<SEC-DOCUMENT>0000950142-15-001557.txt : 20150630
<SEC-HEADER>0000950142-15-001557.hdr.sgml : 20150630
<ACCEPTANCE-DATETIME>20150630172629
ACCESSION NUMBER:		0000950142-15-001557
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150630
DATE AS OF CHANGE:		20150630

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:		15962245

	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
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<FILENAME>eh1500900_6k.htm
<DESCRIPTION>FORM 6-K
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Washington, D.C.&#160; 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 6-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 9pt">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 9pt">OF THE SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">For the month of June 2015</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Commission File Number:&#160; 001-33869</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">STAR BULK CARRIERS CORP.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Translation of registrant's name into English)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Star Bulk Carriers Corp.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">c/o Star Bulk Management Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">40 Agiou Konstantinou Street,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">15124 Maroussi,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Athens, Greece</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Form 20-F [ X ]&#160; &#160; &#160;&#160; Form 40-F [&#160; ]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">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): [&#160; ].</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Note</font>: 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">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): [&#160; ].</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Note</font>: 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's "home country"), or under the rules of the home country exchange on which the registrant'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'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.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Attached as Exhibit 99.1 is a copy of the press release of Star Bulk Carriers Corp. (the &#8220;Company&#8221; or &#8220;Star Bulk&#8221;), dated June 30, 2015, titled Star Bulk Carriers Corp. Reports Financial Results for the First Quarter ended March 31, 2015.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">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 </font>&#8220;forward-looking statements,&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the Exchange Act, with respect to our financial condition, results of operations and business and our expectations or beliefs concerning future events. Words such as, but not limited to, &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;likely,&#8221; &#8220;would,&#8221; &#8220;could&#8221; and similar expressions or phrases may identify forward-looking statements.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 5pt">All forward-looking statements involve risks and uncertainties. The occurrence of the events described, and the achievement of the expected results, depend on many events, some or all of which are not predictable or within our control. Actual results may differ materially from expected results.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 5pt">In addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:<br />
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="61646847d1054613ad34e30f2ac77adf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">the strength of world economies;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="0ecfeffe7c4a404b9ec347597daf8464" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">the stability of Europe and the Euro;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="f380b8f915f94ebd9c3d68c1a2332775" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">fluctuations in interest rates and foreign exchange rates;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="3cd24cf2758a47f7b38114101bc92a17" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">changes in demand in the dry bulk shipping industry, including the market for our vessels;</td>
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<table id="5458410c2bb64d4784c592e5242f4d8f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">changes in our operating expenses, including bunker prices, dry docking and insurance costs;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">changes in governmental rules and regulations or actions taken by regulatory authorities;</td>
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<table id="9c3721e9fc2b454f8801ad9c1a86ab02" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">potential liability from pending or future litigation;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">general domestic and international political conditions;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="23c8b89dbce54f9bb8addb37448cf791" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">potential disruption of shipping routes due to accidents or political events;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="0e89e82c134844ea8617e894ffb7520a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">the availability of financing and refinancing;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="e4f07a6167234de2bb8164b32d27fd8e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="28eea06d29e54100acf6861ea005aa7c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">vessel breakdowns and instances of off-hire;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="338492631efa4dc790cc09f645df5291" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">risks associated with vessel construction;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="1903fb40f473440ab163d354d31a7a52" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">potential exposure or loss from investment in derivative instruments;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="43106a3943d04cdcb86ba68572234a73" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">&#160;</div>

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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">our ability to complete acquisition transactions as planned; and</td>
</tr>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 5pt">
<table id="6256c635a3f340acb047912a62877a20" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">the risk factors and other factors referred to in the Company&#8217;s reports filed with or furnished to the SEC.</td>
</tr>
</table>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 5pt">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">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)&#160;the information contained under this heading and (ii)&#160;the information disclosed in the Company&#8217;s annual report on Form 20-F for the fiscal year ended 2014, filed with the SEC on April 8, 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">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.<br />
<br />
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div><br />
&#160;</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURES</div>

<div><br />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">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.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div><br />
</div>

<div>
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<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif" valign="top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">STAR BULK CARRIERS CORP.</div>
</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif" valign="top" colspan="2">(Registrant)</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" valign="top"></td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date: June 30, 2015</div>
</td>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By: </div>
</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30%; BORDER-BOTTOM: #000000 2px solid" valign="top" nowrap="nowrap" align="left">/s/ Simos Spyrou</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%" valign="top">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30%" valign="bottom" nowrap="nowrap" align="left">Simos Spyrou</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" valign="top">&#160;</td>
</tr>

<tr>
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<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Co-Chief Financial Officer</div>
</td>
<td style="WIDTH: 10%" valign="top">&#160;</td>
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<tr>
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<td style="WIDTH: 4%" valign="top">&#160;</td>
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</tr>
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<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Exhibit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br />
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">No.&#160; &#160; &#160; &#160;</font></div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: "></td>
<td style="WIDTH: 80%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Name</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">99.1</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top"></td>
<td style="WIDTH: 80%; VERTICAL-ALIGN: bottom"><a href="eh1500900_ex9901.htm"><font style="font: 10pt Times New Roman, Times, Serif">Press
Release of the Company, dated June 30, 2015, titled Star Bulk Carriers Corp. Reports Financial Results for the First Quarter ended
March 31, 2015.</a></font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>eh1500900_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT 99.1</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: center"><img src="logo.jpg" ><br />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">STAR BULK CARRIERS CORP.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2015</div>

<div><br />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ATHENS, GREECE, June 30, 2015</font> &#8211; Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the first quarter ended March 31, 2015.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Financial Highlights</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<table id="b84b1863dc984abdb074141a9b7dddd0" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: middle" valign="bottom"></td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ended</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ended</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(Expressed in thousands of U.S. dollars,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br />
</font>except for daily rates and per share data)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 31, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 31, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-TOP-COLOR: ; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-LEFT-COLOR: ; TEXT-ALIGN: right; BORDER-RIGHT-COLOR: ; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">45,501</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">20,179</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(11,564</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">6,741</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Adjusted EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,638</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">7,796</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(40,176</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(878</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Adjusted Net income / (loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(30,303</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,743</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Loss per share basic and diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.26</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.03</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Adjusted earnings/ (loss) per share basic and diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.20</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.06</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average Number of Vessels</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">65.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Time Charter Equivalent Rate ("TCE")</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6,866</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">14,343</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average OPEX per day per vessel</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,739</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5,629</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average daily Net Cash G&amp;A expenses per vessel <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,130</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,473</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 18pt">
<table id="d6a239661e904e488e14fea9775e679a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(1)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">See the table at the back of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;).</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 18pt">
<table id="7e370c9d29a944288d299008211e730b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(2)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">Average daily Net Cash G&amp;A expenses per vessel is calculated by deducting Management fee Income and adding the Management fee expense in General and Administrative expenses (net of stock based compensation expense) and then dividing with the ownership days.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 18pt">&#160;</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 18pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Petros Pappas, Chief Executive Officer of Star Bulk, commented:</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#8220;In the first quarter of 2015 we have witnessed a new historical low of the dry bulk market, which has clearly impacted our financial performance as well as that of other companies in the dry bulk market. Amidst this weak market environment, we continue to take proactive measures in order to control costs, enhance our liquidity position and safeguard long term shareholder value.</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">We remain committed to be among the lowest cost operators in the industry. Our average daily operating expenses per vessel were $4,439 for Q1 2015, reduced by 7% compared to the full year 2014 amount of $4,750 per day. Similarly, our average daily net cash G&amp;A expenses per vessel for Q1 2015 were $1,130, reduced by 22% versus $1,440 per day for full year 2014, demonstrating the effect of economies of scale on our bottom line.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">In order to proactively enhance our liquidity position, we tapped the capital markets in May 2015, raising a total $180 million of additional common equity. This capital raise was supported again by our major shareholders, Oaktree Capital Management, Monarch Alternative Capital, my family and business associates, as well as many reputable institutional investors.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">Furthermore, we have agreed to delay the delivery of our remaining newbuilding vessels by a total of 77 months, or approximately 3.3 months per vessel, deferring $288.0 million of newbuilding installments from 2015 to 2016. This initiative has boosted our liquidity position in 2015 and has enhanced the resale value of many of our newbuilding vessels, since they will be one year younger than we had previously expected. In addition, we have agreed the cancellation of one newbuilding vessel without incurring penalties and have thus reduced our expected equity capital expenditures by $11.6 million.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">As part of our fleet renewal plan, since January 1, 2015, we have successfully disposed of eight older vessels for total gross proceeds of $42.7 million. In addition, we have completed the acquisition of the last six vessels from the fleet of Excel Maritime and have taken delivery of nine newbuilding vessels. As of today, 25 newbuilding vessels are due for delivery over the next 18 months with relevant capital obligations fully financed.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">We have also agreed with our lenders to the relaxation and waiver of certain key financial covenants until December 31, 2016, proactively dealing with compliance issues we thought were possible in the future.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">While rates remain low, there have been some positive developments on the supply side, with record scrapping levels, high slippage, minimal ordering, diminishing orderbook and, notably, negative Capesize fleet growth year to date.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">In my experience, due to the cyclical nature of the shipping business a deep and prolonged market downturn is usually followed by a steep and sustainable recovery. Overall, the actions we have taken so far have allowed us to protect our asset base and navigate safely through turbulent waters. We continue to work so as to ensure that Star Bulk is favorably positioned for the next upturn of the shipping cycle.&#8221;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Existing On the Water Fleet Profile</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<table id="70be694c654f4629ba1e5c49ec715923" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Vessel&#160;Name</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Drybulk</font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif"><br />
</font><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Vessel Type</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; COLOR: #000000"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Capacity</font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif"><br />
</font><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">(dwt.)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Year&#160;Built&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Date Delivered to Star Bulk</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">1</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Gargantua</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">209,529</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2-Apr-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Deep Blue</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">182,608</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">27-May-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">3</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Leviathan</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">182,511</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">19-Sep-14</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">4</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Peloreus</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">182,496</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">22-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">5</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Indomitable</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">182,476</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">8-Jan-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">6</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Obelix</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">181,433</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">7</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Christine</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">180,274</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2010</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">31-Oct-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">8</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Sandra</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">180,274</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2008</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">29-Dec-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">9</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Pantagruel</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">180,181</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">10</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Borealis</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">179,678</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">9-Sep-11</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">11</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Polaris</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">179,600</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">14-Nov-11</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">12</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Angie</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">177,931</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">29-Oct-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">13</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Big Fish</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">177,643</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">14</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Kymopolia</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">176,990</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">15</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Big Bang</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">174,109</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">16</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Aurora</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">171,199</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">8-Sep-10</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">17</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Lowlands Beilun</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">170,162</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">1999</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">29-Dec-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">18</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Eleonora</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">164,218</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">3-Dec-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">19</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Monisha</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">164,218</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2-Feb-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">20</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Amami</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Post Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">98,681</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">21</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Madredeus</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Post Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">98,681</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">22</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Sirius</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Post Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">98,681</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">7-Mar-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">23</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Vega</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Post Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">98,681</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">13-Feb-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">24</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Angelina</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,981</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">5-Dec-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">25</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Gwyneth</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,790</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">5-Dec-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">26</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Kamila</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,769</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2005</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">3-Sep-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">27</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Pendulum</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,619</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">28</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Maria</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,598</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">5-Nov-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">29</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Markella</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,594</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">29-Sep-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">30</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Danai</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,574</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">21-Oct-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">31</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Georgia</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,298</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">14-Oct-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">32</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Sophia</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,269</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">31-Oct-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">33</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Mariella</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,266</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">19-Sep-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">34</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Moira</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,257</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">19-Nov-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">35</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Nina</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,224</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">5-Jan-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">36</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Renee</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,221</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">19-Dec-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">37</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Nasia</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,220</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">29-Aug-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">38</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Laura</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,209</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">9-Dec-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">39</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Jennifer</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,209</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">15-Apr-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">40</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Helena</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">82,187</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">29-Dec-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">41</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Mercurial Virgo</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">81,545</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2013</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">3</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div>&#160;</div>

<div>&#160;</div>

<table id="0d09c739a60648d1924d0aa9a6d1889c" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Vessel&#160;Name</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Drybulk</font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif"><br />
</font><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Vessel Type</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; COLOR: #000000"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Capacity</font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif"><br />
</font><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">(dwt.)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Year&#160;Built&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Date Delivered to Star Bulk</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">42</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Magnum Opus</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">81,022</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">43</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Tsu Ebisu</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">81,001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">44</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Iris</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">76,466</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">8-Sep-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">45</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Aline</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">76,429</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">4-Sep-14</div>
</td>
</tr>

<tr style="HEIGHT: 11px">
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">46</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Emily</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">76,417</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">16-Sep-14</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">47</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Natalie</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">73,798</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">1998</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">29-Aug-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">48</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Nicole</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">73,751</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">1997</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">14-Jan-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">49</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Vanessa</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">72,493</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">1999</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">7-Nov-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">50</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Claudia</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">71,662</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">1997</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">20-Jan-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">51</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Idee Fixe</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">63,458</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">25-Mar-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">52</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Roberta</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">63,426</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">31-Mar-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">53</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Laura</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">63,399</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">7-Apr-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">54</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Kaley</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">63,283</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">26-Jun-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">55</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Challenger</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">61,462</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2012</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">12-Dec-13</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">56</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Fighter</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">61,455</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2013</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">30-Dec-13</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">57</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Honey Badger</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">61,297</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">27-Feb-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">58</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Wolverine</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">61,297</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">27-Feb-15</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">59</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Maiden Voyage</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">58,722</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2012</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">60</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Strange Attractor</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">55,742</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">61</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Omicron</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">53,489</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2005</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">17-Apr-08</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">62</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Gamma</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">53,098</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2002</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">4-Jan-08</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">63</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Zeta</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">52,994</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2003</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2-Jan-08</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">64</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Delta</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">52,434</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2-Jan-08</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">65</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Theta</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">52,425</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2003</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">6-Dec-07</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">66</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Epsilon</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">52,402</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">3-Dec-07</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">67</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Cosmo</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">52,246</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">2005</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">1-Jul-08</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">68</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Kappa</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">52,055</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">2001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="COLOR: #000000; TEXT-ALIGN: right">14-Dec-07</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">69</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Star Michele</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">Handymax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">45,588</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">1998</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="COLOR: #000000; TEXT-ALIGN: right">14-Oct-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total dwt:</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">7,038,395</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3.47%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">4</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Newbuilding Vessels</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<table id="6f543294b0bc4b4195c39d407f5e356f" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold">Vessel&#160;Name</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Drybulk</font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif"><br />
</font><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Vessel Type</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Capacity</font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif"><br />
</font><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">(dwt.)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold">Shipyard</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Expected </div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">Delivery</font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif"><br />
</font><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;Date</font></div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">1</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN NE 167 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Goliath)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">209,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">NACKS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">July&#160;2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">2</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN NE 184 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Maharaj)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">209,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">NACKS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">July&#160;2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">3</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN NE 198 (tbn <font style="FONT-STYLE: italic">Star Poseidon</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">209,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">NACKS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">March&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">4</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1359 (<font style="FONT-STYLE: italic">tbn Star Marisa</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">November&#160;2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">5</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1372 (tbn <font style="FONT-STYLE: italic">Star Libra</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">November&#160;2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">6</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1360 (tbn <font style="FONT-STYLE: italic">Star Ariadne</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">February&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">7</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1342 (tbn <font style="FONT-STYLE: italic">Star Gemini</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">March&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">8</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1371 (tbn <font style="FONT-STYLE: italic">Star Virgo</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">February&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">9</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1361 (tbn <font style="FONT-STYLE: italic">Star Magnanimus</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">May&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">10</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1343 (tbn <font style="FONT-STYLE: italic">Star Leo</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">March&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">11</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1363 (tbn <font style="FONT-STYLE: italic">Star Chaucer</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Newcastlemax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">September&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">12</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 5055 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Behemoth)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">182,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">JMU, Japan</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">January 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">13</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 5056 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Megalodon)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">182,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">JMU, Japan</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">January 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">14</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1312 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Bruno Marks)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">180,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">September&#160;2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">15</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1313 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Jenmark)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">180,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">October 2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">16</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1338 (tbn <font style="FONT-STYLE: italic">Star Aries</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">180,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">November&#160;2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">17</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1339 (tbn <font style="FONT-STYLE: italic">Star Taurus</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Capesize</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">180,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">SWS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">March&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">18</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1080 (tbn Kennadi)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">64,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">New Yangzijiang, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">January 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">19</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1081 (tbn Mackenzie)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">64,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">New Yangzijiang, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">February 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">20</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1082 (tbn Night Owl)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">64,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">New Yangzijiang, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">March 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">21</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1083 (tbn Early Bird)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">64,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">New Yangzijiang, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">April 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">22</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN NE 196 (tbn Star Antares)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">61,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">NACKS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">October 2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">23</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN NE 197 (tbn Star Lutas)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">61,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">NACKS, China</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">January 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">24</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 5040 (tbn Star Aquarius)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">60,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">JMU, Japan</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">September&#160;2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">25</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 5043 (tbn Star Pisces)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">60,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">JMU, Japan</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">September&#160;2015</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.74%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Total dwt:</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">3,873,000</div>
</td>
<td style="WIDTH: 2.76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 2.78%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>
</table>

<div><br />
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt"><u>Third Party Vessel Under Management</u></div>

<table id="28fd685516394be5a1cbe6aaa0ffcbb3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 20%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left"><u>Vessel Name</u></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 20%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center"><u>Type</u></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 20%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center"><u>DWT</u></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 20%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center"><u>Year Built</u></div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Serenity I</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">53,688</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">2006</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">Total</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">53,688</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">5</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"><u>Recent Developments</u></div>

<div style="TEXT-ALIGN: justify">
<table id="23ab05129b1c4c94b98b7e87b441b9bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Update on Financing</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">At this stage, we have secured financing for 24 out of the 25 newbuilding vessels under construction, and we are currently in the final stages of negotiating the terms for the financing of the newbuilding vessel HN 1343 (tbn <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Leo</font>)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">.</font></div>

<div><br />
</div>

<div style="TEXT-ALIGN: justify">
<table id="c4a314a910ec44e18e9fddb7f5097020" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Vessel deliveries</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="579d2664f11247c7a730ad2528548b8f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20.7pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">a)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Delivery of newbuilding vessels:</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="58a63776d5f2485cb21257aca9d455e1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">On April 2, 2015, we took delivery of the Newcastlemax vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Gargantua</font> (ex-HN 166). The delivery instalment of $37.7 million was partially financed by $32.4 million drawn down under the DNB-SEB-CEXIM $227.5 million term loan facility and the remaining amount was financed by using existing cash.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="df6b5c2ca749426d91c7c878e963ad3d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">On May 27, 2015, we took delivery of the Capesize vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Deep Blue</font> (ex-HN 5017). The delivery installment of $35.0 million was partially financed by $28.7 million drawn in May, 2015 under the DVB $31.0 million facility.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="a1241987c85c46d2a5133a8762c5bb15" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">On April 7, 2015, we took delivery of the Ultramax vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Laura </font>(ex &#8211;HN 1062), which was subject to a bareboat charter agreement (which we are accounting for as a capital lease) with New YJ Builders.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="8375a8214304454c84d81f23ee525d8a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">On June 26, 2015, we took delivery of the Ultramax vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Kaley </font>(ex &#8211;HN1064), which was subject to a bareboat charter agreement (which we are accounting for as a capital lease) with New YJ Builders.</td>
</tr>
</table>
</div>

<div><br />
</div>

<div style="TEXT-ALIGN: justify">
<table id="dcf4eee4ec6f43769c0643c43eac9dfd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">b)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Excel Vessel deliveries</font>: On April 15, 2015, we took delivery of the final Excel Kamsarmax vessel,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Jennifer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>(ex <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Ore Hansa</font>), from Excel Maritime Carriers LLC (&#8220;Excel&#8221;) in exchange for 993,161 of our common shares and $9.2 million in cash<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">, </font>completing the acquisitions of 34 vessels (the &#8220;Excel Vessels&#8221;) from Excel under the transactions announced on August 19, 2014 (the &#8220;Excel Transactions&#8221;).</td>
</tr>
</table>
</div>

<div><br />
</div>

<div style="TEXT-ALIGN: justify">
<table id="eddb900cd8874ff3bda0c3fd58907373" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.85pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 17.85pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">3.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Vessel sales</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 35.7pt">On April 17, 2015, May 18, 2015 and June 5, 2015 we entered into separate agreements with third parties to sell the vessels <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big, Star Christianna </font>and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Mega</font>, at market terms. The vessels were delivered to their new owners on June 4, 2015, June 23, 2015 and June 17, 2015, respectively.</div>

<div><br />
</div>

<div style="TEXT-ALIGN: justify">
<table id="a20c515cd6494d078b294c526abab712" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Other subsequent events</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="207c5d7403394c4095e5c53c3b7838a0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21pt; VERTICAL-ALIGN: top; align: right">a)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Equity Offering</font>: On May 18, 2015, we completed a public offering of 56,250,000 common shares, at a price of $3.20 per share. The aggregate proceeds, net of placement agent fees and offering expenses, were approximately $176.0 million. The net proceeds from the offering are expected to be used for general corporate purposes. These general corporate purposes may include, among others things, additions to our working capital, capital expenditures (which includes payments under our newbuilding program),&#160;&#160; repayment of debt or the financing of possible acquisitions and investments<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.&#160; </font>After giving effect to this offering and assuming all 29,917,312 common shares comprising the consideration to Excel in the Excel Transactions (the &#8220;Excel Vessel Share Consideration&#8221;) are distributed by Excel to its equityholders, Oaktree Capital Group Holdings GP, LLC and certain of its advisory clients, Monarch Alternative Capital LP and certain of its advisory clients and affiliates of the family of Mr. Petros Pappas own approximately 52.5%, 5.2%, and 5.8%, respectively, of our outstanding common shares.</td>
</tr>
</table>
</div>

<div><br />
</div>

<div style="MARGIN-BOTTOM: 12pt"><br />
</div>

<div style="MARGIN-BOTTOM: 12pt"><br />
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">6</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"><u>First Quarter 2015 and 2014 Results (*)</u></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">(*)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Amounts relating to variations in period &#8211; on &#8211; period comparisons shown in this section are derived from the actual numbers in our books and records.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the first quarter of 2015, total voyage revenues were $45.4 million compared to $19.4 million for the first quarter of 2014. This increase is mainly attributed to the increase of the average number of vessels to 65.1 in the first quarter of 2015, from 15.8 vessels in the first quarter of 2014, as a result of the acquisition of Oceanbulk Carriers LLC and Oceanbulk Shipping LLC (collectively &#8220;Oceanbulk&#8221;), two ship-owning entities affiliated with the family of Mr. Pappas (the &#8220;Pappas Companies&#8221;), two vessels from Heron Ventures Ltd. (the &#8220;Heron Vessels&#8221;), the 33 Excel Vessels&#160; and the deliveries of certain of our newbuilding Vessels. The increase in voyage revenues from the additional vessels was offset partially by significantly lower charterhire rates prevailing in the dry bulk market during the first quarter of 2015, compared to the first quarter of 2014.</div>

<div><br />
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Management fee income during the first quarter of 2015 was $0.1 million compared to $0.8 million for the first quarter of 2014. This decrease is mainly due to the decrease in the average number of third and related party vessels under management to 1.0 vessel in the first quarter of 2015 from 11.8 vessels in the first quarter of 2014. As a result of the acquisition of Oceanbulk and the Pappas Companies, 11 vessels under our management that were part of the fleet of Oceanbulk became part of our fleet as of July 11, 2014, and we therefore stopped receiving fees for the management of these vessels.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the first quarter of 2015, operating loss was $33.9 million compared to operating income of $0.6 million for the first quarter of 2014, due primarily to lower charterhire rates for dry bulk carrier vessels.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Net loss for the first quarter of 2015, was $40.2 million, or $0.26 loss per basic and diluted share, calculated on 153,471,655 weighted average number of basic and diluted shares. Net loss for the first quarter of 2014 was $0.9 million, or $0.03 loss per basic and diluted share, based on 28,849,559 weighted average number of basic and diluted shares.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Net loss for the first quarter of 2015 mainly included the following non-cash items:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify">
<table id="0089a05609fe4c5194453751c3084f12" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 21.6pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Amortization of fair value of above market acquired time charters of $3.9 million, or $0.03 per basic and diluted share, associated with time charters attached to vessels acquired in the third quarter of 2011 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Mega</font>), vessels acquired as part of the acquisition of Oceanbulk in July 2014 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Amami</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Madredeus</font>) and three Excel Vessels (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Christine, Sandra and Lowlands Beilun</font>). These assets are amortized over the respective charter parties<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#900;</font> duration as a decrease to voyage revenues;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="75ce143c85cb4b8786d5eaf6267f9425" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 21.6pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Expenses of $0.9 million, or $0.01 per basic and diluted share, relating to the stock based compensation recognized in connection with the shares issued to our directors and employees;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="434b84048cf34ea9b434ad8b3b0bb9fe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 21.6pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Impairment loss of $1.1 million, or $0.01 per basic and diluted share relating to vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Monika</font> following her classification as held for sale as of March 31, 2015 (delivered to her new owners on April 7, 2015);</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Write off of above market acquired time charter of $2.1 million, or $0.01 per basic and diluted share, relating to the write-off of the unamortized fair value of the above market acquired time charter of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font> on vessel&#8217;s redelivery, which took place in connection with its sale and delivery to her new owners on June 4, 2015<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">;</font></td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Loss on sale of vessels of $2.1 million , or $0.01 per basic and diluted share, relating to the sale of vessels <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Kim</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Julia</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Tatianna</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Rodon</font>, which were delivered to their new owners during the first quarter of 2015;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Equity in income of investee of $0.2 million, or $0.001 per basic and diluted share</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Excluding these non-cash items, net loss for the first quarter of 2015 would have been $30.3 million, or $0.20 loss, per basic and diluted share, </font>based on 153,471,655 weighted average number of basic and diluted shares.<br />
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Net loss for the first quarter of 2014 includes the following non-cash items:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Amortization of fair value of above market acquired time charters of $1.6 million, or $0.05 per basic and diluted share, associated with time charters attached to vessels acquired in the third quarter of 2011 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Mega)</font>, which are amortized over their remaining period as a decrease to voyage revenues.</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Expenses of $0.9 million, or $0.03 per basic and diluted share, relating to the amortization of stock based compensation recognized in connection with the shares issued to directors and employees.</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Unrealized loss of $0.2 million, or $0.01 per basic and diluted share, in connection with the mark to market valuation of our derivatives, which had not been designated as cash flow hedges.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Excluding these non-cash items, net income for the first quarter of 2014 would have been $1.7 million, or $0.06 earnings per basic and diluted share, </font>based on 28,849,559 weighted average number of basic and diluted shares.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Adjusted EBITDA for the first quarter of 2015 and 2014, excluding the above items, was $(5.6) million and $7.8 million, respectively. A reconciliation of EBITDA and adjusted EBITDA to net cash provided by cash flows from operating activities is set forth below.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We owned and operated an average of 65.1 and 15.8 vessels during the first quarter of 2015 and 2014, respectively, which earned an average Time Charter Equivalent, or (&#8220;TCE&#8221;) daily rate of $6,866 and $14,343, respectively. We refer you to footnote 8 under the heading "Summary of Selected Data&#8221; set forth below for information regarding our calculation of TCE rates.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the first quarter of 2015, voyage expenses were $17.7 million, compared to $2.4 million for the first quarter of 2014. The increase in voyage expenses was due to the increase in the average number of vessels in the first quarter of 2015, as a result of the acquisition of Oceanbulk, the Pappas Companies, the two Heron Vessels, the Excel Vessels and the deliveries of certain of our newbuilding vessels as well as the increased level of spot market activity, which are associated with higher voyage expenses than time charters.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the first quarter of 2015 and 2014, vessel operating expenses totalled $27.8 million and $8.0 million, respectively. The increase in operating expenses is mainly due to higher average number of vessels in the first quarter of 2015 compared to the first quarter of 2014.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> Our average daily operating expenses per vessel for the first quarter of 2015 were $4,739, compared to $5,629 during the first quarter of 2014, representing a 16% reduction as a result of synergies and economies of scale from operating a larger fleet. </font>In addition, vessel operating expenses for the first quarter of 2015 and 2014 include $1.8 million and $0.4 million, respectively, of one time pre-delivery and pre-joining expenses incurred in connection with the delivery of the new vessels in our fleet during each period. Pre-joining and pre-delivery expenses relate to the expenses for the initial crew manning, as well as the initial supply of stores for the vessel upon delivery. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Excluding this amount, our average daily operating expenses per vessel for the first quarter of 2015 and 2014 were $4,439, versus $5,342 during the first quarter of 2014, representing a 17% reduction.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Dry docking expenses for the first quarter of 2015 and 2014 were $2.9 million and $0.7 million, respectively. During the first quarter of 2015, five of our vessels (consisting of three Supramax, one Capesize and one Kamsarmax), underwent their periodic dry docking surveys. During the first quarter of 2014, only one Supramax vessel underwent its periodic dry docking survey, resulting in $0.5 million of dry docking cost for this vessel in such period.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Depreciation expense increased to $18.3 million for the first quarter of 2015, compared to $4.7 million for the first quarter of 2014. The increase was due to the higher average number of vessels in the first quarter of 2015 compared to the first quarter of 2014, offset partially by an increase in the estimated scrap rate per light weight ton from $200 to $300, effective as of January 1, 2015, following management&#8217;s reassessment based on the historical average demolition prices prevailing in the market.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Management fees for the first quarter 2015 were $2.0 million. As of January 1, 2015, we engaged Ship Procurement Services S.A. (&#8220;SPS&#8221;), an unaffiliated third party company, to provide to our fleet certain procurement services at a daily fee of $295 per vessel, which is designed to approximate the cost of providing such services to us. SPS will offer procurement services to a potential fleet of approximately 140 vessels, including those of a product tanker company and a containership company (each of which is controlled by affiliates of Mr. Pappas and of Oaktree) as well as ours, which we expect will allow us to benefit from synergies created by SPS through economies of scale on the operating expenses and the dry docking costs of the vessels. In addition, three of the Excel Vessels (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Christine, Sandra and Lowlands Beilun</font>)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">, </font>which were acquired with attached time charters, are managed by Maryville Maritime Inc. (&#8220;Maryville&#8221;) until the expirations of their existing time charter agreements (two of which expire in August and one in October 2015) at a monthly fee of $17,500 per vessel.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">General and administrative expenses during the first quarter of 2015 increased to $5.6 million compared to $3.8 million during the first quarter of 2014. This increase was mainly due to a 76% increase in our average number of employees during the first quarter of 2015 compared to the same period in 2014, due to the increased number of vessels. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Our average daily net cash general and administrative expenses per vessel for the first quarter of 2015 were $1,130 compared to $1,473 during the first quarter of 2014, representing 23% reduction, as a result of synergies and economies of scale from operating a larger fleet.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">On March 16, 2015, we entered into an agreement with a third party to sell the vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Monika, </font>which was delivered to her new owners on April 7, 2015<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">. </font>As of March 31, 2015<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">, </font>the vessel met the criteria for classification as held for sale and we recognized an impairment loss of $1.1 million in the first quarter of 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the first quarter of 2015, we recognized a $2.1 million write-off of the unamortized fair value of the above market acquired time charter of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font> due to its redelivery prior to the end of its time charter in connection with its sale and delivery to its new owners in June 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the first quarter of 2015, other operational gain was $0.04 million. For the first quarter of 2014, other operational gain was $0.2 million, representing gain from a hull and machinery claim.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the first quarter of 2015 we sold the vessels <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Kim</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Julia</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Tatianna</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Rodon</font> and recognized a loss in connection with the sales of $2.1 million, in aggregate.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Interest and finance costs for the first quarter of 2015 and 2014 were $6.4 million and $1.4 million, respectively. The increase is attributable to the higher average balance of our outstanding indebtedness of $860.8 million for the first quarter of 2015, including $50.0 million under the 8.00% Senior Notes and $41.3 million under capital lease obligations, compared to $213.0 million for the first quarter of 2014. In addition, for the first quarter of 2015, interest and finance costs included $1.1 million representing realized loss on interest rate swaps. No interest swap loss was included in interest and finance costs for the first quarter of 2014, since at that time our interest rate swap agreements were not in effect. Interest and finance costs for the first quarter of 2015 and 2014 also included interest capitalized from general debt of $3.4 million and $0.6 million, respectively, in connection with the payments made for our newbuilding vessels.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the first quarter of 2015, we recorded $0.5 million of loss on debt extinguishment, in connection with the non-cash write off of unamortized deferred finance charges due to the prepayment in full in January 2015, the then outstanding amount of $18.7 million bridge facility that was extended by affiliates of the owners of Excel Maritime (including affiliates of Oaktree) in order to finance, in part, our acquisition of the Excel Vessels (the &#8220;Excel Vessel Bridge Facility&#8221;).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the first quarter of 2014, we recorded a loss on derivative financial instrument of $0.2 million in connection with the mark to market valuation of our derivatives, which at that time had not been designated as cash flow hedges. Effective August 31, 2014, we designated all of our interest rate swaps as cash flow hedges and any change in the fair value of these swaps, after the hedging designation is recorded in equity to the extent these hedges were effective. As a result, no loss was recorded in the first quarter of 2015, since our interest rate swaps were effective as cash flow hedges.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Liquidity and Capital Resources</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Cash Flows</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Net cash used in operating activities for the first quarter of 2015 was $8.6 million. Net cash provided by operating activities for the first quarter of 2014 was $1.5 million</font>. The TCE rate for the first quarter of 2015 and 2014 was $6,866 and $14,343, respectively.<br />
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Net cash used in investing activities for the first quarter of 2015 and 2014 was $147.8 million and $75.7 million,</font> respectively.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the first quarter of 2015, net cash used in investing activities consisted of:<br />
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">$90.9 million paid for advances and other capitalized expenses for our newbuilding vessels,</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">$43.4 million paid for the two newbuilding vessels delivered (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Roberta</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Idee Fixe</font>), which are subject to bareboat charters, which we are accounting for as capital leases,</td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.4pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">$30.3 million paid for the acquisition of five of the Excel Vessels, and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="85072e1848eb4642a9262fafd147f8c6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.4pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">a net increase of $0.1 million in restricted cash,</td>
</tr>
</table>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">offset by:</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
<table id="e5727e1749214f89b365182a02520354" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.4pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">$16.9 million of proceeds from the sale of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Kim</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Julia</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Tatianna</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Rodon</font> and the advance received for the sale of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Monika,</font> which was completed in April 2015.</td>
</tr>
</table>
</div>

<div><br />
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">For the first quarter of 2014, net cash used in investing activities included:<br />
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: justify">
<table id="75608a7cb52e4426aa2a97635e172569" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">$12.7 million paid for advances and other capitalized expenses for our newbuilding vessels,</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="d95482d8ec1240a892f3886859c0b9c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">$60.3 million paid for the acquisition of secondhand vessels and other fixed assets, and</td>
</tr>
</table>
</div>
</div>

<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="7ddefb93447c4837b4b8567763a408a3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.4pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">a net increase of $3.1 million in restricted cash,</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">offset by:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="391778bf7cd446b6a2f9ac4195fd6be4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">$0.3 million of hull and machinery insurance proceeds.</td>
</tr>
</table>

<br />
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Net cash provided by financing activities for the first quarter of 2015 and 2014 was $282.8 million and $68.6 million</font>, respectively.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the first quarter of 2015, net cash provided by financing activities consisted of:<br />
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: justify">
<table id="2c0d9d1c49164a20bf6d3885c410a046" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">proceeds from bank loans and the Excel Vessel Bridge Facility for an aggregate of $114.6 million for the financing of: (a) delivery installments for two of our newbuilding vessels which were delivered in February 2015, (b) cash consideration for the acquisition of five remaining Excel Vessels and (c) the repayment in full of the Excel Vessel Bridge Facility,</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="cdf4ade6a1c041f2b4e5a15a4c0cdf2f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">capital lease obligations of $41.4 million, relating to two newbuildings delivered in March 2015, under bareboat charters, and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="519ab3b2de0643148a879bb8e3aba8f7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">proceeds from a public offering of our common shares, net of underwriting discounts and commissions amounting to $242.2 million less offering expenses of $0.5 million</td>
</tr>
</table>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">offset by:</div>

<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="fda2a190f2bb478d9d5a93b8384f20ab" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">financing fees paid of $4.5 million and</td>
</tr>
</table>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
<table id="7568439ae81f4f84b3841fe5c67ebf07" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">an aggregate of $110.3 million paid in connection with regular amortization of outstanding vessel financings, capital lease installments and the repayment in full of the Excel Vessel Bridge Facility.</td>
</tr>
</table>
</div>

<div><br />
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">For the first quarter of 2014, net cash provided by financing activities consisted of:<br />
</div>

<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="a16db7a0f2ab46ffbe693e27f997e16c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">proceeds from bank loans of $74.0 million</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">offset by:</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: justify">
<table id="c8f4efff436b4eb5bbdb85830ad5e08b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">loan installment payments of $4.5 million and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="e51ea7ac40b14445be1852ce23c95254" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 14.2pt; VERTICAL-ALIGN: top; align: right">&#8212;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">$0.9 million of financing fees paid.</td>
</tr>
</table>
</div>
</div>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">&#160;</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">11</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div><br />
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><u>Summary of Selected Data</u></div>

<table id="223ecde1ff714b03aae3a11076430d1b" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(TCE rates expressed in U.S. dollars)</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Three months ended</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Three months ended</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">March 31, 2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">March 31, 2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average number of vessels (1)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">65.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Number of vessels (2)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">68</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">17</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average age of operational fleet (in years) (3)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">9.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ownership days (4)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5,863</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,422</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Available days (5)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5,759</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,403</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Voyage days for fleet (6)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,602</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,290</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Fleet utilization (7)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">79.9%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">91.9%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average per-day TCE rate (8)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6,866</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">14,343</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average per day OPEX per vessel (9)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,739</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5,629</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average daily Net Cash G&amp;A expenses per vessel (10)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,130</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,473</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="e0ba17fc70ed456496f8f724d8e40662" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30.3pt; VERTICAL-ALIGN: top; COLOR: #000000; FONT-STYLE: italic; align: right">(1)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">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>
</div>

<div style="TEXT-ALIGN: justify">
<table id="67cdf41b81204b529bd978d015ddb5cd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30.3pt; VERTICAL-ALIGN: top; COLOR: #000000; FONT-STYLE: italic; align: right">(2)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">As of the last day of the periods reported.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="4cbd8a8f1c614c7ebc04862a1a13fa74" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30.3pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(3)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">Average age of operational fleet is calculated as of March 31, 2015 and 2014, respectively.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="229c5f6fc2af4fc4b8689d45a3ef584c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30.3pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(4)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Ownership days are the total calendar days each vessel in the fleet was owned by us</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">for the relevant period.</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="a19c24080952466f99f56b90b04ac7c6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30.3pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(5)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">Available days for the fleet are the ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="139d9c08c2054d2191e83bb9bc19f6af" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30.3pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(6)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">Voyage days are the total days the vessels were in our possession for the relevant period after subtracting off-hire days incurred for any reason (including off-hire for major repairs, dry docking, special or intermediate surveys).</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="f141c19d8f2e486584ef5584b00ea0f2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30.3pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(7)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">Fleet utilization is calculated by dividing voyage days by available days for the relevant period. Ballast days for which a charter is not fixed are not included in the voyage days for the fleet utilization calculation.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="a9526ea40c9c4d5298f6ef810b976b71" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30.3pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(8)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">Represents the weighted average daily TCE rates of our entire fleet. TCE rate is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE rate is determined by dividing voyage revenues (net of voyage expenses and amortization of fair value of above/below market acquired time charter agreements) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under its vessels may be employed between the periods. We included TCE revenues, a non- GAAP measure, as it provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, and it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="0fbca2ebe984416aa6719c9eed84e221" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30.6pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(9)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">Average daily OPEX per vessel is calculated by dividing vessel operating expenses by ownership days.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="0040cffda2a04c7e8313fe7b81938ef6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(10)&#160;&#160;&#160;&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">Average daily Net Cash G&amp;A expenses per vessel is calculated by deducting Management fee Income and adding the Management fee expense in General and Administrative expenses (net of stock based compensation expense) and then dividing with the ownership days.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div><br />
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">12</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div><br />
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Unaudited Consolidated Statement of Operations</u></div>

<table id="0a6c811a682e492d85e76178fab87b40" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">(Expressed in thousands of U.S. dollars except for share and per </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">share data)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ended </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 31, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ended </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 31, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Revenues:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Voyage Revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">45,433</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">19,381</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Management Fee Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">68</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">798</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">45,501</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">20,179</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Expenses:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Voyage expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(17,746</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2,445</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessel operating expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(27,783</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,005</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dry-docking expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2,866</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(690</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(18,284</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,679</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Management fees</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,989</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">General and administrative expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,563</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(3,790</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessel impairment loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,080</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Write&#160;off of the unamortized fair value of above market acquired time charter</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2,114</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other operational gain</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">40</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">169</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other operational loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(90</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Loss on sale of vessel</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2,053</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Operating income / (loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(33,937</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">649</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest and finance costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(6,432</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,363</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest and other income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">538</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(11</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Loss on debt extinguishment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(524</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Loss on derivative financial instruments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(158</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total other expenses, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(6,418</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(1,532</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Loss before equity in investee</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(40,355</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(883</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Equity in income of investee</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">179</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(40,176</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(878</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Loss per share, basic and diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.26</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.03</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Weighted average number of shares outstanding, basic and diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">153,471,655</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">28,849,559</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">13</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Unaudited Consolidated Condensed Balance Sheets</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">(Expressed in thousands of U.S. dollars)</div>

<div>&#160;</div>

<table id="1ad8e449019340838fb0da61d51ad225" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 31, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">December 31,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br />
</font>2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and restricted cash</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">215,976</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">89,352</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other current assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">43,487</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">45,078</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TOTAL CURRENT ASSETS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">259,463</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">134,430</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Advances for vessels under construction and acquisition of vessels and other assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">400,637</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">454,612</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessels and other fixed assets, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,631,259</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,441,851</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Long-term investment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">813</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">634</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Restricted cash</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,620</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,620</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Fair value of above market acquired time charter</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5,884</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">11,908</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other non-current assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">12,642</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8,029</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TOTAL ASSETS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,321,318</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,062,084</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Current portion of long-term debt (including Excel Vessels Bridge Facility)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">123,545</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">96,485</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Lease commitments current</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,260</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other current liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">40,054</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">43,713</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TOTAL CURRENT LIABILITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">165,859</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">140,198</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Long-term debt&#160; (including Excel Vessel Bridge Facility)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">692,624</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">715,308</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8% Senior Notes due 2019</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">50,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">50,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Lease commitments non-current</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">39,020</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other non-current liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5,325</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,276</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TOTAL LIABILITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">952,828</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">907,782</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">STOCKHOLDERS' EQUITY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,368,490</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,154,302</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,321,318</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,062,084</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Unaudited Cash Flow Data</u></div>

<table id="a3924e1f2b8d46f6b0c349a1302b43c8" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: middle; BORDER-LEFT-COLOR: ; BORDER-BOTTOM-COLOR: ; BORDER-RIGHT-COLOR: " valign="bottom"></td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2"></td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2"></td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">(Expressed in thousands of U.S. dollars)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ended </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 31, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ended </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 31, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom"></td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net cash (used in)/provided by operating activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,594</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,502</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net cash used in investing activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(147,769</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(75,741</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net cash provided by financing activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">282,848</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">68,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left"><br />
&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">14</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div><br />
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>EBITDA and adjusted EBITDA Reconciliation</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We consider EBITDA to represent net income before interest, income taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that reported by other companies. EBITDA is included herein because it is a basis upon which we assess our liquidity position, it is used by our lenders as a measure of our compliance with certain loan covenants and because we believe that it presents useful information to investors regarding our ability to service and/or incur indebtedness.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We excluded non-cash gains/losses related to sale of vessels, the change in fair value of derivatives, stock-based compensation expense, loss on sales of vessels, the write off of the unamortized fair value of above market acquired time charters, vessel impairment losses and the equity in income of investee to derive adjusted EBITDA. We excluded the above non-cash items and one-time items to derive adjusted EBITDA, because we believe that these items do not reflect the operational cash inflows and outflows of our fleet.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The following table reconciles net cash provided by operating activities to EBITDA and adjusted EBITDA:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">15</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div><br />
</div>

<div style="MARGIN-BOTTOM: 12pt"><br />
</div>

<table id="160d8db8fd4d459c943b3c0936db5275" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">(Expressed in thousands of U.S. dollars)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ended </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 31, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ended </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 31, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net cash (used in) /provided by operating activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,594</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,502</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net (increase) /decrease&#160;in current assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,445</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6,237</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net increase / (decrease) in operating &#160;liabilities, excluding current portion of long term debt</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,050</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,358</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessel impairment loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,080</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Loss on debt extinguishment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(524</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Stock &#8211; based compensation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(858</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(897</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Unrealized gains/losses on derivative instruments and change in accrued derivative interest</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(37</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(158</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total other expenses, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5,912</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,246</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Loss on sale of vessel</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2,053</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Write&#160; off of the unamortized fair value of above market acquired time charter</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2,114</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Gain from Hull &amp; Machinery claim</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">169</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Equity in income of investee</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">179</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EBITDA</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(11,564</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">6,741</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Less:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Equity in income of investee</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(179</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Plus:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Change in fair value of derivatives before hedging designation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">158</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Stock-based compensation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">858</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">897</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Loss on sale of vessel</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,053</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Write&#160;off of the unamortized fair value of above market acquired time charter</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,114</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessel impairment loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,080</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Adjusted EBITDA</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(5,638</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">7,796</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div><br />
&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">16</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div><br />
</div>

<div><br />
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Conference Call details:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Our management team will host a conference call to discuss our financial results on Wednesday, July 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> at 11 a.m., Eastern Time (ET).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301 (from outside the US). Please quote "Star Bulk."</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">A replay of the conference call will be available until June 5, 2014. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 3128607#.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Slides and audio webcast:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">There will also be a simultaneous live webcast over the Internet, through the Star Bulk website (www.starbulk.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">About Star Bulk</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK". On a fully delivered basis, Star Bulk will have a fleet of 94 vessels, with an aggregate capacity of 11.0 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, Supramax and Handymax vessels with carrying capacities between 45,588 dwt and 209,529 dwt. Our fleet currently includes 69 operating vessels and 25 newbuilding vessels under construction at shipyards in Japan and China. All of the newbuilding vessels are expected to be delivered during 2015 and 2016.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Forward-Looking Statements</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intends,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;pending&#8221; and similar expressions identify forward-looking statements.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Company&#8217;s management of historical operating trends, data contained in its records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are </div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">17</div>

<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">difficult or impossible to predict and are beyond the Company&#8217;s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In addition to these important factors, other important factors that, in the Company&#8217;s view, could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values, the strength of world economies the stability of Europe and the Euro, fluctuations in interest rates and foreign exchange rates, changes in demand in the dry bulk shipping industry, including the market for our vessels, changes in our operating expenses, including bunker prices, dry docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, the availability of financing and refinancing, our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business, vessel breakdowns and instances of off&#8208;hire, risks associated with vessel construction, potential exposure or loss from investment in derivative instruments, potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management, and our ability to complete acquisition transactions as planned.&#160;&#160;Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward&#8208;looking statements as a result of developments occurring after the date of this communication.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Contacts</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Company:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Simos Spyrou, Christos Begleris</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Co &#8208; Chief Financial Officers</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Star Bulk Carriers Corp.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">c/o Star Bulk Management Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">40 Ag. Konstantinou Av.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Maroussi 15124</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Athens, Greece</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Email: info@starbulk.com</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>www.starbulk.com</u></div>

<div><br />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Investor Relations / Financial Media:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Nicolas Bornozis</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">President</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Capital Link, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">230 Park Avenue, Suite 1536</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">New York, NY 10169</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Tel. (212) 661&#8208;7566</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">E&#8208;mail<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>: </u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>starbulk@capitallink.com</u></font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>www.capitallink.com</u></div>

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