agreement had a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company paid the Chief Executive Officer a base fee at an annual rate of not less than &#128;160,000 (approx. $219, using the exchange rate as of June 30, 2014, which was $1.37 per euro), additionally, the Chief Executive Officer was 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 vested in three equal annual installments, the first installment of 9,333 shares vested on February 7, 2012, the second installment of 9,333 shares vested on February 7, 2013 and the last installment of 9,334 shares vested on February 7, 2014. During the six months ended June 30, 2013, the consultancy fees under the specific consulting agreement with the Company's Chief Executive Officer amounted to $79.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On May 2, 2011, the Company entered into a consulting agreement with a company owned and controlled by Mr. Simos Spyrou, the Company's Chief Financial Officer. This agreement had a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company paid the Chief Financial Officer a base fee at an annual rate of not less than &#128;56,000 (approx. $77, using the exchange rate as of June 30, 2014, which was $1.37 per euro). Additionally, the Chief Financial Officer is entitled to receive an annual discretionary bonus, as determined by the Company's Board of Directors in its sole discretion. During the six months ended June 30, 2013, the consultancy fees under the specific consulting agreement with the Chief Financial Officer amounted to $25.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On May 3, 2013, the Company entered into separate renewal consulting agreements with companies owned and controlled by the Company's Chief Executive Officer and Chief Financial Officer. Under these agreements, each company controlled by the Company's Chief Executive Officer and Chief Financial Officer will receive an annual consulting fee of not less than &#128;174,600 (approx. $239, using the exchange rate as of June 30, 2014, which was $1.37 per euro) and &#128;102,000 (approx. $140), respectively. The respective agreements have a term of three years and will be renewed for a successive year unless terminated earlier in accordance with their terms. Both the Company's Chief Executive Officer and Chief Financial Officer are entitled to receive an annual discretionary bonus, as determined by the Company's Board of Directors in its sole discretion. In addition, under his renewed consulting agreement, the Company's Chief Executive Officer is entitled to receive a minimum guaranteed incentive award of 28,000 shares of stock. These shares vest in three equal annual installments, the first installment of 9,333 shares vested on May 3, 2014, the second installment of 9,333 shares vests on May 3, 2015 and the last installment of 9,334 shares vests on May 3, 2016. On May 27, 2014, the Company issued the first installment of 9,333 shares. During the six months ended June 30, 2013 and 2014, the consultancy fees in aggregate, under the renewal consulting agreements with the Company's Chief Executive Officer and Chief Financial Officer amounted to $63 and $202, respectively.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 1, 2011, the Company entered into a consulting agreement with a company owned and controlled by Mr. Zenon Kleopas, the Company's 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 pays the Chief Operating Officer a base fee at an annual rate of not less than &#128;117,519 (approx. $161, using the exchange rate as of June 30, 2014, which was $1.37 per euro). During the six months ended June 30, 2013 and 2014, the consultancy fees under the specific consulting agreement with the Chief Operating Officer amounted to $79, and $84, respectively.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The related expenses for the Company's executive officers for the six months ended June 30, 2013 and 2014 were $246 and $286, respectively, and are included under &#147;General and administrative expenses&#148; in the accompanying unaudited interim condensed consolidated statements of operations. As of December 31, 2013 and June 30, 2014, Star Bulk had an outstanding payable balance of $111 and $71 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 of Non-executive directors for the six months ended June 30, 2013 and 2014 amounted to $51 and $71, respectively and are included under &#147;General and administrative expenses&#148; in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(c)&#160;&#160;&#160;&#160;&#160;&#160;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's directors, Mrs. Milena - 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 &#128;2,500 (approximately $3.4, using the exchange rate as of June 30, 2014, which was $1.37 per euro). On January 1, 2013, the agreement was renewed and unless terminated by either party, it will expire in eleven years. The related expense for the rent for the six months ended June 30, 2013 and 2014 was $20 and $21, respectively, and is included under &#147;General and administrative expenses&#148; in the accompanying unaudited interim condensed consolidated statements of operations. As of December 31, 2013 and as of June 30, 2014, the Company had an outstanding receivable of $1 and nil, respectively, with Combine Marine Ltd.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(d)&#160;&#160;&#160;&#160;&#160;&#160;Oceanbulk Maritime S.A., or Oceanbulk:</b> Oceanbulk Maritime S.A., is a ship management company and is controlled by one of the Company's directors, Mrs. Milena-Maria Pappas. During the six months ended June 30, 2013, the Company paid to Oceanbulk a brokerage commission of $90 relating to the sale of the vessel Star Sigma. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On November 25, 2013, Company's Board of Directors approved to pay Oceanbulk Maritime S.A. a commission fee relative to the negotiations with the shipyards on the construction of the Company's contracted newbuilding vessels (Note 6). The agreement is to pay a commission of 0.5% of the shipbuilding contract price for the two newbuilding Capesize vessels and the three newbuilding Newcastlemax vessels and a flat fee of $200 per vessel for the four newbuilding Ultramax vessels. For the respective nine newbuilding vessels the total commission will amount to $2,077. The commission has been agreed to be paid in four equal installments, the first two installments will be paid in cash and the remaining two installments will be paid with the issuance of common shares. The first and the second installment of $519 each were paid in cash in December 2013 and in April 2014, respectively. The total amount of $1,038 was capitalized and is included in the &#147;Advances for vessel under construction and acquisition of vessels&#148; in the accompanying consolidated balance sheets. The last two installments, to be paid with the issuance of common shares are due in June 2015 and in April 2016, respectively.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 22, 2014, Starbulk S.A. entered into an agreement with Oceanbulk, under which, the Company provides certain management services including crewing, purchasing, arranging insurance, vessel telecommunications and Master general accounts supervision, to the vessels which are under the management of Oceanbulk. Pursuant to the terms of this agreement, Starbulk S.A. received a fixed management fee of $0.17 per day, per vessel, which as of June 1, 2014, was changed to $0.11 per day, per vessel, based on an addendum signed on May 22, 2014. As of June 30, 2014, the Company provided the respective services to six dry bulk carrier vessels. The related income for the six months ended June 30, 2014, was $93 and is included under &#147;Management fee income&#148; in the accompanying unaudited interim condensed consolidated statement of operations. As of December 31, 2013 and June 30, 2014, the Company had an outstanding receivable of $9 and $176, respectively, with Oceanbulk.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(e) &#160;&#160;&#160;&#160;&#160;&#160;Managed vessels of Oceanbulk Shipping LLC:</b> Oceanbulk Shipping LLC is a company minority owned by one of the Company's directors, Mrs. Milena-Maria Pappas. Starbulk S.A. has entered into vessel management agreements with Maiden Voyage LLC, Premier Voyage LLC, OOCAPE1 Holdings LLC, Sea Cape Shipping LLC, Sky Cape Shipping LLC, Glory Supra Shipping LLC, Pacific Cape Shipping LLC, Global Cape Shipping LLC, Majestic Shipping LLC, Nautical Shipping LLC, Mineral Shipping LLC and Grain Shipping LLC, entities owned and controlled by Oceanbulk Shipping LLC. Pursuant to the terms of these agreements, Starbulk S.A. receives a fixed management fee of $0.75 per day, per vessel. The related income for the six months ended June 30, 2013 and 2014, was $272 and $1,299, respectively, and is included under &#147;Management fee income&#148; in the accompanying unaudited interim condensed consolidated statement of operations. As of December 31, 2013, and as of June 30, 2014, the Company had an outstanding receivable of $420 and $1,752, respectively, and an outstanding liability of $390 and $1,328, respectively, with the companies owned and controlled by Oceanbulk Shipping LLC. &#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#8195;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>&#160;(f)&#160;&#160;&#160;&#160;&#160;&#160;Product Shipping &amp; Trading S.A.:</b> Product Shipping &amp; Trading S.A. is controlled by family members of the Company's Chairman, Mr. Petros Pappas. On June 7, 2013, Starbulk S.A. entered into an agreement with Product Shipping &amp; Trading S.A., a Marshall Islands company, under which, the Company provides certain management services including crewing, purchasing and arranging insurance to the vessels which are under the management of Product Shipping &amp; Trading S.A. Pursuant to the terms of this agreement, Starbulk S.A. receives a fixed management fee of $0.13 per day, per vessel. In October, 2013 the Company decided to gradually cease providing the above mentioned services to the vessels managed by Product Shipping &amp; Trading S.A., except for arranging insurance services, and, as a result, the management fee decreased to $0.02 per day, per vessel. As of June 30, 2014, the Company provided insurance services for 17 product tankers. The related income for the six months ended June 30, 2013 and 2014 was $40 and $62, respectively, and is included under &#147;Management fee income&#148; in the accompanying unaudited interim condensed consolidated statement of operations. As of December 31, 2013 and June 30, 2014, the Company had an outstanding receivable of $56 and $25, respectively, with Product Shipping &amp; Trading S.A.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b><u>Merger Agreement with Oceanbulk</u></b></i></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On June 16, 2014, the Company entered into an Agreement and Plan of Merger, (as amended from time to time, the &#147;Merger Agreement&#148;) among Oceanbulk, Star Synergy LLC, a Marshall Islands limited liability company and a wholly-owned subsidiary of the Company (&#147;Oaktree Holdco Merger Sub&#148;), Star Omas LLC a Marshall Islands limited liability company and a wholly-owned subsidiary of the Company (&#147;Pappas Holdco Merger Sub&#148; and together with Oaktree Holdco Merger Sub, the &#147;Merger Subs&#148;), Oaktree and, Millennia, pursuant to which Oaktree and Millennia would merge with and into one of the Merger Subs (the &#147;Merger&#148;), with the Merger Subs continuing as the surviving companies and wholly-owned subsidiaries of the Company.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Merger Agreement also provided for the acquisition (the &#147;Heron Transaction&#148;) by the Company of two Kamsarmax vessels (the &#147;Heron Vessels&#148;), from Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability company incorporated in Malta. The Merger Agreement provided that the Company would issue 2,115,706 of its common shares into escrow as consideration for the Heron Vessels, which common shares will be released from escrow when Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to the Company.</font></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 related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</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 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<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 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<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 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<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> -Paragraph b<br><br> -Article 3A<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))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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> -Article 4<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 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<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 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</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 $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnbilledReceivablesNotBillableAtBalanceSheetDateAbstract', window );"><strong>Twelve month periods ending</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent', window );">June 30, 2015</a></td>
        <td class="nump">$ 24,419<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 );">June 30, 2016</a></td>
        <td class="nump">14,541<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 );">June 30, 2017</a></td>
        <td class="nump">765<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 );">June 30, 2018</a></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_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears', window );">June 30, 2019</a></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_OperatingLeasesFutureMinimumPaymentsReceivableThereafter', window );">June 30, 2020 and thereafter</a></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_OperatingLeasesFutureMinimumPaymentsReceivable', window );">Total</a></td>
        <td class="nump">$ 39,725<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>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></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>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></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>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></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>Future rental payments receivable within the fourth 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></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>Future rental payments receivable within the third 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></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>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></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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<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R43.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ESCBI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Transactions with Related Parties - Additional Information - Management and Directors Fees (Details)<br></strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
        <th class="th" colspan="3">1 Months Ended</th>
        <th class="th" colspan="2">4 Months Ended</th>
        <th class="th" colspan="1">6 Months Ended</th>
        <th class="th" colspan="2">1 Months Ended</th>
        <th class="th" colspan="2">4 Months Ended</th>
        <th class="th" colspan="4">6 Months Ended</th>
        <th class="th" colspan="1">0 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>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">6 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Feb. 07, 2011

</div>
          <div>CEO

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Feb. 07, 2011

</div>
          <div>CEO

</div>
          <div>EUR (&#x20AC;)</div>
        </th>
        <th class="th">
          <div>Feb. 07, 2011

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>May 03, 2013

</div>
          <div>CEO

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>May 03, 2013

</div>
          <div>CEO

</div>
          <div>EUR (&#x20AC;)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013

</div>
          <div>CEO

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>May 02, 2011

</div>
          <div>CFO

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>May 02, 2011

</div>
          <div>CFO

</div>
          <div>EUR (&#x20AC;)</div>
        </th>
        <th class="th">
          <div>May 03, 2013

</div>
          <div>CFO

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>May 03, 2013

</div>
          <div>CFO

</div>
          <div>EUR (&#x20AC;)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013

</div>
          <div>CFO

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>COO

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>COO

</div>
          <div>EUR (&#x20AC;)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013

</div>
          <div>COO

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>May 27, 2014

</div>
          <div>First Installment

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>May 03, 2014

</div>
          <div>First Installment

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>Feb. 07, 2012

</div>
          <div>First Installment

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>May 03, 2015

</div>
          <div>Second Installment

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>Feb. 07, 2013

</div>
          <div>Second Installment

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>May 03, 2016

</div>
          <div>Third Installment

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>Feb. 07, 2014

</div>
          <div>Third Installment

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Renewal Consulting Agreements

</div>
          <div>CEO and CFO

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013

</div>
          <div>Renewal Consulting Agreements

</div>
          <div>CEO and CFO

</div>
          <div>USD ($)</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AnnualConsultingFees', window );">Annual Consulting Fees</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 219,000<span></span></td>
        <td class="nump">&#x20AC; 160,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 239,000<span></span></td>
        <td class="nump">&#x20AC; 174,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 77,000<span></span></td>
        <td class="nump">&#x20AC; 56,000<span></span></td>
        <td class="nump">$ 140,000<span></span></td>
        <td class="nump">&#x20AC; 102,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 161,000<span></span></td>
        <td class="nump">&#x20AC; 117,519<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_ForeignCurrencyExchangeRateTranslation1', window );">Exchange rate EUR/USD</a></td>
        <td class="nump">1.37<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_OfficersCompensation', window );">Executive directors consultancy fees</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">$ 79,000<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">$ 25,000<span></span></td>
        <td class="nump">$ 84,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 79,000<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="nump">$ 202,000<span></span></td>
        <td class="nump">$ 63,000<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Number of shares granted</a></td>
        <td class="nump">402,167<span></span></td>
        <td class="nump">279,333<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="nump">28,000<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod', window );">Number of shares vested during the 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="nump">9,333<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="nump">9,334<span></span></td>
        <td class="nump">9,334<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_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Number of shares issued 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="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>
        <td class="text">&#xA0;<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>
        </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>
                  </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_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>
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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>Foreign exchange rate used to translate amounts denominated in functional currency to reporting currency.</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> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6897108&amp;loc=SL6897125-166521<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ForeignCurrencyExchangeRateTranslation1</nobr></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 );">- 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=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OfficersCompensation</nobr></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></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</nobr></td>
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                <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 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 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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=27012166&amp;loc=d3e187085-122770<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></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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    <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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair value of Above Market Acquired Time Charters (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
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          <div>Jun. 30, 2014</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_sblk_FairValueAboveMarketAcquiredTimeChartersAbstract', window );"><strong>Fair Value Of Above Market Acquired Time Charters [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_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock', window );">Estimated aggregate amortization expense of the above market acquired time charters</a></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  <tr>
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  <tr>
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    <td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></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>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>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 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<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_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock</nobr></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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Advances for Vessels Acquisitions (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</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_sblk_AdvancesForVesselsAcquisitionsAbstract', window );"><strong>Advances For Vessels Acquisitions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pre-delivery Yard installments </font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">66,780</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">66,780</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat capital leases - upfront hire &amp; handling fees</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">12,012</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capitalized interest and finance costs</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">633</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,885</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other capitalized costs (Note 3) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">519</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,117</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>67,932</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>81,794</b></font></div></td>
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<div></div><span></span></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>
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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 for advances paid to yard and capitalized expenses for the acquisition of vessels.</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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<html>
  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAHAE">
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          <div style="width: 200px;"><strong>Preferred, Common Stock and Additional Paid in Capital - Equity (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Preferred Stock</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Preferred Stock</div>
        </th>
        <th class="th">
          <div>Nov. 23, 2009

</div>
          <div>Common Stock</div>
        </th>
        <th class="th">
          <div>Nov. 22, 2009

</div>
          <div>Common Stock</div>
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      </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_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Preferred Stock:</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_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Common Stock:</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_CommonStockSharesAuthorized', window );">Common Stock - Shares Authorized</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_CommonStockParOrStatedValuePerShare', window );">Common Stock - Par Value</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 0.01<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>
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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 common stock.</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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                    <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_CommonStockSharesAuthorized">
        <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 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>
              </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>
                  </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>
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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 );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract</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>
                  </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_us-gaap_PreferredStockParOrStatedValuePerShare">
        <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>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</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 210.5-02.28)<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<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_PreferredStockParOrStatedValuePerShare</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>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> -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 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<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_PreferredStockSharesAuthorized</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:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>instant</td>
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                <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 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 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<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_PreferredStockSharesIssued</nobr></td>
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                    <td>us-gaap_</td>
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                    <td>na</td>
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                    <td>instant</td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EZXBG">
      <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="4">6 Months Ended</th>
        <th class="th" colspan="1">0 Months Ended</th>
        <th class="th" colspan="2">1 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
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        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Combine Marine Ltd.

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Combine Marine Ltd.

</div>
          <div>EUR (&#x20AC;)</div>
        </th>
        <th class="th">
          <div>Nov. 25, 2013

</div>
          <div>Oceanbulk Maritime S.A., or Oceanbulk

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2014

</div>
          <div>Oceanbulk Maritime S.A., or Oceanbulk

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Oceanbulk Maritime S.A., or Oceanbulk

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jun. 01, 2014

</div>
          <div>Oceanbulk Maritime S.A., or Oceanbulk

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Mar. 22, 2014

</div>
          <div>Oceanbulk Maritime S.A., or Oceanbulk

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Managed Vessels of Oceanbulk Shipping LLC

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Oct. 01, 2013

</div>
          <div>Product Shipping &amp; Trading S.A

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jun. 07, 2013

</div>
          <div>Product Shipping &amp; Trading S.A

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Jul. 11, 2014

</div>
          <div>Held in escrow for Heron vessels</div>
        </th>
        <th class="th">
          <div>Jul. 11, 2014

</div>
          <div>Heron vessels</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_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>
      </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="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 3,400<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_ForeignCurrencyExchangeRateTranslation1', window );">Exchange rate EUR/USD</a></td>
        <td class="nump">1.37<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DailyManagementFee', window );">Daily fixed management fee</a></td>
        <td class="nump">750<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">110<span></span></td>
        <td class="nump">170<span></span></td>
        <td class="nump">750<span></span></td>
        <td class="nump">20<span></span></td>
        <td class="nump">130<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_VesselAcquisitionCommissionPercentage', window );">Vessel acquisition commission percentage</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">0.50%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Pre-delivery installments</a></td>
        <td class="nump">74,267,000<span></span></td>
        <td class="nump">827,000<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">519,000<span></span></td>
        <td class="nump">519,000<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>
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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_RelatedPartiesCommissionsFees', window );">Related Parties Commissions Fees</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">2,077,000<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>
      </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_FlatFeePerVessel', window );">Flat fee per 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="nump">$ 200,000<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>
      </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_VesselsAcquired', window );">Vessels Acquired</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>
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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 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>
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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><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>Flat fee charged per each newbuilding vessel, as commission fee relative to the negotiations with the shipyards on the construction of the Company's contracted newbuilding 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_FlatFeePerVessel</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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                  <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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        <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>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>
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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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          <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 rent.</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>
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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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        <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>Commission paid to an entity related to negotiations made, with a shipyard, regarding 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_VesselAcquisitionCommissionPercentage</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>num:percentItemType</td>
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                    <td>na</td>
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                    <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>Number of vessels acquired.</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_VesselsAcquired</nobr></td>
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                    <td>xbrli:integerItemType</td>
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                    <td>na</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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            <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;">
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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>Foreign exchange rate used to translate amounts denominated in functional currency to reporting currency.</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> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6897108&amp;loc=SL6897125-166521<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_ForeignCurrencyExchangeRateTranslation1</nobr></td>
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      <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>
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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 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 Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<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_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Long term Debt (Tables)<br></strong></div>
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        <th class="th" colspan="1">6 Months Ended</th>
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      <tr>
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          <div>Jun. 30, 2014</div>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;$</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">41,252</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2017</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">82,257</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2018</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,477</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2019</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">46,714</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2020 and thereafter</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">44,932</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>253,882</b></font></div></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 );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract</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>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>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>
              </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 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<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_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock</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>nonnum:textBlockItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Earnings / Loss per Share (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</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_EarningsPerShareAbstract', window );"><strong>Earnings / Loss per Share [Abstract]</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_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Schedule of earnings/(losses) per share</a></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:244px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Six month period ended<br/>June 30,</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Income:</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Net income / (loss)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,964</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(3,870</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Basic earnings / (loss) per share:</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, basic </font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,414,998 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,973,621 &#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Effect of dilutive securities:</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Dilutive effect of non-vested shares</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,641 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, diluted</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,443,639 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,973,621 &#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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                <p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p>
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  <body><span style="display: none;">v2.4.0.8</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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        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>2.&#160;&#160;&#160;&#160;&#160;&#160;Significant Accounting Policies:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">A summary of the Company's significant accounting policies is identified in Note 2 on the Company's consolidated financial statements included in the Annual Report on Form 20-F for the fiscal year ended December 31, 2013, filed with the SEC on March 21, 2014. There have been no changes to the Company's significant accounting policies in the six month period ended June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b>Revenue from Contracts with Customers:</b></i> &#160;In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 will also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on its financial statements and accompanying notes.</font></div>
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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>The entire disclosure for all significant accounting policies of the reporting 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 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 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<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 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18861-107790<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 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18743-107790<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 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18854-107790<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_SignificantAccountingPoliciesTextBlock</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>duration</td>
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  <body><span style="display: none;">v2.4.0.8</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>Equity Incentive Plan (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</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_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Equity Incentive Plan [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_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock', window );">Schedule of non-vested shares and weighted average grant date fair value</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
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    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:43px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Number of shares</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted Average Grant Date Fair Value</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at January 1, 2013</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">18,667</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">36.75</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Granted</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">279,333</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6.43</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vested</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(21,333</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">19.71</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at June 30, 2013</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">276,667</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.46</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at January 1, 2014</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">276,667</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.46</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Granted</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">402,167</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">10.86</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vested</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(266,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.65</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at June 30, 2014</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">412,834</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">10.65</font></div></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 );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</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>Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan.  Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.</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 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<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> -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">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock</nobr></td>
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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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EHFAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Transactions With Related Parties - Capitalized Expenses (Table) (Details) (Oceanbulk Maritime S.A. (d), USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Oceanbulk Maritime S.A. (d)</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AdvancesForVesselsUnderConstructionAcquisitionVesselsOtherAssets', window );"><strong>Advances for vessels under construction and acquisition of vessels and other assets</strong></a></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_CommisionsOnAcquisitionOfAssets', window );">Commision fee for newbuilding vessels (d)</a></td>
        <td class="nump">$ 1,038<span></span></td>
        <td class="nump">$ 519<span></span></td>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><nobr>sblk_AdvancesForVesselsUnderConstructionAcquisitionVesselsOtherAssets</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>Commisions on acquisitions 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;">
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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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EHWAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Long term Debt - Information Per Loan (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">0 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">0 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
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      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 14, 2014

</div>
          <div>Deutsche Bank, $39,000 facility</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Deutsche Bank, $39,000 facility</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Deutsche Bank, $39,000 facility</div>
        </th>
        <th class="th">
          <div>Feb. 06, 2014

</div>
          <div>HSH Nordbank AG $35,000 facility</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>HSH Nordbank AG $35,000 facility</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>HSH Nordbank AG $35,000 facility</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_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>
        <td class="text">&#xA0;<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_DebtInstrumentFaceAmount', window );">Loan amount</a></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_DebtInstrumentCollateral', window );">Vessels provided as security</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Star Sirius and Star Vega<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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      <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_DebtInstrumentDescriptionOfVariableRateBasis', window );">Loan reference interest rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">LIBOR<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="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Loan interest rate margin</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3.35%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3.25%<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_DebtInstrumentCarryingAmount', window );">Outstanding borrowings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">38,220<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">34,396<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 );">Vessel Net</a></td>
        <td class="nump">$ 376,643<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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            <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">
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                    <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 );">- Definition</a><div>
                <p>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">
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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 long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond 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> -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 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)<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 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></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>
          <td>
            <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 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 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>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></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><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_DebtInstrumentDescriptionOfVariableRateBasis">
        <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 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>
              </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_DebtInstrumentDescriptionOfVariableRateBasis</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_DebtInstrumentFaceAmount">
        <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 (par) amount of debt instrument at time of issuance.</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></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_DebtInstrumentFaceAmount</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_DebtInstrumentLineItems">
        <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>
                  </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>43
<FILENAME>R2.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EK3AG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Unaudited Consolidated Balance Sheets (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 39,420<span></span></td>
        <td class="nump">$ 44,298<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</a></td>
        <td class="nump">2,442<span></span></td>
        <td class="nump">1,862<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">4,211<span></span></td>
        <td class="nump">3,203<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">5,227<span></span></td>
        <td class="nump">1,726<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">81<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">1,953<span></span></td>
        <td class="nump">486<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">3,061<span></span></td>
        <td class="nump">2,773<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">56,395<span></span></td>
        <td class="nump">54,429<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_us-gaap_ConstructionInProgressGross', window );">Advances for vessels under construction and acquisition of vessels (Note 6)</a></td>
        <td class="nump">81,794<span></span></td>
        <td class="nump">67,932<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_VesselsAndOtherFixedAssetsNet', window );">Vessels and other fixed assets, net (Note 5)</a></td>
        <td class="nump">377,302<span></span></td>
        <td class="nump">326,674<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_PropertyPlantAndEquipmentNet', window );">Total Fixed Assets</a></td>
        <td class="nump">459,096<span></span></td>
        <td class="nump">394,606<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_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="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_LongTermInvestments', window );">Long term Investment (Note 3)</a></td>
        <td class="nump">529<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_DeferredFinanceCostsNoncurrentNet', window );">Deferred finance charges, net</a></td>
        <td class="nump">1,744<span></span></td>
        <td class="nump">1,114<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</a></td>
        <td class="nump">13,370<span></span></td>
        <td class="nump">9,870<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_DerivativeAssetsNoncurrent', window );">Derivative asset (Note 15)</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">91<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_FairValueOfAboveMarketAcquiredTimeCharter', window );">Fair value of above market acquired time charter (Note 7)</a></td>
        <td class="nump">4,829<span></span></td>
        <td class="nump">7,978<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_Assets', window );">TOTAL ASSETS</a></td>
        <td class="nump">535,963<span></span></td>
        <td class="nump">468,088<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_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="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_LoansPayableToBankCurrent', window );">Current portion of long term debt (Note 8)</a></td>
        <td class="nump">29,250<span></span></td>
        <td class="nump">18,286<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_AccountsPayableTradeCurrent', window );">Accounts payable</a></td>
        <td class="nump">8,698<span></span></td>
        <td class="nump">6,638<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_DueToRelatedPartiesCurrent', window );">Due to related parties (Note 3)</a></td>
        <td class="nump">1,476<span></span></td>
        <td class="nump">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_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
        <td class="nump">5,591<span></span></td>
        <td class="nump">3,501<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 liability (Note 15)</a></td>
        <td class="nump">642<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_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
        <td class="nump">804<span></span></td>
        <td class="nump">750<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">46,461<span></span></td>
        <td class="nump">29,734<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 8)</a></td>
        <td class="nump">224,632<span></span></td>
        <td class="nump">172,048<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_DerivativeLiabilitiesNoncurrent', window );">Derivative liability (Note 15)</a></td>
        <td class="nump">86<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_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
        <td class="nump">317<span></span></td>
        <td class="nump">200<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_Liabilities', window );">TOTAL LIABILITIES</a></td>
        <td class="nump">271,496<span></span></td>
        <td class="nump">201,982<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_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="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_PreferredStockValue', window );">Preferred Stock; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2013 and June 30, 2014 (Note 9)</a></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_CommonStockValue', window );">Common Stock, $0.01 par value, 300,000,000 shares authorized; 29,059,671 shares issued and outstanding at December 31, 2013 and 29,493,769 shares issued and outstanding at June 30,2014 (Note 9)</a></td>
        <td class="nump">295<span></span></td>
        <td class="nump">291<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid in capital</a></td>
        <td class="nump">670,446<span></span></td>
        <td class="nump">668,219<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(406,274)<span></span></td>
        <td class="num">(402,404)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Stockholders' Equity</a></td>
        <td class="nump">264,467<span></span></td>
        <td class="nump">266,106<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</a></td>
        <td class="nump">$ 535,963<span></span></td>
        <td class="nump">$ 468,088<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_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 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 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 Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<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> -URI http://asc.fasb.org/extlink&amp;oid=28358313&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 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></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>
                  </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_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>
                  </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_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>
                  </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_AdditionalPaidInCapitalCommonStock">
        <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>
                  </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_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 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 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> -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 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<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 18<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_Assets</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_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 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 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 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<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> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<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 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></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>
                  </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_AssetsCurrentAbstract">
        <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_AssetsCurrentAbstract</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_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> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<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 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>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 210.5-02.1)<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 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 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<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=31042434&amp;loc=d3e3044-108585<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>
                  </tr>
                </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>
                  </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_ConstructionInProgressGross">
        <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 structure or a modification to a structure under construction. Includes recently completed structures or modifications to structures that have not been placed into service.</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 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<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></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_ConstructionInProgressGross</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_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 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 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 210.5-02.17)<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>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 17<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_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 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=27012821&amp;loc=d3e214044-122780<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 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<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 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_DerivativeAssetsNoncurrent">
        <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 value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</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 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=28364263&amp;loc=d3e13433-108611<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 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 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 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13495-108611<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> -Topic 210<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=20225523&amp;loc=SL20225862-175312<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 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_DerivativeAssetsNoncurrent</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_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 value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</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 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=28364263&amp;loc=d3e13433-108611<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 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 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 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=28364263&amp;loc=d3e13495-108611<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 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=20225523&amp;loc=SL20225862-175312<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 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_DerivativeLiabilitiesNoncurrent">
        <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 value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</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 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=28364263&amp;loc=d3e13433-108611<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 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 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 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13495-108611<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> -Topic 210<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=20225523&amp;loc=SL20225862-175312<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 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_DerivativeLiabilitiesNoncurrent</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 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=26873400&amp;loc=d3e23780-122690<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 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 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 3<br><br><br><br> -Subparagraph a<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 210.5-02.3(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 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 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<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 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 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=26873400&amp;loc=d3e23780-122690<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 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 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 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>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 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></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>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or 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=28358313&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>Amount of liabilities and equity items, 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_LongTermInvestments">
        <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 amount of investments that are intended to be held for an extended period of time (longer than one operating 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 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 210.5-02.12)<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_LongTermInvestments</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_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 04<br><br><br><br> -Article 3<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 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=27012166&amp;loc=d3e187085-122770<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 210.5-02.28)<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 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 29<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_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>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that 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=28358313&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_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 after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</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 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 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 210.5-02.13)<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 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 13<br><br><br><br> -Subparagraph a<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 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<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>
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                    <td><strong> Data Type:</strong></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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                    <td><strong> Name:</strong></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 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 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>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></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_RestrictedCashAndCashEquivalentsAtCarryingValue</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>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent">
        <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 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 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>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></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_RestrictedCashAndCashEquivalentsNoncurrent</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>
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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_RetainedEarningsAccumulatedDeficit">
        <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 cumulative amount of the reporting entity's undistributed earnings or deficit.</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 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 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 210.5-02.31(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></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_RetainedEarningsAccumulatedDeficit</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>credit</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_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><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=27010918&amp;loc=d3e74512-122707<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 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>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 210.5-02.29-31)<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 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 29, 30, 31<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_StockholdersEquity</nobr></td>
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                    <td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E6CAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Inventories (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureAbstract', window );"><strong>Inventories [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LubricantsInventoryCurrent', window );">Lubricants</a></td>
        <td class="nump">$ 2,099<span></span></td>
        <td class="nump">$ 1,726<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_BunkerInventoryCurrent', window );">Bunkers</a></td>
        <td class="nump">3,128<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_InventoryNet', window );">Total</a></td>
        <td class="nump">$ 5,227<span></span></td>
        <td class="nump">$ 1,726<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>Carrying amount as of the balance sheet date of bunker's 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>
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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>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">
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                    <td><nobr>sblk_LubricantsInventoryCurrent</nobr></td>
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                    <td>debit</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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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryDisclosureAbstract</nobr></td>
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                    <td>us-gaap_</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>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or 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=28358313&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>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R6.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EZYAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Unaudited Interim Condensed Consolidated Statements of Cash Flows (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash Flows from Operating Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income / (loss)</a></td>
        <td class="num">$ (3,870)<span></span></td>
        <td class="nump">$ 1,964<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_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>
      </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">9,777<span></span></td>
        <td class="nump">8,070<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 7)</a></td>
        <td class="nump">3,149<span></span></td>
        <td class="nump">3,150<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_AmortizationOfFinancingCosts', window );">Amortization of deferred finance charges (Note 8)</a></td>
        <td class="nump">284<span></span></td>
        <td class="nump">292<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">0<span></span></td>
        <td class="nump">81<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 13)</a></td>
        <td class="nump">1,903<span></span></td>
        <td class="nump">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_us-gaap_UnrealizedGainLossOnDerivatives', window );">Change in fair value of financial derivatives (Note 15)</a></td>
        <td class="nump">819<span></span></td>
        <td class="num">(438)<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_ProvisionForDoubtfulAccounts', window );">Bad debt expense</a></td>
        <td class="nump">215<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_GainFromInsuranceClaim', window );">Gain from insurance claim (Note 10)</a></td>
        <td class="num">(237)<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_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>
      </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">(1,223)<span></span></td>
        <td class="nump">4,257<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 (Note 4)</a></td>
        <td class="num">(3,501)<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_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other receivables</a></td>
        <td class="num">(602)<span></span></td>
        <td class="nump">151<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_IncreaseDecreaseInDueFromRelatedPartiesCurrent', window );">Due from related parties (Note 3)</a></td>
        <td class="num">(1,467)<span></span></td>
        <td class="nump">129<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_IncreaseDecreaseInAccountsPayableTrade', window );">Accounts payable</a></td>
        <td class="nump">2,060<span></span></td>
        <td class="num">(1,875)<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_IncreaseDecreaseInDueToRelatedPartiesCurrent', window );">Due to related parties (Note 3)</a></td>
        <td class="nump">917<span></span></td>
        <td class="nump">139<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_IncreaseDecreaseInAccruedLiabilities', window );">Accrued liabilities and other liabilities</a></td>
        <td class="nump">2,207<span></span></td>
        <td class="num">(608)<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_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
        <td class="nump">54<span></span></td>
        <td class="num">(441)<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_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by Operating Activities</a></td>
        <td class="nump">10,485<span></span></td>
        <td class="nump">14,962<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_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>
      </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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Advances for vessels under construction and acquisition of vessels and other assets (Note 6)</a></td>
        <td class="num">(74,267)<span></span></td>
        <td class="num">(827)<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_PaymentsToAcquireLongtermInvestments', window );">Long term Investment</a></td>
        <td class="num">(200)<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_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Cash proceeds from vessel sale (Note 5)</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">8,273<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_ProceedsFromInsuranceSettlementInvestingActivities', window );">Insurance proceeds</a></td>
        <td class="nump">550<span></span></td>
        <td class="nump">1,230<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_DecreaseInRestrictedCash', window );">Decrease in restricted cash</a></td>
        <td class="nump">22<span></span></td>
        <td class="nump">7,614<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_IncreaseInRestrictedCash', window );">Increase in restricted cash</a></td>
        <td class="num">(4,102)<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_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by / (used in) Investing Activities</a></td>
        <td class="num">(77,997)<span></span></td>
        <td class="nump">16,290<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_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>
      </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_ProceedsFromBankDebt', window );">Proceeds from bank loans</a></td>
        <td class="nump">74,000<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_RepaymentsOfBankDebt', window );">Loan repayment</a></td>
        <td class="num">(10,452)<span></span></td>
        <td class="num">(25,601)<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_PaymentsOfFinancingCosts', window );">Financing fees paid</a></td>
        <td class="num">(914)<span></span></td>
        <td class="num">(271)<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_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) / provided by Financing Activities</a></td>
        <td class="nump">62,634<span></span></td>
        <td class="num">(25,872)<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_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase / (decrease) in cash and cash equivalents</a></td>
        <td class="num">(4,878)<span></span></td>
        <td class="nump">5,380<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 the beginning of the period</a></td>
        <td class="nump">44,298<span></span></td>
        <td class="nump">12,950<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_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at the end of the period</a></td>
        <td class="nump">39,420<span></span></td>
        <td class="nump">18,330<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_SupplementalCashFlowInformationAbstract', window );"><strong>SUPPLEMENTAL CASH FLOW INFORMATION</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_InterestPaidNet', window );">Interest</a></td>
        <td class="nump">$ 2,540<span></span></td>
        <td class="nump">$ 3,369<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_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_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 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=31042434&amp;loc=d3e3602-108585<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 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=26872669&amp;loc=d3e20235-122688<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 8<br><br> -Article 5<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> -Paragraph 8<br><br> -Article 9<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> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<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 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 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 210.5-02.1)<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 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=28358313&amp;loc=d3e6676-107765<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=31042434&amp;loc=d3e3044-108585<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_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. Includes effect from exchange rate changes.</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=31042434&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 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<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_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>Amount of cash inflow 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>us-gaap_DecreaseInRestrictedCash</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 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=31042434&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>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber 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 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=31042434&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_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 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=31042434&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 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=31042434&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 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=31042434&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 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=31042434&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 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=31042434&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 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=31042434&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 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=31042434&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_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>
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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>
                  </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 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=31042434&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_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>Amount of cash outflow 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>us-gaap_IncreaseInRestrictedCash</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></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>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</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=31042434&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=31042434&amp;loc=d3e3574-108585<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_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>
        </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_NetCashProvidedByUsedInFinancingActivitiesAbstract</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_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>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive 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 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=31042434&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=31042434&amp;loc=d3e3574-108585<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_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>
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                  <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>
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                    <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>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing 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 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<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 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<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 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&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_NetCashProvidedByUsedInOperatingActivities</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>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_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 04<br><br> -Paragraph 20<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=31042434&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> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<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 Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<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> -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 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 7: 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=26872669&amp;loc=d3e20235-122688<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 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 9: 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=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: 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></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_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 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=31042434&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_PaymentsToAcquireLongtermInvestments">
        <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 securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, beyond the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the long-term.</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_PaymentsToAcquireLongtermInvestments</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 Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<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_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 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 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=31042434&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=31042434&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_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_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 Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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 12<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&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>
                  </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_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 expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes 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 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=31042434&amp;loc=d3e3602-108585<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 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=26872669&amp;loc=d3e20235-122688<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 5<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_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 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=31042434&amp;loc=d3e3291-108585<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> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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>
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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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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
      </table>
      <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 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=31042434&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>
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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>
                  </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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        <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>
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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>duration</td>
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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 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=31042434&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>
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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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                    <td>duration</td>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EWCAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Earnings / Loss per Share (Table) (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAbstract', window );"><strong>Income:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income / (loss)</a></td>
        <td class="num">$ (3,870)<span></span></td>
        <td class="nump">$ 1,964<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_EarningsPerShareBasicAbstract', window );"><strong>Basic earnings / (loss) per share:</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_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average common shares outstanding, basic</a></td>
        <td class="nump">28,973,621<span></span></td>
        <td class="nump">5,414,998<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_EarningsPerShareBasic', window );">Basic earnings/(loss) per share</a></td>
        <td class="num">$ (0.13)<span></span></td>
        <td class="nump">$ 0.36<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_EarningsPerShareDilutedAbstract', window );"><strong>Effect of dilutive securities:</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_WeightedAverageNumberDilutedSharesOutstandingAdjustment', window );">Dillutive effect of non-vested shares</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">28,641<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_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average common shares outstanding, diluted</a></td>
        <td class="nump">28,973,621<span></span></td>
        <td class="nump">5,443,639<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_EarningsPerShareDiluted', window );">Diluted earnings / (loss) per share</a></td>
        <td class="num">$ (0.13)<span></span></td>
        <td class="nump">$ 0.36<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_EarningsPerShareBasicOtherDisclosuresAbstract', window );"><strong>Earnings per Share</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_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Number of anti-dilutive shares</a></td>
        <td class="nump">412,834<span></span></td>
        <td class="nump">6,807<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_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
        <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>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</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 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 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Antidilution<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<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 Diluted Earnings Per Share<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<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 Contingent Stock Agreement<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<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_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</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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                    <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 amount of net income (loss) for the period per each share of common stock or unit outstanding 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 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 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 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 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 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<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 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 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 6: 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 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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 18<br><br> -Article 7<br><br><br><br>Reference 8: 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 20<br><br> -Article 5<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 04<br><br> -Paragraph 21<br><br> -Article 9<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_EarningsPerShareBasic</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>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>duration</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_EarningsPerShareBasicAbstract">
        <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_EarningsPerShareBasicAbstract</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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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicOtherDisclosuresAbstract">
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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 );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicOtherDisclosuresAbstract</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>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <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 (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>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 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=26872669&amp;loc=d3e20235-122688<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> -Paragraph 18<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 03<br><br> -Paragraph 20<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> -Paragraph 21<br><br> -Article 9<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_EarningsPerShareDiluted</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>
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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_EarningsPerShareDilutedAbstract">
        <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_EarningsPerShareDilutedAbstract</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>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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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_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 04<br><br> -Paragraph 20<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=31042434&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> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<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 Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<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> -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 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 7: 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=26872669&amp;loc=d3e20235-122688<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 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 9: 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=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: 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></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_NetIncomeLossAbstract">
        <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_NetIncomeLossAbstract</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>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment">
        <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 sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.</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 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></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_WeightedAverageNumberDilutedSharesOutstandingAdjustment</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: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>duration</td>
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          </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>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in 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 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 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 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<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_WeightedAverageNumberOfDilutedSharesOutstanding</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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                    <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_WeightedAverageNumberOfSharesOutstandingBasic">
        <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 [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that 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 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 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 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<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 Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<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_WeightedAverageNumberOfSharesOutstandingBasic</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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                    <td>duration</td>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EPZCI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Basis of Presentation and General Information (Table) (Details)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
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      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Aurora</div>
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        <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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</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_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">171,199<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2000<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">September 8, 2010<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="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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">168,404<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_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1996<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">July 25, 2011<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Borealis</div>
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        <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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">179,678<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2011<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">September 9, 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="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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">170,631<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_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1994<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">August 16, 2011<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">179,600<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="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">November 14, 2011<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Sirius</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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">98,681<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2011<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">March 7,2014<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Vega</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">98,681<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="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">February 13,2014<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Challenger</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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">61,462<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2012<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">December 12, 2013<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Fighter</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">61,455<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">2013<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">December 30, 2013<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="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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,247<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2005<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">July 1, 2008<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="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">January 2, 2008<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="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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,402<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2001<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">December 3, 2007<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="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">January 4, 2008<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="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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,055<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2001<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">December 14, 2007<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="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">April 17, 2008<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="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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,425<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2003<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">December 6, 2007<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="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">January 2, 2008<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Sigma - Disposed</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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">184,403<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1991<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">April 15, 2008<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="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">January 9, 2008<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="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>Vessel</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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">174,691<span></span></td>
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      <tr class="re">
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        <td class="text">1993<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">December 28, 2007<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Ypsilon - Disposed</div>
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        <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>
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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_VesselCapacity', window );">DWT</a></td>
        <td class="nump">150,940<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_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1991<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_DeliveryDateVessel', window );">Date Delivered to Star Bulk</a></td>
        <td class="text">September 18, 2008<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 date the vessel was delivered to the Company.</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 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;">
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                <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;">
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  <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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKJAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair value measurements - Gain / (Loss) Recognized (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
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          <div>Jun. 30, 2014</div>
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        <th class="th">
          <div>Jun. 30, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Gain/ (loss) on interest rate swaps</a></td>
        <td class="num">$ (819)<span></span></td>
        <td class="nump">$ 438<span></span></td>
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      <tr class="rh">
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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_DerivativeLineItems', window );"><strong>Derivative</strong></a></td>
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        <td class="num">$ (819)<span></span></td>
        <td class="nump">$ 438<span></span></td>
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                <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>
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<DOCUMENT>
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<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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Subsequent Events<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
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          <div>Jun. 30, 2014</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_SubsequentEventsAbstract', window );"><strong>Subsequent Events [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_SubsequentEventsTextBlock', window );">Subsequent Events</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>16.&#160;&#160;&#160;&#160;&#160;&#160;Subsequent Events:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 3, 2014, the Company received a notice of termination of the management agreement for the vessel Marto, one of the third-party owned vessels under the Company's management. The management agreement was terminated upon the vessel's delivery to its new managers, on August 20, 2014. The Company is entitled to receive management fees for a period of three months following the termination date, in accordance with the terms of the management agreement. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 11, 2014, the Company completed a transaction that resulted in the acquisition of Oceanbulk Shipping LLC (&#147;Oceanbulk Shipping&#148;) and Oceanbulk Carriers LLC (&#147;Oceanbulk Carriers&#148;, and, together with Oceanbulk Shipping, &#147;Oceanbulk&#148;) from Oaktree Dry Bulk Holdings LLC (including affiliated funds, &#147;Oaktree&#148;) and Millennia Holdings LLC (&#147;Millennia Holdings&#148;, and together with Oaktree, the &#147;Sellers&#148;) through the merger of the Company's wholly-owned subsidiaries into Oceanbulk's holding companies (the &#147;Merger&#148;). Oceanbulk owned and operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding fuel-efficient Eco-type dry bulk vessels (one of which, Peloreus was delivered on July 22, 2014) at shipyards in Japan and China. Millennia Holdings is an entity that is affiliated with the family of Mr. Petros Pappas, who became the Company's Chief Executive Officer in connection with the Merger. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The agreement governing the Merger also provided for the acquisition (the &#147;Heron Transaction&#148;) by the Company of two Kamsarmax vessels (the &#147;Heron Vessels&#148;), from Heron Ventures Ltd. (&#147;Heron&#148;), a limited liability the Company incorporated in Malta. The Company issued 2,115,706 of its common shares into escrow as consideration for the Heron Vessels. The common shares will be released from escrow to the Sellers at the time Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to the Company, and the Company expects to pay $25,000 in cash (for which it may seek financing). </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In addition, concurrently with the Merger, the Company completed a transaction (the &#147;Pappas Transaction&#148;), in which it acquired all of the issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the &#147;Pappas Companies&#148;), which were entities owned and controlled by affiliates of the family of Mr. Pappas (the &#147;Pappas Shareholders&#148;). The Pappas Companies owned and operated a dry bulk carrier vessel (Tsu Ebisu) and had a contract for the construction of a newbuilding dry bulk carrier vessel, HN 5016 (tbn Indomitable). The Merger, the Heron Transaction and the Pappas Transaction are referred to, together, as the &#147;July 2014 Transactions&#148;. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">A total of 54,104,200 of the Company's common shares were issued to the various selling parties in the July 2014 Transactions, of which 45,460,324 shares were issued to Oaktree, and 8,643,876 were issued to the Pappas Shareholders and Millennia Holdings. As a result, Oaktree became the beneficial owner of approximately 61.3% of the Company's outstanding common shares, and the Pappas Shareholders and Millennia Holdings became the beneficial owners of approximately 12.6% of the Company's outstanding common shares. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In July 2014 and in connection with the July 2014 Transactions, the Company's Board of Directors, or the Board, increased the number of directors constituting the Board to nine and, following the resignation of Mrs. Milena - Maria Pappas, appointed Mr. Rajath Shourie and Mses. Emily Stephens and Renee Kemp and Mr. Stelios Zavvos pursuant to the terms and subject to the conditions of the July 2014 Transactions. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">During July 2014, the Company obtained the consent of the various relevant lenders to complete the July 2014 Transactions. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In July 2014 and in connection with the July 2014 Transactions, Mr. Petros Pappas was appointed Chief Executive Officer, Mr. Hamish Norton was appointed President, Mr. Christos Begleris was appointed Co-Chief Financial Officer, Mr. Nicos Rescos was appointed Chief Operating Officer, and Sophia Damigou was appointed Co-General Counsel. Mr. Spyros Capralos resigned as Chief Executive Officer and will remain the Company's Chairman and Zenon Kleopas will continue as the Company's Executive Vice President -&#160;Technical Operations. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As a result of the July 2014 Transactions, the Company assumed an additional $208,237 aggregate principal amount of vessel financing, all of which is secured by the vessels financed, some of which is guaranteed either by the Company or by certain of its subsidiaries. All of the vessel financing agreements have various negative and financial maintenance covenants. In addition, the Company also assumed bareboat charters with respect to four newbuilding vessels being built at New Yangzijiang and five newbuilding vessels being built at SWS. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Of the $208,237 aggregate principal amount of vessel financing that the Company assumed, $20,000 is outstanding under a facility (the &#147;Dioriga Facility&#148;) provided by HSBC Bank plc to Dioriga Shipping Co. (&#147;Dioriga&#148;) to partially finance the construction cost of Tsu Ebisu, which was delivered in April 2014. The Company assumed the Dioriga Facility when it purchased all of the outstanding equity of Dioriga in the Pappas Transaction. The Dioriga Facility will mature in March 2019 and will be repayable in 20 quarterly installments of $350 each, commencing three months after the drawdown, plus a balloon payment of $13,000 due together with the last installment. The loan bears interest at LIBOR plus a margin of 3.2% per annum (as long as ACR exceeds 143%) or 4.30% per annum (if ACR falls below 143%). The Dioriga Facility is secured by a first priority mortgage over the financed vessel and general and specific assignments. The Dioriga Facility includes certain negative covenants, including covenants against (i) changes in the management or legal or beneficial ownership of Dioriga and (ii) encumbrance on the assets of Dioriga. The Dioriga Facility includes the following financial maintenance covenants: </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#149;&#160;&#160;&#160;&#160;&#160;&#160;a market value of the vessel to loan (including interest rate swap exposure) ratio to exceed 130%; and </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#149;&#160;&#160;&#160;&#160;&#160;&#160;minimum liquidity to exceed $700, to be maintained in an account with HSBC Bank plc. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 11, 2014, 15,000 common shares were granted to the Company's directors, Mr. Softeland and Mr. Schmitz, and vested on the same date. The Company plans to issue the shares in connection with these grants during the third quarter of 2014. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 16, 2014, the Company executed a binding term sheet with NIBC Bank N.V. (the &#147;NIBC Facility&#148;) for financing an aggregate amount of $32,000, which will be available in two tranches of $16,000, to partially finance the construction cost of two Ultramax bulk carriers currently under construction by Japan Marine United Corporation (Hulls HN 5040, tbn Star Acquarius and HN 5043, tbn Star Pisces), with expected delivery in June 2015 and September 2015, respectively. Execution of the definitive agreements relating to this facility is scheduled on or before September 15, 2014. The facility will mature six years after the signing date. Each tranche is expected to be drawn with the delivery of the relevant vessel and will be repayable in consecutive quarterly installments of $268, commencing three months after the drawdown, plus a balloon payment of $10,650, for HN 5040, and $10,918, for HN 5043, both due in September 2020. The NIBC Facility will bear interest at LIBOR plus a margin of 2.80% per annum. It will be secured by a first priority cross collateralized mortgage over the financed vessels and general and specific assignments and will be guaranteed by the Company. The definitive agreements of the NIBC Facility will contain negative and financial covenants customary for facilities of this type. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 22, 2014, Peloreus, a Capesize vessel with a capacity of 182,000 dwt, was delivered to us by JMU. The delivery installment payment of $34,625 was partially financed by $32,500 drawn under a loan facility with Deutsche Bank AG, and the remaining amount of $2,125 was financed by existing cash. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In July, 2014, Positive Shipping Company executed a binding term sheet with BNP Paribas (the &#147;BNP Facility&#148;) for financing an amount of $32,500 to partially finance the construction cost of its Capesize bulk carrier currently under construction by Japan Marine United Corporation (Hull HN 5016, tbn Indomitable), with expected delivery in October 2014. Execution of the definitive agreement relating to this facility is scheduled on or before September 30, 2014. The facility is expected to be drawn with the delivery of the vessel and will be repaid in 20 equal, consecutive, quarterly principal payments of $537.5 each with the first becoming due and payable three months from the drawdown date together with a balloon installment of $21,750 payable simultaneously with the 20th installment. The BNP Facility will bear interest at LIBOR plus a margin of 2.50% per annum. It will be secured by a first priority mortgage over the financed vessel and general and specific assignments and will be guaranteed by the Company. The definitive agreement of the BNP Facility will contain negative and financial covenants customary for facilities of this type. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On August 4, 2014, pursuant to a termination agreement between the Company and Mr. Spyros Capralos, former Chief Executive Officer and current Non-Executive Chairman, dated July 31, 2014, the Company made a severance payment of 168,842 common shares and &#128;644,000 of cash to Mr. Capralos.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In August 2014, the Company entered into definitive agreements with Excel Maritime Carriers Ltd. (&#147;Excel&#148;), pursuant to which the Company will acquire 34 dry bulk carrier vessels, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels (collectively, the &#147;Excel Vessels&#148;) for an aggregate of 29,917,312 common shares (the &#147;Excel Vessel Share Consideration&#148;) and $288,391 in cash. The Excel Vessels will be transferred to the Company in a series of closings, on a vessel-by-vessel basis, in general upon reaching port after their current voyages and cargoes are discharged. &#160;In the case of three Excel Vessels (Christine (tbn Star Marsha), Sandra (tbn Star Pauline) and Lowlands Beilun (tbn Star Despoina)) which are being transferred subject to existing charters, the Company will receive the outstanding equity interests of the vessel-owning subsidiaries that own those Excel Vessels (although no liabilities and other assets of such vessel-owning subsidiaries will be transfered). &#160;The Company expects to complete all of the Excel Vessel closings by the end of 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Entities affiliated with Oaktree (the &#147;Oaktree Excel Investors&#148;) and entities affiliated with Angelo, Gordon &amp; Co. (the &#147;Angelo, Gordon Excel Investors&#148;) are holders of 48.1% and 24.3%, respectively, of the outstanding equity of Excel. The Excel Transactions were approved by the disinterested members of the Company's board of directors, based upon the recommendation of a transaction committee of disinterested directors, which considered the Excel Transactions on the Company's behalf in coordination with the Company's management team. &#160;The total consideration was determined based on the average of three vessel appraisals by independent vessel appraisers.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">At the transfer of each Excel Vessel, the Company will pay the cash and share consideration for such Excel Vessel to Excel. &#160;The Company expects to use cash on hand, together with borrowings under a new $231,000 secured bridge loan facility (the &#147;Excel Vessel Bridge Facility&#148;) extended to the Company by entities affiliated with Oaktree and entities affiliated with Angelo, Gordon &amp; Co. to fund the cash consideration for the Excel Vessels. Excel will use the cash consideration to cause an amount of outstanding indebtedness under its senior secured credit agreement to be repaid, such that all liens and obligations with respect to the transferred Excel Vessels (or vessel-owning subsidiary) are released upon the transfer to the Company. The Company has been informed that Excel expects to distribute the Excel Vessel Share Consideration to its equity holders, including the Oaktree Excel Investors and the Angelo, Gordon Excel Investors.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Company refers to the foregoing transactions relating to the acquisition of the Excel Vessels as the &#148; Excel Transactions&#148;, and the Company refers to the Excel Transactions and the July 2014 Transactions as the &#147;Transactions&#148;.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">A total of 54,104,200 of the Company's common shares were issued to the various selling parties in the July 2014 Transactions, of which 45,460,324 shares were issued to Oaktree, and 8,643,876 shares were issued to owners of the Pappas Companies and Millennia Holdings. After the July 2014 Transactions, Oaktree was the beneficial owner of approximately 61.3% of the Company's outstanding common shares, and the Pappas Shareholders and Millennia Holdings were the beneficial owners of approximately 12.6% of the Company's outstanding common shares.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Giving effect to the completion of the Excel Transactions (which we expect to occur by the end of 2014), and assuming the full distribution of the Excel Vessel Share Consideration to Excel's equity holders, Oaktree will beneficially own 57.3% of the Company's outstanding common shares, and the Angelo Gordon Investors will beneficially own 7.8% of the Company's outstanding common shares. &#160;As a result of the issuance of the Excel Vessel Share Consideration, the Pappas Shareholders will beneficially own 9.3% of the Company's outstanding common shares.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Under the Oaktree Shareholders Agreement, with certain limited exceptions, Oaktree effectively cannot vote more than 33% of the Company's outstanding common shares (subject to adjustment under certain circumstances), and the Pappas Shareholders are subject to a similar limitation under the Pappas Shareholders Agreement of 15% (subject to adjustment under certain circumstances). &#160;For more information regarding these voting limitations, see Exhibit 99.3 to this Report on Form 6-K. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of September 5, 2014, five Excel Vessels had been delivered to the Company in exchange for 3,548,372 common shares and 3,678 of cash. As of the same date, there was $29,240 of outstanding borrowings under the Excel Vessel Bridge Facility. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Developments Relating to Heron</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On September 5, 2014, Oceanbulk Shipping, which is now a subsidiary of the Company as a result of the July 2014 Transactions, entered into a term sheet with ABY Group Holdings Limited (&#147;ABY Group&#148;) and Heron. The term sheet provides for the conversion of the existing convertible notes (the &#147;Convertible Notes&#148;) issued by Heron to Oceanbulk into 50% of the equity of Heron (with the remaining 50% of Heron's equity to be held by ABY Group). Among other things, the term sheet contains customary governance provisions and provisions relating to the liquidation of Heron following the conversion of the Convertible Notes. Under the term sheet, as soon as practicable, Oceanbulk Shipping will receive as a distribution the ABYO Gwyneth and the ABYO Angelina (two Kamsarmax vessels of 82,790 dwt and 82,987 dwt, respectively), and ABY Group will receive as a distribution the ABYO Audrey (a Capesize vessel of 175,125 dwt) and the ABYO Oprah (a Kamsarmax vessel of &#160;82,551 dwt). Subject to the lender's approval, the remaining amount of debt under Heron's existing credit facility (the &#147;CiT Facility&#148;), will be assigned to each equity holder based on the amount of the CiT facility corresponding to the vessels being distributed to such equity holder. The conversion of the Convertible Notes is expected to occur during September 2014, as soon as all customary conditions precedent are satisfied. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Pursuant to the Merger Agreement, the Company expects the Sellers will remain as the ultimate beneficial owners of Heron, until Heron is dissolved. In addition, upon the distribution of the Heron Vessels to its equity holders, the Company will be required to pay $25,000 in cash in respect of the debt secured by the Heron Vessels and instruct the Escrow Agent to release the 2,115,706 common shares held in escrow in order to acquire the two vessels distributed to Oceanbulk. The Company expects that the transfer of the two Heron Vessels to it will be completed within the second half of 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>&#160;</b></font></div>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E2GBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Basis of Presentation and General Information - Newbuildings (Table) (Details)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN 1338 (tbn Star Aries)</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">180,000<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_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
        <td class="text">June 2015<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN 5040 (tbn Star Aquarius)</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">60,000<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_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
        <td class="text">June 2015<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN 1372 (tbn Star Libra)</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">208,000<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_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
        <td class="text">July 2015<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN 5043 (tbn Star Pisces)</div>
        </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_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">60,000<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_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
        <td class="text">September 2015<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN NE 196 (tbn Star Antares)</div>
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        <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_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">61,000<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_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
        <td class="text">September 2015<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN NE 197 (Star Lutas)</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">61,000<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_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
        <td class="text">October 2015<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN 1371 (tbn Star Virgo)</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">208,000<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_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
        <td class="text">December 2015<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN 1339 (tbn Star Taurus)</div>
        </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_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">180,000<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_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
        <td class="text">December 2015<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN 1342 (tbn Star Gemini)</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>
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        <td class="nump">208,000<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_sblk_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
        <td class="text">January 2016<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN NE 198 (tbn Star Poseidon)</div>
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        <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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
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        <td class="nump">209,000<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_sblk_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HN 1343 (tbn Star Leo)</div>
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        <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_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">208,000<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_DeliveryDateVessel', window );">Expected Delivery Date</a></td>
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                <p>The date the vessel was delivered to the Company.</p>
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                <p>No definition available.</p>
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                <p>The vessel's capacity in deadweight tonnage.</p>
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                <p>No definition available.</p>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKH">
      <tr>
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          <div style="width: 200px;"><strong>Basis of Presentation and General Information (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
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      <tr>
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          <div>Jun. 30, 2014</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_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Basis of Presentation and General Information [Abstract]</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_sblk_ListOfSubsidiariesTableTextBlock', window );">List of Subsidiaries</a></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:43px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Wholly Owned Subsidiaries</font></div></td>
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    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">DWT</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Bulk Management Inc.</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Starbulk S.A.</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels in operation at June 30, 2014</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Aurora LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Aurora</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">171,199</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 8, 2010</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2000</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Big LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Big</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">168,404</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 25, 2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1996</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Borealis LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Borealis</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">179,678</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 9, 2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Mega LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Mega</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">170,631</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 16, 2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1994</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Polaris LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Polaris</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">179,600</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">November 14, 2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sirius LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sirius</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">March 7, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Vega LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Vega</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 13, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,462</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 12, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2012</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Fighter</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,455</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 30, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2013</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Cosmo LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Cosmo</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,247</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 1, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2005</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Delta LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Delta (ex F Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,434</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2000</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Epsilon LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Epsilon (ex G Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,402</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 3, 2007</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Gamma LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Gamma (ex C Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,098</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 4, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2002</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Kappa LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Kappa (ex E Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,055</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 14, 2007</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Omicron LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Omicron</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,489</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 17, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2005</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Theta LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Theta (ex J Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,425</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 6, 2007</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2003</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Zeta LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Zeta (ex I Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,994</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2003</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels disposed*</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Lamda LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sigma</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">184,403</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 15, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1991</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Alpha LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Alpha (ex A Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">175,075</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 9,2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1992</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Beta LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Beta (ex B Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">174,691</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 28, 2007</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1993</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star &#160;Ypsilon LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Ypsilon</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">150,940</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 18, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1991</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:12.0px;color:#000000; ">*For vessels disposed refer to Note 5.</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
</table>
<div></div><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_ListNewbuildingsTableTextBlock', window );">List of Newbuildings</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="6" style=" border:solid #000000 0.0px;width:389px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newbuildings at June 30, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Newbuildings Name</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Type</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>DWT</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Expected Delivery Date</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CAPE I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1338 &#160;(tbn Star Aries)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capesize</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 2015 <sup>(1)</sup></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ASIA I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 5040 (tbn Star Aquarius)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">60,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 2015</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR SEEKER</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1372 (tbn Star Libra)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 2015 <sup>(1)</sup></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ASIA II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 5043 (tbn Star Pisces)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">60,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 2015</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR AXE I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 196 (tbn Star Antares)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 2015 <sup>(1)</sup></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR AXE II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 197 (tbn Star Lutas)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 2015 <sup>(1)</sup></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR BREEZER</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1371 (tbn Star Virgo)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 2015 <sup>(1)</sup></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CAPE II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1339 (tbn Star Taurus)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capesize</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 2015 <sup>(1)</sup></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CASTLE I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1342 (tbn Star Gemini)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2016</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ENNEA LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 198 (tbn Star Poseidon)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">209,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 2016 <sup>(1)</sup></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CASTLE II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1343 (tbn Star Leo)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 2016</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="9" style=" border:solid #000000 0.0px;width:679px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1)&#160;&#160;&#160;&#160;&#160;&#160;The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates.</font></div></td>
  </tr>
  <tr>
    <td style="width:19px;"></td>
    <td style="width:133px;"></td>
    <td style="width:18px;"></td>
    <td style="width:180px;"></td>
    <td style="width:18px;"></td>
    <td style="width:94px;"></td>
    <td style="width:18px;"></td>
    <td style="width:58px;"></td>
    <td style="width:18px;"></td>
    <td style="width:137px;"></td>
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</table>
<div></div><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_ListVesselsUnderCommercialTechnicalManagementTableTextBlock', window );">List of vessels under commercial and technical management by Starbulk S.A.</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:42px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Owning Company</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Name</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">DWT</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Effective Date<br/>of Management Agreement</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Year Built</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Global Cape Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Kymopolia</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">176,990</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 30, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">OOCAPE1 Holdings LLC *</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Obelix</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">181,433</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 19, 2012</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pacific Cape Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pantagruel</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,181</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 24, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2004</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Sea Cape Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Big Bang</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">174,109</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 30, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2007</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Sky Cape Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Big Fish</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">177,662</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 18, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2004</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Majestic Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Madredeus</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 4, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Nautical Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amami</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 4, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Grain Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pendulum</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">82,619</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 17, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Mineral Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Mercurial Virgo</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">81,545</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 17, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Hamon Shipping Inc</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Marto</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">74,470</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 2, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Glory Supra Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Strange Attractor</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">55,742</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 24, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Premier Voyage LLC *</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Maiden Voyage</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">58,722</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 28, 2012</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2012</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Serenity Maritime Inc.</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Serenity I</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,688</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 11, 2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
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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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_CommonStockSharesIssued', window );">Common Stock - Shares Issued</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="nump">2,115,706<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_PaymentsToAcquireBusinessesGross', window );">Expected payment upon the distribution of vessels</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 200<span></span></td>
        <td class="text">&#xA0;<span></span></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">$ 25,000<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">$ 288,391<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued', window );">Shares to acquire business</a></td>
        <td class="nump">54,104,200<span></span></td>
        <td class="nump">22,598<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">45,460,324<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">8,643,876<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">3,548,372<span></span></td>
        <td class="nump">29,917,312<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">33.00%<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="nump">61.30%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">57.30%<span></span></td>
        <td class="nump">12.60%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9.30%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">48.10%<span></span></td>
        <td class="nump">24.30%<span></span></td>
        <td class="nump">7.80%<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_VariableInterestEntityOwnershipPercentage', window );">Voting percentage</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="nump">33.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">15.00%<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="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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 );">Number of shares granted</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">402,167<span></span></td>
        <td class="nump">279,333<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">15,000<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>
        <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 );">Number of shares vested</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="nump">15,000<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>
        <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="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">182,000<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Delivery installment payment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">74,267<span></span></td>
        <td class="nump">827<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">34,625<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">32,500<span></span></td>
        <td class="nump">2,125<span></span></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">3,678<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_PaymentsForPostemploymentBenefits', window );">Severance payment, cash</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="nump">644,000<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_sblk_PaymentsForPostemploymentBenefitsShares', window );">Severance payments,common shares</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="nump">168,842<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_NumberContractsForConstructionAcquired', window );">Number of contracts acquired for vessels construction</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">25<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_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">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <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. 22,
				 2014<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DebtInstrumentFaceAmount', window );">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="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">32,000<span></span></td>
        <td class="nump">32,500<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">208,237<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">231,000<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_DebtInstrumentCarryingAmount', window );">Outstanding borrowings</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="nump">20,000<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">29,240<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_NumberLoanTranches', window );">Number of tranches per loan</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<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_AmountPerTrancheUnderCreditFacility', window );">Amount of each tranche</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">$ 16,000<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DebtInstrumentDescriptionOfVariableRateBasis', window );">Loan reference interest 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="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">LIBOR<span></span></td>
        <td class="text">LIBOR<span></span></td>
        <td class="text">LIBOR<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DebtInstrumentBasisSpreadOnVariableRate2', window );">Loan interest rate margin</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">a margin of 3.2% per annum (as long as ACR exceeds 143%) or 4.30% per annum (if ACR falls below 143%)<span></span></td>
        <td class="text">2.80% annum<span></span></td>
        <td class="text">2.50% per annum<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DebtInstrumentPaymentTerms', window );">Loan repayment terms</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">The Dioriga Facility will mature in March 2019 and will be repayable in 20 quarterly installments of $350 each, commencing three months after the drawdown, plus a balloon payment of $13,000 due together with the last installment<span></span></td>
        <td class="text">The facility will mature six years after the signing date. Each tranche is expected to be drawn with the delivery of the relevant vessel and will be repayable in consecutive quarterly installments of $268, commencing three months after the drawdown, plus a balloon payment of $10,650, for HN 5040, and $10,918, for HN 5043, both due in September 2020. <span></span></td>
        <td class="text">The facility is expected to be drawn with the delivery of the vessel and will be repaid in 20 equal, consecutive, quarterly principal payments of $537.5 each with the first becoming due and payable three months from the drawdown date together with a balloon installment of $21,750 payable simultaneously with the 20th installment.<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DebtInstrumentCovenantDescription', window );">Covenant description</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">The Dioriga Facility includes certain negative covenants, including covenants against (i) changes in the management or legal or beneficial ownership of Dioriga and (ii) encumbrance on the assets of Dioriga. The Dioriga Facility includes the following financial maintenance covenants:
  -   a market value of the vessel to loan (including interest rate swap exposure) ratio to exceed 130%; and
  -   minimum liquidity to exceed $700, to be maintained in an account with HSBC Bank plc.
<span></span></td>
        <td class="text">The definitive agreements of the NIBC Facility will contain negative and financial covenants customary for facilities of this type. <span></span></td>
        <td class="text">The definitive agreement of the BNP Facility will contain negative and financial covenants customary for facilities of this type.<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_AmountPerTrancheUnderCreditFacility">
        <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 received for each tranche under the credit facility</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_AmountPerTrancheUnderCreditFacility</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_DebtInstrumentBasisSpreadOnVariableRate2">
        <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>sblk_DebtInstrumentBasisSpreadOnVariableRate2</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_NumberContractsForConstructionAcquired">
        <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 contracts for construction acquired.</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_NumberContractsForConstructionAcquired</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_NumberLoanTranches">
        <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 tranches under the credit facility</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_NumberLoanTranches</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_PaymentsForPostemploymentBenefitsShares">
        <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>Shares used for payments of postemployment benefits (such as severance pay and health insurance benefits) recognised 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>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_PaymentsForPostemploymentBenefitsShares</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: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_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>
                  </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_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_VesselsAcquired">
        <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 vessels acquired.</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_VesselsAcquired</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_VesselsDelivered">
        <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 vessels delivered.</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_VesselsDelivered</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_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued">
        <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 of equity interests issued or issuable to acquire 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 Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)(4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7488404&amp;loc=d3e6927-128479<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_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued</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_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_DebtInstrumentCarryingAmount">
        <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 before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond 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> -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 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)<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 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></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_DebtInstrumentCarryingAmount</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_DebtInstrumentCovenantDescription">
        <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>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>
              </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 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 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>
              </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_DebtInstrumentCovenantDescription</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_DebtInstrumentDescriptionOfVariableRateBasis">
        <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 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>
              </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_DebtInstrumentDescriptionOfVariableRateBasis</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_DebtInstrumentFaceAmount">
        <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 (par) amount of debt instrument at time of issuance.</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></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_DebtInstrumentFaceAmount</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_DebtInstrumentPaymentTerms">
        <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>Description of the payment terms of the debt instrument (for example, whether periodic payments include principal and frequency of payments) and discussion about any contingencies associated with the payment.</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 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 Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 470<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<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)(3))<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_DebtInstrumentPaymentTerms</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_EquityMethodInvestmentOwnershipPercentage">
        <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 of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</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 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<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_EquityMethodInvestmentOwnershipPercentage</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:percentItemType</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_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=31042434&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>
                  </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_PaymentsToAcquireBusinessesGross">
        <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 business during the period. The cash portion only of the acquisition price.</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 Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<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_PaymentsToAcquireBusinessesGross</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 Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<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_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_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></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>
                  </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_SignificantAcquisitionsAndDisposalsDateOfTransactionForAcquisitionsOrDisposals">
        <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>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>
              </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_SignificantAcquisitionsAndDisposalsDateOfTransactionForAcquisitionsOrDisposals</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:dateItemType</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_SubsequentEventLineItems">
        <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_SubsequentEventLineItems</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_VariableInterestEntityOwnershipPercentage">
        <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>Percentage of the Variable Interest Entity's (VIE) voting interest owned by (or beneficial interest in) the reporting entity (directly or indirectly).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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          <div style="width: 200px;"><strong>Basis of Presentation and General Information<br></strong></div>
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        <th class="th" colspan="1">6 Months Ended</th>
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        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>1.&#160;&#160;&#160;&#160;&#160;&#160;Basis of Presentation and General Information:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Bulk Carriers Corp. (&#147;Star Bulk&#148;) is a public shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Bulk shares started trading on the NASDAQ Global Select Market on December 3, 2007, under the ticker symbol SBLK. The accompanying unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its subsidiaries, which are hereinafter collectively referred to as the &#147;Company,&#148; and have been prepared in accordance with accounting principles generally accepted in the United States of America (&#147;U.S. GAAP&#148;) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2014, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the Company's Annual Report on Form 20-F for the year ended December 31, 2013, filed with the SEC on March 21, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Below is the list of Star Bulk's subsidiaries, all wholly-owned, as of June 30, 2014:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
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    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Aurora LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Aurora</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">171,199</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 8, 2010</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Big LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Big</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">168,404</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 25, 2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1996</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Borealis LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Borealis</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">179,678</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 9, 2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Mega LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Mega</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">170,631</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 16, 2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1994</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Polaris LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Polaris</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">179,600</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">November 14, 2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sirius LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sirius</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">March 7, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Vega LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Vega</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 13, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,462</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 12, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2012</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Fighter</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,455</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 30, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Cosmo LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Cosmo</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,247</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 1, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2005</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Delta LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Delta (ex F Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,434</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Epsilon LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Epsilon (ex G Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,402</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 3, 2007</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Gamma LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Gamma (ex C Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,098</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 4, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2002</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Kappa LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Kappa (ex E Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,055</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 14, 2007</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Omicron LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Omicron</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,489</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 17, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2005</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Theta LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Theta (ex J Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,425</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 6, 2007</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2003</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Zeta LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Zeta (ex I Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,994</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2003</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Lamda LLC</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sigma</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">184,403</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 15, 2008</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Alpha LLC</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Alpha (ex A Duckling)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">175,075</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 9,2008</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1992</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Beta (ex B Duckling)</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 28, 2007</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star &#160;Ypsilon LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Ypsilon</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">150,940</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 18, 2008</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
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    <td valign="top" colspan="6" style=" border:solid #000000 0.0px;width:389px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newbuildings at June 30, 2014</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>DWT</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Expected Delivery Date</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
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    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CAPE I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1338 &#160;(tbn Star Aries)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capesize</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 2015 <sup>(1)</sup></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ASIA I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 5040 (tbn Star Aquarius)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">60,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 2015</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR SEEKER</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1372 (tbn Star Libra)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 2015 <sup>(1)</sup></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ASIA II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 5043 (tbn Star Pisces)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">60,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 2015</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR AXE I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 196 (tbn Star Antares)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 2015 <sup>(1)</sup></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR AXE II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 197 (tbn Star Lutas)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 2015 <sup>(1)</sup></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR BREEZER</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1371 (tbn Star Virgo)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 2015 <sup>(1)</sup></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CAPE II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1339 (tbn Star Taurus)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capesize</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 2015 <sup>(1)</sup></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CASTLE I LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1342 (tbn Star Gemini)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2016</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ENNEA LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 198 (tbn Star Poseidon)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">209,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 2016 <sup>(1)</sup></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CASTLE II LLC</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1343 (tbn Star Leo)</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 2016</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="9" style=" border:solid #000000 0.0px;width:679px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1)&#160;&#160;&#160;&#160;&#160;&#160;The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates.</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td style="width:19px;"></td>
    <td style="width:133px;"></td>
    <td style="width:18px;"></td>
    <td style="width:180px;"></td>
    <td style="width:18px;"></td>
    <td style="width:94px;"></td>
    <td style="width:18px;"></td>
    <td style="width:58px;"></td>
    <td style="width:18px;"></td>
    <td style="width:137px;"></td>
    <td style="width:17px;"></td>
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</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Below is the list of the vessels which are under commercial and technical management by the Star Bulk's wholly owned subsidiary Starbulk S.A. as of June 30, 2014. For each vessel Starbulk S.A. receives a fixed management fee of $0.75 per day.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:42px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Owning Company</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Name</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">DWT</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Effective Date<br/>of Management Agreement</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Year Built</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Global Cape Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Kymopolia</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">176,990</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 30, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">OOCAPE1 Holdings LLC *</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Obelix</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">181,433</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 19, 2012</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pacific Cape Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pantagruel</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,181</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 24, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2004</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Sea Cape Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Big Bang</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">174,109</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 30, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2007</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Sky Cape Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Big Fish</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">177,662</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 18, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2004</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Majestic Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Madredeus</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 4, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Nautical Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amami</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 4, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Grain Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pendulum</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">82,619</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 17, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Mineral Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Mercurial Virgo</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">81,545</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 17, 2014</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Hamon Shipping Inc</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Marto</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">74,470</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 2, 2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Glory Supra Shipping LLC*</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Strange Attractor</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">55,742</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 24, 2013</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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<div><font style="font-family:Georgia;font-size:13.3px;color:#000000;">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
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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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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EFKAE">
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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>
        <td class="nump">25,000,000<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_PreferredStockSharesIssued', window );">Preferred Stock - Shares Issued</a></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_PreferredStockSharesOutstanding', window );">Preferred Stock - Shares Outstanding</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<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_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 per share of common stock.</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_CommonStockParOrStatedValuePerShare</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_CommonStockSharesAuthorized">
        <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 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>
                  </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>
                  </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_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><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>
                  </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_CommonStockSharesOutstanding">
        <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 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 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 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 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>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 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=27012166&amp;loc=d3e187085-122770<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 210.5-02.29)<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 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 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_CommonStockSharesOutstanding</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_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 preferred stock nonredeemable or redeemable solely at the option of the issuer.</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 210.5-02.28)<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 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<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_PreferredStockParOrStatedValuePerShare</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_PreferredStockSharesAuthorized">
        <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 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 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 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<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_PreferredStockSharesAuthorized</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_PreferredStockSharesIssued">
        <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 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 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 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<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_PreferredStockSharesIssued</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_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 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 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<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_PreferredStockSharesOutstanding</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>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Operational Loss<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
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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_OperatingIncomeLossAbstract', window );"><strong>Other Operational Loss [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>11.&#160;&#160;&#160;&#160;&#160;&#160;Other Operational Loss:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">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. During the six month period ended June 30, 2013, an expense amounted to $562 incurred by the Company towards the third party based on the agreement mentioned above. The expense of $562 was incurred in connection to the settlement amount of $1,250, described in Note 10 &#147;Other Operational Gain&#148;, above. This amount is presented in &#147;Other operational loss&#148; in the accompanying unaudited interim condensed consolidated statement of operations for the period ended June 30, 2013. Other operational loss for the six month period ended June 30, 2014, amounted to $94. </font></div><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 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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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELOAC">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document And Entity Information<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
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        <td class="text">6-K<span></span></td>
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        <td class="text">Jun. 30,
				 2014<span></span></td>
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        <td class="text">0001386716<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_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
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      <tr class="ro">
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        <td class="text">No<span></span></td>
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        <td class="text">--12-31<span></span></td>
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        <td class="nump">29,493,769<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>
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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>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>
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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>
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                <p>No definition available.</p>
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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>
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                <p>No definition available.</p>
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                <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>
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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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                <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>
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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>
              </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>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>
              </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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                <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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Earnings / Loss per Share<br></strong></div>
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          <div>Jun. 30, 2014</div>
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        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>12.&#160;&#160;&#160;&#160;&#160;&#160;Earnings / Loss per Share:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">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 earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Company calculates basic and diluted earnings per share as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
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    <td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:244px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Six month period ended<br/>June 30,</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, basic </font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,414,998 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,973,621 &#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Basic earnings/(loss) per share</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">0.36 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(0.13</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Effect of dilutive securities:</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Dilutive effect of non-vested shares</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,641 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, diluted</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,443,639 &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,973,621 &#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Diluted earnings / (loss) per share</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">0.36</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(0.13</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td style="width:353px;"></td>
    <td style="width:101px;"></td>
    <td style="width:21px;"></td>
    <td style="width:82px;"></td>
    <td style="width:26px;"></td>
    <td style="width:21px;"></td>
    <td style="width:92px;"></td>
    <td style="width:92px;"></td>
  </tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The weighted average diluted common shares outstanding for the six month period ended June 30, 2013 includes the effect of 28,641 shares being the number of incremental shares assumed to be issued under the treasury stock method and 6,807 shares has been excluded from this calculation due to their anti-dilutive effect. For the six month period ended June 30, 2014, and on the basis that the Company incurred a net loss, the effect of 412,834 non- vested shares would be anti-dilutive; therefore basic equals diluted loss per share.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div><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_EarningsPerShareAbstract">
        <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_EarningsPerShareAbstract</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_EarningsPerShareTextBlock">
        <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 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 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 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 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 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 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 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 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<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 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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_EarningsPerShareTextBlock</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>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>59
<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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ETEAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Unaudited Interim Condensed Consolidated Statements of Operations (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VoyageRevenues', window );">Voyage revenues</a></td>
        <td class="nump">$ 43,064<span></span></td>
        <td class="nump">$ 35,362<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">1,861<span></span></td>
        <td class="nump">456<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">44,925<span></span></td>
        <td class="nump">35,818<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>
      </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</a></td>
        <td class="nump">7,721<span></span></td>
        <td class="nump">4,505<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</a></td>
        <td class="nump">16,062<span></span></td>
        <td class="nump">13,732<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">1,264<span></span></td>
        <td class="nump">572<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">9,777<span></span></td>
        <td class="nump">8,070<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">10,215<span></span></td>
        <td class="nump">4,709<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">215<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_GainLossOnSaleOfPropertyPlantEquipment', window );">Loss on sale of vessel (Note 5)</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">81<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_OtherExpenses', window );">Other operational loss (Note 11)</a></td>
        <td class="nump">94<span></span></td>
        <td class="nump">562<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 (Note 10)</a></td>
        <td class="num">(407)<span></span></td>
        <td class="num">(1,647)<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">44,941<span></span></td>
        <td class="nump">30,584<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">(16)<span></span></td>
        <td class="nump">5,234<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>
      </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 8)</a></td>
        <td class="num">(3,057)<span></span></td>
        <td class="num">(3,794)<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 );">Gain/ (loss) on derivative financial instruments, net (Note 15)</a></td>
        <td class="num">(819)<span></span></td>
        <td class="nump">438<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_InterestAndOtherIncome', window );">Interest and other income</a></td>
        <td class="nump">21<span></span></td>
        <td class="nump">86<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">(3,855)<span></span></td>
        <td class="num">(3,270)<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_ProfitLoss', window );">INCOME/ (LOSS) BEFORE EQUITY IN INCOME OF INVESTEE</a></td>
        <td class="num">(3,871)<span></span></td>
        <td class="nump">1,964<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_IncomeLossFromEquityMethodInvestments', window );">Equity in income of investee</a></td>
        <td class="nump">1<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_NetIncomeLoss', window );">Net Income / (loss)</a></td>
        <td class="num">$ (3,870)<span></span></td>
        <td class="nump">$ 1,964<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_EarningsPerShareBasic', window );">Earnings / (loss) per share, basic (Note 12)</a></td>
        <td class="num">$ (0.13)<span></span></td>
        <td class="nump">$ 0.36<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_EarningsPerShareDiluted', window );">Earnings / (loss) per share, diluted (Note 12)</a></td>
        <td class="num">$ (0.13)<span></span></td>
        <td class="nump">$ 0.36<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_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of shares outstanding, basic (Note 12)</a></td>
        <td class="nump">28,973,621<span></span></td>
        <td class="nump">5,414,998<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_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average number of shares outstanding, diluted (Note 12)</a></td>
        <td class="nump">28,973,621<span></span></td>
        <td class="nump">5,443,639<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <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_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=26872669&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 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=31042434&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_EarningsPerShareBasic">
        <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 (loss) for the period per each share of common stock or unit outstanding 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 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 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 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 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 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<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 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 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 6: 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 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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 18<br><br> -Article 7<br><br><br><br>Reference 8: 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 20<br><br> -Article 5<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 04<br><br> -Paragraph 21<br><br> -Article 9<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_EarningsPerShareBasic</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_EarningsPerShareDiluted">
        <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 (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>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 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=26872669&amp;loc=d3e20235-122688<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> -Paragraph 18<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 03<br><br> -Paragraph 20<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> -Paragraph 21<br><br> -Article 9<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_EarningsPerShareDiluted</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>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber 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 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=31042434&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_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=26872669&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_IncomeLossFromEquityMethodInvestments">
        <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 item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</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> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<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 9<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 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16385135&amp;loc=d3e33749-111570<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 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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> -Paragraph 11<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_IncomeLossFromEquityMethodInvestments</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_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 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=26872669&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 04<br><br> -Paragraph 20<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=31042434&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> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<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 Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<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> -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 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 7: 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=26872669&amp;loc=d3e20235-122688<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 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 9: 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=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: 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></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=26872669&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>
                    <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_NonoperatingIncomeExpenseAbstract">
        <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_NonoperatingIncomeExpenseAbstract</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_OperatingCostsAndExpenses">
        <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>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>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingCostsAndExpenses</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_OperatingExpenses">
        <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>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;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpenses</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_OperatingIncomeLoss">
        <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 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>
                  </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_OtherExpenses">
        <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 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 SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 7<br><br> -Article 7<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 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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 210.5-03.4,6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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_OtherExpenses</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_OtherIncome">
        <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>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>
                  </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_ProfitLoss">
        <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 consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</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> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4591552-111686<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 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<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 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<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 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4591551-111686<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_ProfitLoss</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_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 expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes 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 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=31042434&amp;loc=d3e3602-108585<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 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=26872669&amp;loc=d3e20235-122688<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 5<br><br> -Article 5<br><br><br><br></p>
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                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading 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 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=26872669&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>
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                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</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 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 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 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br></p>
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                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that 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 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 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 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<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 Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Advances for Vessels Acquisitions<br></strong></div>
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        <th class="th" colspan="1">6 Months Ended</th>
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      <tr>
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          <div>Jun. 30, 2014</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_sblk_AdvancesForVesselsAcquisitionsTextBlock', window );">Advances for Vessels Acquisitions</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>6.&#160;&#160;&#160;&#160;&#160;&#160;Advances for Vessels Acquisitions:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pre-delivery Yard installments </font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat capital leases - upfront hire &amp; handling fees</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other capitalized costs (Note 3) &#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">519</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,117</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:306px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>67,932</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>81,794</b></font></div></td>
  </tr>
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<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 5, 2013, Star Bulk through two wholly-owned subsidiaries, Star Cape I LLC and Star Cape II LLC, contracted with Shanghai Waigaoqiao Shipbuilding Co. Ltd., or SWS, shipyard to build two 180,000 dwt eco-type, fuel efficient Capesize dry bulk vessels, Hull 1338 and Hull 1339. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On September 23, 2013, Star Bulk through two wholly-owned subsidiaries, Star Castle I LLC and Star Castle II LLC, contracted with SWS, to build two 208,000 dwt eco-type, fuel efficient Newcastlemax dry bulk vessels, Hull 1342 and Hull 1343</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On September 27, 2013, Star Bulk through three wholly-owned subsidiaries, Star Axe I LLC, Star Axe II LLC and Star Ennea LLC, contracted with Nantong COSCO KHI Ship Engineering Co., or NACKS, shipyard to build two 61,000 dwt eco-type, fuel efficient Ultramax dry bulk vessels, Hull NE 196 and Hull NE 197 and one 209,000 dwt eco-type, fuel efficient Newcastlemax dry bulk vessel, Hull NE 198.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On October 22, 2013, Star Bulk through two wholly-owned subsidiaries, Star Asia I LLC and Star Asia II LLC, contracted with Japan Marine United Corporation, or JMU, shipyard to build two 60,000 dwt eco-type,fuel efficient Ultramax dry bulk vessels, Hull 5040 and Hull 5043.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The total aggregate contracted price for all nine newbuilding vessels is $367,400 plus agreed extras costs of $3,314, payable in periodic installments up to their deliveries. During the year ended December 31, 2013, and for the six month period ended June 30, 2014, the Company paid advances to the shipyards amounting to $66,780.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On February 17, 2014, the Company entered into agreements, or the &#147;Bareboat Charters&#148;, with CSSC (Hong Kong) Shipping Company Limited, or CSSC, an affiliate of SWS, to bareboat charter for ten years, two fuel efficient newbuilding Newcastlemax dry bulk vessels, Hull 1372 and Hull 1371, or the &#147;CSSC Vessels&#148;, each with a cargo carrying capacity of 208,000 dwt, which are under construction. The vessels are being constructed pursuant to shipbuilding contracts entered into between two pairings of affiliates of SWS. Each pair has one shipyard party (each, an &#147;SWS Builder&#148;) and one ship-owning entity (each an &#147;SWS Owner&#148;). Delivery to the Company of each vessel is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder. An amount of $47,200 and $46,400, respectively, for the construction cost of each vessel will be financed by the relevant SWS Owner, to whom the Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount corresponding to the LIBOR rate payable every six months. In addition, the Company will pay for Hull 1371 an installment of $300 plus an additional amount of $378 per vessel for agreed extra costs. In addition, the Company is also obliged to pay an amount of $936 representing handling fees in two installments. The first installment of $462 was paid upon the signing of the Bareboat Charters, and the second installment is due in one year. Under the terms of the Bareboat Charters, the Company has the option to purchase the CSSC Vessels at any time, such option exercisable on a monthly basis against a predetermined, amortizing balance payment whilst it has a respective obligation of purchasing the vessels at the expiration of the bareboat term. Upon the earlier of the exercise of the purchase options or the expiration of the Bareboat Charters, the Company will own the CSSC Vessels. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Based on ASC Topic 840, the Company determined that the bareboat charters should be classified as capital leases. In addition, based on the lease agreement provisions, the Company is deemed to have substantially all of the construction period risk and therefore is considered the owner of the vessels during the construction period. Therefore the amount of $12,012 paid during the six months ended June 30, 2014, representing the first installment of upfront hire and the handling fees for the two newbuilding vessels, has been capitalized and is included under &#147;Advances for vessel acquisitions&#148; in the accompanying unaudited consolidated balance sheets.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Each of the above Bareboat Charters is considered a sales type lease and will be accounted for as a sale and leaseback transaction upon the delivery of each newbuilding to the Company and the beginning of the lease term. At that time the financial liability and the financial asset will be recognized in accordance with the applicable capital lease accounting guidance. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The amounts of $67,932 and $81,794 are included in &#147;Advances for vessel acquisitions&#148; in the accompanying consolidated balance sheets, and represent amounts paid to shipyards for newbuilding vessels, upfront hire payments and handling fees payments for the bareboat charters, capitalized interest and finance costs and other capitalized costs, as analyzed in the table in this Note.</font></div>
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                <p>This entire disclosure for advances paid to yards and capitalized expenses for acquisition of vessels.</p>
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  <body><span style="display: none;">v2.4.0.8</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<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
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      <tr>
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          <div>Jun. 30, 2014</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>5.&#160;&#160;&#160;&#160;&#160;&#160;Vessels and Other Fixed Assets, Net:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Cost</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessels</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">481,086</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">541,141</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other fixed assets</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,083</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,433</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total cost</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">482,169</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Accumulated depreciation</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(155,495</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td>
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  <tr>
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<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b>Vessels acquired / disposed during the six month period ended June 30, 2013</b></i></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 14, 2013, the Company entered into an agreement with a third party to sell the Star Sigma, for a contracted price of $9,044 less address commission of 3% and brokerage commission of 2%.<i> </i>The vessel was delivered to its purchasers on April 10, 2013. The net carrying amount of Star Sigma as of the date of its delivery was $8,354 and the resulting loss of $81 is included under "Loss on sale of vessel" in the accompanying unaudited interim condensed consolidated statement of operations for the six month period ended June 30, 2013.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">No vessel acquisitions took place in the six month period ended June 30, 2013.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b>&#160;</b></i></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b>Vessels acquired / disposed during the six month period ended June 30, 2014</b></i></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On January 24, 2014, the Company entered into two agreements to acquire from Glocal Maritime Ltd, or "Glocal", an unaffiliated third party, two 98,000 dwt Post Panamax vessels, Star Vega and Star Sirius, built 2011, for an aggregate purchase price of $60,000. The vessels Star Vega and Star Sirius, were delivered to the Company on February 13, 2014 and March 7, 2014, respectively. The vessels, upon their delivery, were chartered back to Glocal for a daily rate of $15 less brokerage commission of 1.25% until at least June 2016. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;No vessel disposals took place in the six month period ended June 30, 2014.</font></div><span></span></td>
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                <p>The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.</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 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 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 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<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 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<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 210.5-02.13-14)<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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div>
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        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b>Revenue from Contracts with Customers:</b></i> &#160;In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 will also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on its financial statements and accompanying notes.</font></div><span></span></td>
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                <p>Disclosure of accounting policy for revenue recognition on contracts, the timing of revenue recognition, and the bases for determining the amount of revenue recognized.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
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        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>13.&#160;&#160;&#160;&#160;&#160;&#160;Equity Incentive Plan:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 21, 2013, the Company's Board of Directors adopted the 2013 Equity Incentive Plan (the 2013 Plan) and reserved for issuance 240,000 common shares thereunder. 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 an interest in the success of the Company, maximize their performance and enhance the long-term performance of the Company. As of June 30, 2014, all of the respective shares have been granted and vested.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 21, 2013, 239,333 restricted common shares were granted to certain directors, officers, employees of the Company, the respective shares were issued on September 11, 2013, and vested on March 21, 2014. Additionally, on the same day, 12,000 restricted common shares were granted to the Company's former director Mr. Espig, the respective shares vested immediately and were issued on June 27, 2013. The fair value of each share was $6.46 and was determined by reference to the closing price of the Company's common stock on the grant date.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On February 20, 2014, the Company's Board of Directors adopted the 2014 Equity Incentive Plan (the 2014 Plan) and reserved for issuance 430,000 common shares thereunder. The terms and conditions of the 2014 Plan are substantially similar to the terms and conditions of Company's previous equity incentive plans. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On February 20, 2014, 394,167 restricted common shares were granted to certain directors, officers, employees of the Company, the respective shares will vest on March 20, 2015. Additionally, on the same day, 8,000 restricted common shares were granted to two Company's directors Mr. Softeland and Mr. Erhardt, which vested immediately. The fair value of each share was $10.86, based on the closing price of the Company's common stock on the grant date. The respective shares were issued in May 2014 along with 9,333 common shares to the Company's Chief Executive Officer, representing the first installment of his minimum guaranteed incentive award in accordance with his consultancy agreement dated May 3, 2013.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">All non-vested shares vest based on upon the grantee's continued service as an employee of the Company, or as a director until the applicable vesting date. 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, although, the issued and non-vested shares pay dividends as declared. The dividends of these shares are forfeitable.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">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. For the six month periods ended June 30, 2013 and 2014, stock based compensation cost was $600 and $1,903, respectively, and is included under &#147;General and administrative expenses&#148; in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">A summary of the status of the Company's non-vested shares as of June 30, 2014 and the movement during the year ended December 31, 2013 and the six month period ended June 30, 2014, is presented below.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:43px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Number of shares</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted Average Grant Date Fair Value</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at January 1, 2013</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">18,667</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">36.75</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Granted</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">279,333</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6.43</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vested</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(21,333</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">19.71</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at June 30, 2013</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">276,667</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.46</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at January 1, 2014</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">276,667</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.46</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Granted</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">402,167</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">10.86</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vested</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(266,000</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.65</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at June 30, 2014</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">412,834</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">10.65</font></div></td>
  </tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of June 30, 2014, there was $2,917 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 0.74 years.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div><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_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
        <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_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</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_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
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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 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>
              </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 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<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> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<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 718<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<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 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Preferred, Common Stock and Additional Paid in Capital<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
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          <div>Jun. 30, 2014</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_StockholdersEquityNoteAbstract', window );"><strong>Preferred, Common Stock and Additional Paid in Capital [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>9.&#160;&#160;&#160;&#160;&#160;&#160;Preferred, Common Stock and Additional Paid in Capital:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><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 June 30, 2014 the Company has not issued any preferred stock.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><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.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">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><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, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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4<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 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<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> -Glossary Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 10: 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 11: 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 12: 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 13: 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=27012166&amp;loc=d3e187085-122770<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 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<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 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 16: 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 17: 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 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 08<br><br> -Paragraph d<br><br> -Article 4<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 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></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EEAAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Equity Incentive Plan (Table) (Details) (USD $)<br></strong></div>
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        <th class="th" colspan="2">6 Months Ended</th>
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      <tr>
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          <div>Jun. 30, 2014</div>
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          <div>Jun. 30, 2013</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 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;">
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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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              </div>
            </div>
          </td>
        </tr>
      </table>
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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 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></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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                  <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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                  <tr>
                    <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>
        </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 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></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>
                  </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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                    <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><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward</nobr></td>
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                    <td>us-gaap_</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>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></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</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>num:perShareItemType</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>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></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</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 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></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</nobr></td>
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                    <td>num:perShareItemType</td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
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          <div style="width: 200px;"><strong>Fair value of Above Market Acquired Time Charters<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>7.&#160;&#160;&#160;&#160;&#160;&#160;Fair value of Above Market Acquired Time Charters:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The amortization of fair value of above-market acquired time charters related to the vessels Star Big and Star Mega, which were acquired in 2011, amounted to $3,150 and $3,149 &#160;for the six months ended June 30, 2013 and 2014, respectively, and is included under "Voyage revenues" in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The estimated aggregate amortization expense of the above market acquired time charters until their expiration is analyzed as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amount</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:201px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">3,525</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,304</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>4,829</b></font></div></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.</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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
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          <div style="width: 200px;"><strong>Long term Debt<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
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          <div>Jun. 30, 2014</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_LongTermDebtByCurrentAndNoncurrentAbstract', window );"><strong>Long term Debt [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_LongTermDebtTextBlock', window );">Long term Debt</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>8.&#160;&#160;&#160;&#160;&#160;&#160;Long-term Debt:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Details of the Company's loan and credit facilities are discussed in Note 9 of the Company's consolidated financial statements for the year ended December 31, 2013, included in the Company's annual report on Form 20-F, except for two new loan agreements signed during the six months ended June 30, 2014, as noted below:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>a)&#160;&#160;&#160;&#160;&#160;&#160;HSH Nordbank AG $35,000 facility:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On February 6, 2014, the Company entered into a new $35,000 secured term loan agreement with HSH Nordbank AG. The borrowing under this new loan agreement is used to partially finance the acquisition of the vessels Star Challenger and Star Fighter, which also provide the security for this loan agreement. 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 will mature in February 2021 and is repayable in 28 consecutive quarterly installments, which commence in May 2014 and amount to $312.5 and $291.7, and a final balloon payment of $8,750 and $9,332.4, payable together with the last installments, for Star Challenger and Star Fighter respectively. This senior secured credit facility bears interest at LIBOR plus a margin of 3.25%.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">This loan agreement contains financial and other customary covenants, under which the Company as corporate guarantor shall ensure the following : (i) the market value adjusted leverage ratio shall not be greater than 75%, (ii) a ratio of EBITDA to interest expense, no less than 2.0:1.0, (iii) minimum liquidity of $500 shall be maintained for each of the Company's vessels, (iv) a minimum market adjusted net worth shall not be less than $100,000, (v) an actual pledged amount of $300 shall be maintained per mortgaged vessel (the &#147; Mandatory Minimum Amount&#148;), and (vi) an additional actual pledged amount of $600 shall be maintained per vessel (the &#147;Additional Liquidity Amount&#148;), in case there is no time charter employment in place (as defined in the loan agreement) on the drawdown date. The respective amounts pledged will be gradually reduced by $150 per annum per vessel on each anniversary of the drawdown date with respect to the relevant vessel. The borrowers may not pay any dividends or make similar distributions if breach of covenant and/or event of default or will occur after such dividend or distribution. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of Star Challenger and Star Fighter of at least 125% of the amount outstanding including the Mandatory Minimum Amount and excluding the Additional Liquidity Amount.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of December 31, 2013 and June 30, 2014, the Company had outstanding borrowings of $0 and $34,396, respectively, under this loan agreement.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>b)&#160;&#160;&#160;&#160;&#160;&#160;Deutsche Bank AG $39,000 facility:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 14, 2014, the Company entered into a new $39,000 secured term loan agreement with Deutsche Bank AG. The borrowings under this new loan agreement were used to partially finance the two Post Panamax vessels, Star Sirius and Star Vega, which are the collateral for this facility. Under this 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 consists of two tranches of $19,500 each. This senior secured credit facility will mature in March 2021. Each tranche is repayable in 28 consecutive installments of $390 each which commence in June 2014 and a final balloon payment of $8,580. Both tranches bear interest at LIBOR, plus a margin of 3.35%.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">This loan agreement contains financial and other covenants under which the Company is the corporate guarantor shall maintain the following: (i) a market value adjusted leverage ratio of not greater than 70%; (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) minimum liquidity of $500 per vessel for each of the Company's vessels; (v) an actual pledged amount of $500 for each mortgaged vessel under this credit facility; and (vi) a minimum fair market value of the vessels plus the pledged amount of cash of no less than 130% of the outstanding amount under that facility. In addition, the borrowers will not pay any dividends or make similar distributions if the Company is in breach of a covenant and/or an event of default exists or will occur after such dividend or distribution.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of December 31, 2013 and June 30, 2014, the Company had outstanding borrowings of $0 and $38,220, respectively, under this loan agreement. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The principal payments required to be made after June 30, 2014, for all outstanding debt, are as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amount</font></div></td>
  </tr>
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    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">29,250</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">41,252</font></div></td>
  </tr>
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    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2017</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">82,257</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2018</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,477</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2019</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">46,714</font></div></td>
  </tr>
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    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2020 and thereafter</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">44,932</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>253,882</b></font></div></td>
  </tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#8195;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of June 30, 2014, the Company was in compliance with the amended financial and other covenants contained in its loan agreements. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">At June 30, 2014, all of the Company's vessels, having a net carrying value of $376,643, are first-priority mortgaged as collateral to its loan facilities.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Interest expense for the six month periods ended June 30, 2013 and 2014, amounted to $3,455, and $2,684, respectively, amortization of deferred finance fees amounted to $292 and $284, respectively, and other finance fees amounted to $47 and $89, respectively, and are included under &#147;Interest and finance costs&#148; in the accompanying unaudited interim condensed consolidated statements of operations as of June 30, 2013, and 2014, respectively.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div><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 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 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 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></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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Operational Gain<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
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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_OtherIncomeAbstract', window );"><strong>Other Operational Gain [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_sblk_OtherOperationalGainTextBlock', window );">Other Operational Gain</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>10.&#160;&#160;&#160;&#160;&#160;&#160;Other Operational Gain:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Other operational gain for the six month period ended June 30, 2013, totaled $1,647 and represented non-recurring revenue of $1,250 from the settlement of a commercial claim and a gain from hull &amp; machinery claim of $397. For the six month period ended June 30, 2014, other operational gain totaling $407 consisted of a gain from a hull and machinery claim of $237 and a $170 rebate from Company's previous manning agent. &#160;</font></div><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>
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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 entire disclosure for other operational gain.</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_OtherOperationalGainTextBlock</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>nonnum:textBlockItemType</td>
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                    <td><strong> Period Type:</strong></td>
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        </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_OtherIncomeAbstract</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>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EUH">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments and Contingencies (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AddressCommission', window );">Address commission</a></td>
        <td class="nump">$ 657<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_InsuranceCoverageMaximumAmount', window );">Coverage for pollution</a></td>
        <td class="nump">$ 1,000,000<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_CapitalLeasesOfLesseeContingentRentalsDescriptionOfVariableRateBasis', window );">Charter hire variable portion</a></td>
        <td class="text">6-month Libor rate of 0.327%<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AddressCommission">
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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>Commission payable by the shipowner to 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_AddressCommission</nobr></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>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>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>
              </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_InsuranceCoverageMaximumAmount</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>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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        <tr>
          <td>
            <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 lessee's capital lease, 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>
              </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_CapitalLeasesOfLesseeContingentRentalsDescriptionOfVariableRateBasis</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>
            <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_CommitmentsAndContingenciesDisclosureAbstract</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>duration</td>
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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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EANAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Fair value measurements - Fair value on a recurring basis - Significant observable inputs (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Interest rate swaps - asset position</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 91<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_DerivativeLiabilitiesNoncurrent', window );">Interest rate swaps - liability position</a></td>
        <td class="nump">86<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Interest Rate Swaps</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 [Line Items]</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_DerivativeAssetsNoncurrent', window );">Interest rate swaps - asset position</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">91<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_DerivativeLiabilitiesNoncurrent', window );">Interest rate swaps - liability position</a></td>
        <td class="nump">$ 728<span></span></td>
        <td class="nump">$ 0<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_DerivativeAssetsNoncurrent">
        <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 value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</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 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=28364263&amp;loc=d3e13433-108611<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 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 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 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13495-108611<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> -Topic 210<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20225523&amp;loc=SL20225862-175312<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 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_DerivativeAssetsNoncurrent</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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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesNoncurrent">
        <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 value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</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 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=28364263&amp;loc=d3e13433-108611<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 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 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 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13495-108611<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> -Topic 210<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20225523&amp;loc=SL20225862-175312<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 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_DerivativeLiabilitiesNoncurrent</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_DerivativeLineItems">
        <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_DerivativeLineItems</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>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>71
<FILENAME>R63.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EPJAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Commitments and Contingencies - Contractual Obligations (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Shipbuliding contracts &amp; agreed extra costs</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCommitmentsLineItems', window );"><strong>Contractual Obligations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInNextTwelveMonths', window );">2015</a></td>
        <td class="nump">$ 81,747<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_ContractualObligationDueInSecondYear', window );">2016</a></td>
        <td class="nump">222,187<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_ContractualObligationDueInThirdYear', window );">2017</a></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_ContractualObligationDueInFourthYear', window );">2018</a></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_ContractualObligationDueInFifthYear', window );">2019</a></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_ContractualObligationDueAfterFifthYear', window );">2020 and thereafter</a></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_ContractualObligationDue', window );">Total</a></td>
        <td class="nump">303,934<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Bareboat capital leases - upfront hire &amp; handling fees</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_OtherCommitmentsLineItems', window );"><strong>Contractual Obligations</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_ContractualObligationDueInNextTwelveMonths', window );">2015</a></td>
        <td class="nump">12,024<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_ContractualObligationDueInSecondYear', window );">2016</a></td>
        <td class="nump">1,056<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_ContractualObligationDueInThirdYear', window );">2017</a></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_ContractualObligationDueInFourthYear', window );">2018</a></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_ContractualObligationDueInFifthYear', window );">2019</a></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_ContractualObligationDueAfterFifthYear', window );">2020 and thereafter</a></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_ContractualObligationDue', window );">Total</a></td>
        <td class="nump">13,080<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Bareboat commitments charter hire</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_OtherCommitmentsLineItems', window );"><strong>Contractual Obligations</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_ContractualObligationDueInNextTwelveMonths', window );">2015</a></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_ContractualObligationDueInSecondYear', window );">2016</a></td>
        <td class="nump">6,588<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_ContractualObligationDueInThirdYear', window );">2017</a></td>
        <td class="nump">9,266<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_ContractualObligationDueInFourthYear', window );">2018</a></td>
        <td class="nump">9,249<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_ContractualObligationDueInFifthYear', window );">2019</a></td>
        <td class="nump">9,232<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_ContractualObligationDueAfterFifthYear', window );">2020 and thereafter</a></td>
        <td class="nump">90,404<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_sblk_ContractualObligationDue', window );">Total</a></td>
        <td class="nump">124,739<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Total</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_OtherCommitmentsLineItems', window );"><strong>Contractual Obligations</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_ContractualObligationDueInNextTwelveMonths', window );">2015</a></td>
        <td class="nump">93,771<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_ContractualObligationDueInSecondYear', window );">2016</a></td>
        <td class="nump">229,831<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_ContractualObligationDueInThirdYear', window );">2017</a></td>
        <td class="nump">9,266<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_ContractualObligationDueInFourthYear', window );">2018</a></td>
        <td class="nump">9,249<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_ContractualObligationDueInFifthYear', window );">2019</a></td>
        <td class="nump">9,232<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_ContractualObligationDueAfterFifthYear', window );">2020 and thereafter</a></td>
        <td class="nump">90,404<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_ContractualObligationDue', window );">Total</a></td>
        <td class="nump">$ 441,753<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_ContractualObligationDue">
        <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 contractual obligation for the construction of newbuilding 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_ContractualObligationDue</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_ContractualObligationDueAfterFifthYear">
        <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 contractual obligation maturing after the fifth fiscal year following the latest fiscal year.</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_ContractualObligationDueAfterFifthYear</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_ContractualObligationDueInFifthYear">
        <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 contractual obligation maturing in the fifth fiscal year following the latest fiscal year.</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_ContractualObligationDueInFifthYear</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_ContractualObligationDueInFourthYear">
        <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 contractual obligation maturing in the fourth fiscal year following the latest fiscal year.</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_ContractualObligationDueInFourthYear</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_ContractualObligationDueInNextTwelveMonths">
        <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 contractual obligation maturing in the next fiscal year following the latest fiscal year.</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_ContractualObligationDueInNextTwelveMonths</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_ContractualObligationDueInSecondYear">
        <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 contractual obligation maturing in the second fiscal year following the latest fiscal year.</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_ContractualObligationDueInSecondYear</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_ContractualObligationDueInThirdYear">
        <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 contractual obligation maturing in the third fiscal year following the latest fiscal year.</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;">v2.4.0.8</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">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</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_FairValueDisclosuresAbstract', window );"><strong>Fair Value Measurements [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_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock', window );">Schedule of derivative instruments</a></td>
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    <td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:301px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">SIx month period ended<br/>June 30,</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:111px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:128px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:140px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Gain/ (loss) on interest rate swaps</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">438</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
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<div></div><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_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock', window );">Summary of valuation of financial instruments</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30,<br/>2014</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>ASSETS</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - asset position</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">91</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>91</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>LIABILITIES</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - liability position</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">728</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>728</b></font></div></td>
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    <td style="width:18px;"></td>
    <td style="width:21px;"></td>
    <td style="width:102px;"></td>
    <td style="width:17px;"></td>
    <td style="width:21px;"></td>
    <td style="width:87px;"></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 assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring 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).</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 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19190-110258<br><br><br><br></p>
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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>
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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 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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKJAC">
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          <div style="width: 200px;"><strong>Fair value of Above Market Acquired Time Charters - Amount per Vessel (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="2">6 Months Ended</th>
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          <div>Jun. 30, 2014</div>
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          <div class="a">Star Big and Star Mega</div>
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        <td class="text">&#xA0;<span></span></td>
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                <p>The amortization of the asset arising from the market value of the time charter assumed from a vessel acquisition.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Fair value measurements<br></strong></div>
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        <th class="th" colspan="1">6 Months Ended</th>
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          <div>Jun. 30, 2014</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_FairValueDisclosuresAbstract', window );"><strong>Fair Value Measurements [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_FairValueDisclosuresTextBlock', window );">Fair Value Measurements</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>15.&#160;&#160;&#160;&#160;&#160;&#160;Fair value measurements:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">ASC 815, "Derivatives and Hedging" requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Company recognizes all derivative instruments as either assets or liabilities at fair value on its consolidated balance sheets.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Changes in the fair value of derivative instruments that have not been designated as hedging instruments are reported in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>&#160;</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b><u>Fair value on a recurring basis</u></b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Interest rate swaps</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Company enters into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to its variable interest loans and credit facilities. The Company's interest rate swaps did not qualify for hedge accounting and therefore resulting gains or losses are recognized in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In June 2013, the Company entered into two interest rate swap agreements of $26,840 and $28,628 notional amount, which will be effective by November and August 2014, respectively, and mature in August and November 2018, respectively. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On April 28, 2014, the Company entered into two interest rate swap agreements to fix forward 50% of its floating interest rate liabilities for the $35,000 loan facility with HSH Nordbank AG (see Note 8 a)), which will be in effect by September 30, 2014 and mature in September 2018 respectively. Under the terms of the respective interest rate swap agreements, the Company will be paying on a quarterly basis a fixed rate of 1.765% per annum, while receiving a variable amount equal to the three month U.S. LIBOR rate, both applied on the notional amount of the swaps outstanding at each settlement date. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of December 31, 2013, the Company had two interest rate swap transactions outstanding, and the Company had four interest rate swap transactions outstanding as of June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The change in the fair market value of the respective swaps for the six month periods ended June 30, 2013 and 2014 resulted in a gain of $438 and in a loss of $819, respectively and are included in &#147;Gain / (loss) on derivative financial instruments, net&#148; in the accompanying unaudited interim condensed consolidated statement of operations.<br/></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
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    <td valign="top" style=" border:solid #000000 0.0px;width:140px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:301px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">SIx month period ended<br/>June 30,</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:111px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:128px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:111px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:140px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Gain/ (loss) on interest rate swaps</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">438</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(819</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:111px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>438 &#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(819) &#160;</b></font></div></td>
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    <td style="width:18px;"></td>
    <td style="width:21px;"></td>
    <td style="width:111px;"></td>
    <td style="width:18px;"></td>
    <td style="width:21px;"></td>
    <td style="width:128px;"></td>
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<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Level 1: Quoted market prices in active markets for identical assets or liabilities</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Level 3: Unobservable inputs that are not corroborated by market data</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The following table summarizes the valuation of the Company's financial instruments as of December 31, 2013 and June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
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    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="5" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:250px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Significant Other Observable Inputs <br/>(Level 2)</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31,<br/>2013</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30,<br/>2014</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>ASSETS</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - asset position</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">91</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>91</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
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    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>LIABILITIES</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
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    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - liability position</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">728</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>728</b></font></div></td>
  </tr>
  <tr>
    <td style="width:238px;"></td>
    <td style="width:18px;"></td>
    <td style="width:21px;"></td>
    <td style="width:102px;"></td>
    <td style="width:17px;"></td>
    <td style="width:21px;"></td>
    <td style="width:87px;"></td>
  </tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">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 June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#8195;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div><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_us-gaap_FairValueDisclosuresAbstract">
        <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_FairValueDisclosuresAbstract</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_FairValueDisclosuresTextBlock">
        <tr>
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        </tr>
        <tr>
          <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 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;">
                <p>Reference 1: 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=28364263&amp;loc=d3e13537-108611<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 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13433-108611<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 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<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> -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19207-110258<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 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<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 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13504-108611<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_FairValueDisclosuresTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>duration</td>
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<DOCUMENT>
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  <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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Inventories (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</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_InventoryDisclosureAbstract', window );"><strong>Inventories [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_ScheduleOfInventoryCurrentTableTextBlock', window );">Schedule of inventories</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:112px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:112px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Lubricants</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,726</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2,099</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bunkers</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">3,128</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,726</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>5,227</b></font></div></td>
  </tr>
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<div></div><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_InventoryDisclosureAbstract">
        <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_InventoryDisclosureAbstract</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>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_ScheduleOfInventoryCurrentTableTextBlock">
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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>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>
              </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_ScheduleOfInventoryCurrentTableTextBlock</nobr></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>R49.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERDAI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Advances for Vessels Acquisitions (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
        <th class="th" colspan="9"></th>
        <th class="th" colspan="1">6 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">0 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">0 Months Ended</th>
        <th class="th" colspan="2"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull 1338</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull 1339</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull 1342</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull 1343</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull NE 196</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull NE 197</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull NE 198</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull 5040</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull 5043</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Nine Newbuilding Vessels</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Nine Newbuilding Vessels</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull 1372</div>
        </th>
        <th class="th">
          <div>Feb. 17, 2014

</div>
          <div>Hull 1372</div>
        </th>
        <th class="th">
          <div>Feb. 17, 2014

</div>
          <div>Hull 1371</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014

</div>
          <div>Hull 1371</div>
        </th>
        <th class="th">
          <div>Feb. 17, 2014

</div>
          <div>First Installment</div>
        </th>
        <th class="th">
          <div>Feb. 17, 2014

</div>
          <div>Hull 1371 and Hull 1372</div>
        </th>
        <th class="th">
          <div>Feb. 17, 2014

</div>
          <div>Hull 1371 Financed By SWS Owner</div>
        </th>
        <th class="th">
          <div>Feb. 17, 2014

</div>
          <div>Hull 1372 Financed By SWS Owner</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>
        <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_VesselCapacity', window );">Vessel Capacity</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">180,000<span></span></td>
        <td class="nump">180,000<span></span></td>
        <td class="nump">208,000<span></span></td>
        <td class="nump">208,000<span></span></td>
        <td class="nump">61,000<span></span></td>
        <td class="nump">61,000<span></span></td>
        <td class="nump">209,000<span></span></td>
        <td class="nump">60,000<span></span></td>
        <td class="nump">60,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">208,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">208,000<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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      <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="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">$ 367,400<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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">$ 47,200<span></span></td>
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      <tr class="ro">
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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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to acquire property plant and equipment</a></td>
        <td class="nump">74,267<span></span></td>
        <td class="nump">827<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">66,780<span></span></td>
        <td class="nump">66,780<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>
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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_HandlingFees', window );">Handling Fees</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="nump">462<span></span></td>
        <td class="nump">936<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_OtherVesselAcquisitionCosts', window );">Other Vessel Acquisition Costs</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>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 378<span></span></td>
        <td class="nump">$ 378<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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 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 additional cash outflow  associated with the acquisition of property, plant and equipment.</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_AdditionalPaymentsToAcquirePropertyPlantEquipment</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>credit</td>
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                  <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_sblk_HandlingFees">
        <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 fees related to handling fees at acquisition of property, plant and equipment.</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_HandlingFees</nobr></td>
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                    <td>sblk_</td>
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                    <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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          <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 extra fees related to acquisition of property, plant and equipment.</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>
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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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            <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">
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                    <td><nobr>sblk_VesselCapacity</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
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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>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 Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<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>
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                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
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                    <td><nobr>us-gaap_PropertyPlantAndEquipmentLineItems</nobr></td>
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                <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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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EEOAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Transactions with Related Parties - Statements of Operations (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
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          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</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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        <td class="num">(286)<span></span></td>
        <td class="num">(246)<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Non-executive directors (b)</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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        <td class="num">(71)<span></span></td>
        <td class="num">(51)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Combine Marine Ltd (c)</div>
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        <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_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_LeaseAndRentalExpense', window );">Office rent</a></td>
        <td class="num">(21)<span></span></td>
        <td class="num">(20)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Interchart Shipping Inc. (a)</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="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>
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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_SalesCommissionsAndFees', window );">Voyage expenses</a></td>
        <td class="num">(385)<span></span></td>
        <td class="num">(397)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Managed Vessels of Oceanbulk Shipping LLC (e)</div>
        </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_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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      <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</a></td>
        <td class="nump">1,299<span></span></td>
        <td class="nump">272<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Product Shipping &amp; Trading S.A. (f)</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="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>
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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">$ 62<span></span></td>
        <td class="nump">$ 40<span></span></td>
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                <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">
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                    <td><strong> Name:</strong></td>
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                    <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>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>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>Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is 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>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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                    <td><strong> Balance Type:</strong></td>
                    <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>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=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
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                    <td><nobr>us-gaap_ManagementFeesBaseRevenue</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</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 );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionLineItems</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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        <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>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=26872669&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>us-gaap_</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 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=26872669&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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<DOCUMENT>
<TYPE>XML
<SEQUENCE>78
<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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EB5AG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Unaudited Interim Condensed Consolidated Statements of Stockholders Equity (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
        <th class="th">
          <div>Common Stock</div>
        </th>
        <th class="th">
          <div>Additional Paid-in Capital</div>
        </th>
        <th class="th">
          <div>Accumulated deficit</div>
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      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">BALANCE, value at Dec. 31, 2012</a></td>
        <td class="nump">$ 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>
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      <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>
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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_NetIncomeLoss', window );">Net income / (loss)</a></td>
        <td class="nump">1,964<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,964<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_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue', window );">Issuance of vested and non-vested shares and amortization of stock-based compensation, value (Note 13)</a></td>
        <td class="nump">600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">600<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_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Issuance of vested and non-vested shares and amortization of stock-based compensation, shares (Note 13)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <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 Jun. 30, 2013</a></td>
        <td class="nump">119,310<span></span></td>
        <td class="nump">54<span></span></td>
        <td class="nump">521,546<span></span></td>
        <td class="num">(402,290)<span></span></td>
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      <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 Jun. 30, 2013</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,412,810<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_StockholdersEquity', window );">BALANCE, value at Dec. 31, 2013</a></td>
        <td class="nump">266,106<span></span></td>
        <td class="nump">291<span></span></td>
        <td class="nump">668,219<span></span></td>
        <td class="num">(402,404)<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 );">BALANCE, shares at Dec. 31, 2013</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">29,059,671<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 income / (loss)</a></td>
        <td class="num">(3,870)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(3,870)<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 - Acquisition of 33% of Interchart (Note 3), value</a></td>
        <td class="nump">328<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">328<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 - Acquisition of 33% of Interchart (Note 3), shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,598<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_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue', window );">Issuance of vested and non-vested shares and amortization of stock-based compensation, value (Note 13)</a></td>
        <td class="nump">1,903<span></span></td>
        <td class="nump">4<span></span></td>
        <td class="nump">1,899<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 13)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">411,500<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 Jun. 30, 2014</a></td>
        <td class="nump">$ 264,467<span></span></td>
        <td class="nump">$ 295<span></span></td>
        <td class="nump">$ 670,446<span></span></td>
        <td class="num">$ (406,274)<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 Jun. 30, 2014</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">29,493,769<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_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue">
        <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_IssuanceVestedNonVestedSharesAmortizationStockBasedCompensationValue</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_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 04<br><br> -Paragraph 20<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=31042434&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> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<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 Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<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> -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 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 7: 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=26872669&amp;loc=d3e20235-122688<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 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 9: 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=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: 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></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_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 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=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 2: 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 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 210.5-02.29-31)<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 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></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 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 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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=27012166&amp;loc=d3e187085-122770<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></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;">
                <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 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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=27012166&amp;loc=d3e187085-122770<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></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>
                  </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_StockIssuedDuringPeriodValueNewIssues">
        <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 the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</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 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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=27012166&amp;loc=d3e187085-122770<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, 31<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_StockIssuedDuringPeriodValueNewIssues</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>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>79
<FILENAME>R10.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Inventories<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jun. 30, 2014</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_InventoryDisclosureAbstract', window );"><strong>Inventories [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_InventoryDisclosureTextBlock', window );">Inventories</a></td>
        <td class="text"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>4.&#160;&#160;&#160;&#160;&#160;&#160;Inventories:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:112px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:112px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Lubricants</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,726</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2,099</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bunkers</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">3,128</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,726</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>5,227</b></font></div></td>
  </tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div><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_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>
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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_InventoryDisclosureTextBlock">
        <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 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 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 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 210.5-02.6)<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 6<br><br> -Subparagraph a, b, c<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_InventoryDisclosureTextBlock</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>nonnum:textBlockItemType</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>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>80
<FILENAME>R58.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;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E4GAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Operational Loss (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">0 Months Ended</th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 29, 2010</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComponentOfOtherExpenseNonoperatingLineItems', window );"><strong>Other Operational Loss</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_PercentageOfFutureProceedsSold', window );">Percentage of future proceeds sold</a></td>
        <td class="nump">45000.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_SaleOfFutureClaimsProceeds', window );">Sale of future claims proceeds</a></td>
        <td class="nump">$ 5,000<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_OtherExpenses', window );">Other operational loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">94<span></span></td>
        <td class="nump">562<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</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">407<span></span></td>
        <td class="nump">1,647<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commercial Claim</div>
        </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_ComponentOfOtherExpenseNonoperatingLineItems', window );"><strong>Other Operational Loss</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_OtherIncome', window );">Other operational gain</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 1,250<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_PercentageOfFutureProceedsSold">
        <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 of future proceeds sold to a third party related to the settlement of certain of the commercial 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_PercentageOfFutureProceedsSold</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>
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                <p>The amount received from selling a percentage of interest in future proceeds, related to recovery of commercial 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">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_SaleOfFutureClaimsProceeds</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>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 SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 7<br><br> -Article 7<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 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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 210.5-03.4,6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherExpenses</nobr></td>
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                <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>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
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          <div style="width: 200px;"><strong>Vessels and Other Fixed Assets, Net (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
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      <tr>
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          <div>Jun. 30, 2014</div>
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    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Cost</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessels</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">481,086</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">541,141</font></div></td>
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  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other fixed assets</font></div></td>
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    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
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  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total cost</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">542,574</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Accumulated depreciation</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(155,495</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(165,272</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:238px;height:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels and other fixed assets, net</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
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    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">24,419</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">14,541</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2017</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">765</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2018</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2019</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2020 and thereafter</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>39,725</b></font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:209px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:217px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:603px;height:35px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(*)&#160;&#160;&#160;&#160;&#160;&#160;These amounts do not include any assumed off-hire except for the scheduled dry-docking intermediate and special surveys of the vessels.</font></div><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#8195;</b></font></div></td>
  </tr>
</table>
<div><font style="font-family:Georgia;font-size:13.3px;color:#000000;">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>b)&#160;&#160;&#160;&#160;&#160;&#160;Contractual obligations</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The following table sets forth the Company's contractual obligations and their maturity as June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="18" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:527px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending June 30,</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2015</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2016</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2017</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2018</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2019</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2020 and thereafter</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Shipbuilding contracts &amp; agreed extra costs </font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;$</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">303,934</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ 81,747</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:75px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ 222,187</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:56px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:57px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:38px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:47px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$&#160;-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:87px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;$-</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat capital leases - upfront hire &amp; handling fees</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">13,080</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">12,024</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,056</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
  </tr>
  <tr>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:150px;height:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat commitments charter hire <sup>(1)</sup></font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">124,739</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6,588</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,266</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,249</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,232</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">90,404</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$&#160;</font></div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">441,753</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$93,771</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$229,831</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,266</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,249</font></div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,232</font></div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td>
    <td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$90,404</font></div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="3" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
    <td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;">&#160;</div></td>
  </tr>
  <tr>
    <td valign="top" colspan="22" style=" border:solid #000000 0.0px;width:761px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1) The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.327%, as of June 30, 2014 (please refer to Note 6).</font></div></td>
  </tr>
  <tr>
    <td style="width:125px;"></td>
    <td style="width:24px;"></td>
    <td style="width:58px;"></td>
    <td style="width:24px;"></td>
    <td style="width:69px;"></td>
    <td style="width:24px;"></td>
    <td style="width:3px;"></td>
    <td style="width:75px;"></td>
    <td style="width:24px;"></td>
    <td style="width:56px;"></td>
    <td style="width:5px;"></td>
    <td style="width:22px;"></td>
    <td style="width:5px;"></td>
    <td style="width:52px;"></td>
    <td style="width:33px;"></td>
    <td style="width:5px;"></td>
    <td style="width:46px;"></td>
    <td style="width:0px;"></td>
    <td style="width:24px;"></td>
    <td style="width:77px;"></td>
    <td style="width:9px;"></td>
    <td style="width:0px;"></td>
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<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">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 accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, for which it has not accrued for, requiring disclosure in the accompanying unaudited interim condensed consolidated financial statements.</font></div>
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<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Company's vessels are covered for pollution in the amount of $1 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 condensed consolidated financial statements.</font></div>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
