<SEC-DOCUMENT>0000950142-15-002442.txt : 20151118
<SEC-HEADER>0000950142-15-002442.hdr.sgml : 20151118
<ACCEPTANCE-DATETIME>20151117200705
ACCESSION NUMBER:		0000950142-15-002442
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151117
FILED AS OF DATE:		20151118
DATE AS OF CHANGE:		20151117

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:		151239414

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

	MAIL ADDRESS:	
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15124
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eh1501353_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Paul Weiss
    Document created using EDGARfilings PROfile 3.5.0.0
    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: Arial" bgcolor="#ffffff" text="#000000">
<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">
<hr style="BORDER-TOP: black 4px solid; HEIGHT: 10px; BORDER-BOTTOM: black 1px solid; COLOR: #ffffff; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: auto" />
</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">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>

<div><br />
</div>

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

<div><br />
</div>

<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>

<div><br />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">For the month of&#160;November 2015</div>

<div><br />
</div>

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

<div><br />
</div>

<table id="5b8de480e55b4a5ea4c3a65b494999b4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">STAR BULK CARRIERS CORP.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Translation of registrant's name into English)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<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>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Address of principal executive office)</div>
</td>
</tr>
</table>

<div><br />
</div>

<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>

<div><br />
</div>

<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>

<div><br />
</div>

<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>

<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">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>

<div><br />
</div>

<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>

<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">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>

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The information contained in this Form 6-K (including the exhibit hereto) is hereby incorporated by reference into the registrant's Registration Statements on Form F-3 (File Nos. 333-197886 and 333-198832) and Registration Statement on Form S-8 (File No. 333-176922), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.</div>

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">
<hr style="BORDER-TOP: black 1px solid; HEIGHT: 10px; BORDER-BOTTOM: black 4px solid; COLOR: #ffffff; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: auto" />
</div>

<div style="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">
<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; 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&#160;report by&#160;Star Bulk Carriers Corp. (the &#8220;Company&#8221; or &#8220;Star Bulk&#8221;) of its Financial Results for the&#160;Third Quarter ended&#160;September 30, 2015.</div>

<div><br />
</div>

<div><br />
</div>

<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 />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 5pt">
<div style="TEXT-ALIGN: left; MARGIN-TOP: 5pt">
<table id="ed7dcf0b8bb2488e8778f836457f0d49" 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">general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values;</td>
</tr>
</table>
</div>

<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">
<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: justify">the strength of world economies;</td>
</tr>
</table>
</div>

<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">
<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: justify">the stability of Europe and the Euro;</td>
</tr>
</table>
</div>

<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">
<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: justify">fluctuations in interest rates and foreign exchange rates;</td>
</tr>
</table>
</div>

<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">
<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: justify">changes in demand in the dry bulk shipping industry, including the market for our vessels;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="5458410c2bb64d4784c592e5242f4d8f" 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: justify">changes in our operating expenses, including bunker prices, dry docking and insurance costs;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="e5734b361fea4b3c8301f9f5e6b3fe96" 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: justify">changes in governmental rules and regulations or actions taken by regulatory authorities;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="9c3721e9fc2b454f8801ad9c1a86ab02" 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: justify">potential liability from pending or future litigation;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 5pt">
<table id="890fb83e0aa348dd8acc167833d45224" 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: justify">general domestic and international political conditions;</td>
</tr>
</table>
</div>

<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">
<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: justify">potential disruption of shipping routes due to accidents or political events;</td>
</tr>
</table>
</div>

<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">
<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: justify">the availability of financing and refinancing;</td>
</tr>
</table>
</div>

<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">
<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: justify">our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business;</td>
</tr>
</table>
</div>

<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">
<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: justify">vessel breakdowns and instances of off-hire;</td>
</tr>
</table>
</div>

<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">
<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: justify">risks associated with vessel construction;</td>
</tr>
</table>
</div>

<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">
<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: justify">potential exposure or loss from investment in derivative instruments;</td>
</tr>
</table>
</div>

<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">
<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: justify">potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management;</td>
</tr>
</table>
</div>

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

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

<div style="TEXT-ALIGN: left; MARGIN-TOP: 5pt">
<table id="3c61041f72c74d15b27639400fd4eb48" 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">our ability to complete acquisition transactions as planned; and</td>
</tr>
</table>
</div>

<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>

<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="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>
<table id="2be8cd8d19b2464291d8469d04a7759f" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%; BORDER-COLLAPSE: separate" cellspacing="0" cellpadding="0" border="0">
<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>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif" valign="top" colspan="2"></td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" valign="top"></td>
</tr>

<tr>
<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">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 30%" valign="top">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" valign="top">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; PADDING-BOTTOM: 2px" valign="top" align="left">
<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:&#160;November 17, 2015</div>
</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">
<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>
<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">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>
</tr>

<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 30%" valign="top">&#160;</td>
<td style="WIDTH: 10%" valign="top">&#160;</td>
</tr>
</table>

<br />
</div>

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

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

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

<div>
<div style="TEXT-ALIGN: right"><br />
</div>

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

<table id="37f228381aa0448c81f5bb27feb049ea" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 28px">
<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>
</tr>

<tr>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<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; FONT: 10pt Times New Roman, Times, Serif"><a href="eh1501353_ex9901.htm">Report of Financial Results for the&#160;Third Quarter ended&#160;September 30, 2015.</a></td>
</tr>
</table>
</div>

<table id="a85d979dfaae4b98971042abb3cc9d43">
<tr>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top"></td>
<td style="WIDTH: 80%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div><br />
</div>

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

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade" />
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>eh1501353_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Paul Weiss
    Document created using EDGARfilings PROfile 3.5.0.0
    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff" text="#000000">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT 99.1</div>

<div>&#160;</div>

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

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><img src="logo.jpg" ></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">REPORT OF FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 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, November 17, 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 third quarter and nine months ended September 30, 2015.</div>

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

<table id="d4b5765470aa4f90939f910adf906415" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 16px">
<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="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months ended</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 9px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 262px; VERTICAL-ALIGN: middle" valign="bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Nine 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; 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">September 30, </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">September 30, </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>
<td style="WIDTH: 9px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 121px; 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">September 30, </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="WIDTH: 9px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 121px; 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">September 30, </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="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; 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; BORDER-BOTTOM: #000000 2px solid; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">68,814</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">36,812</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">170,132</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">81,737</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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; BORDER-BOTTOM: #000000 2px solid; 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">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(9,367</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</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">13,433</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(54,328</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">25,526</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; 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; BORDER-BOTTOM: #000000 2px solid; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">6,128</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">9,668</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">6,752</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">27,061</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net income/(loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(41,973</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</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">221</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(147,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$&#160;</div>
</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">(3,649</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; 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; BORDER-BOTTOM: #000000 2px solid; 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">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(24,525</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$&#160;</div>
</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">(2,164</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(77,066</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">2,416</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Earnings / (loss) per share basic and diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.19</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</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">0.003</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.78</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$&#160;</div>
</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">(0.08</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Adjusted earnings / (loss) per share basic and diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(0.11</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$&#160;</div>
</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">(0.03</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(0.41</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">0.05</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; 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; BORDER-BOTTOM: #000000 2px solid; 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">71.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; 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">31.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; 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">68.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; 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">21.5</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; 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; BORDER-BOTTOM: #000000 2px solid; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8,702</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</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">11,159</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8,130</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; 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">12,813</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Average daily OPEX per vessel</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">4,484</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">5,192</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">4,602</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">5,302</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Average daily OPEX per vessel (excl. pre-delivery expenses)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">4,237</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">4,816</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">4,325</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">5,046</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; 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; BORDER-BOTTOM: #000000 2px solid; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,097</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">1,596</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,112</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 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">1,485</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br />
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 18pt">
<table id="6e80c0dfebc24c9a820ca7cfeeaa2605" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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 ("U.S. GAAP").</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 18pt">
<table id="caa115299ede422b97867bd478522e98" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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 from, and adding the Management fee expense to, General and Administrative expenses (net of stock based compensation expense) and then dividing the result by ownership days.</td>
</tr>
</table>
</div>

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

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

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

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

<div><br />
</div>

<table id="d67a18a083ae420382298ed6d39f893d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Vessel&#160;Name</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="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; TEXT-ALIGN: left"><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%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><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%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">Year&#160;Built&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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="FONT-WEIGHT: bold; TEXT-ALIGN: right">Date Delivered to </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Star Bulk</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: right">1</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Goliath</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">209,537</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">15-Jul-15</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<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">2</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Gargantua</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">209,529</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">2-Apr-15</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: right">3</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Maharaj</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">209,472</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">15-Jul-15</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">4</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Deep Blue</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">182,608</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">27-May-15</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: right">5</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Leviathan</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">182,511</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">19-Sep-14</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">6</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Peloreus</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">182,496</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">22-Jul-14</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: right">7</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Indomitable</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">182,476</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">8-Jan-15</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">8</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Obelix</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">181,433</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">11-Jul-14</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: right">9</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Martha</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">180,274</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2010</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">31-Oct-14</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">10</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Pauline</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">180,274</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2008</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">29-Dec-14</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: right">11</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Pantagruel</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">180,181</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">11-Jul-14</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">12</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Borealis</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">179,678</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">9-Sep-11</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: right">13</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Polaris</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">179,600</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">14-Nov-11</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">14</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Angie</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">177,931</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">29-Oct-14</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: right">15</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Big Fish</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">177,643</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">11-Jul-14</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">16</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Kymopolia</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">176,990</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">11-Jul-14</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: right">17</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Big Bang</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">174,109</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">11-Jul-14</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">18</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Aurora</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">171,199</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">8-Sep-10</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: right">19</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Despoina</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">170,162</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">1999</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">29-Dec-14</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">20</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Eleonora</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">164,218</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">3-Dec-14</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: right">21</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Monisha</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">164,218</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2-Feb-15</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<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">22</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Amami</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Post Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">98,681</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">11-Jul-14</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: right">23</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Madredeus</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Post Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">98,681</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">11-Jul-14</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">24</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Sirius</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Post Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">98,681</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">7-Mar-14</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: right">25</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Vega</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Post Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">98,681</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">13-Feb-14</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">26</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Angelina</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">82,981</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">5-Dec-14</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: right">27</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Gwyneth</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">82,790</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">5-Dec-14</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">28</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Kamila</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">82,769</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2005</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">3-Sep-14</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: right">29</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Pendulum</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">82,619</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">11-Jul-14</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">30</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Maria</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">82,598</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">5-Nov-14</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: right">31</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Markella</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">82,594</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">29-Sep-14</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">32</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Danai</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">82,574</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">21-Oct-14</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: right">33</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Georgia</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">82,298</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">14-Oct-14</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">34</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Sophia</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">82,269</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2007</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">31-Oct-14</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: right">35</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Mariella</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">82,266</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">19-Sep-14</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">36</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Moira</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">82,257</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">19-Nov-14</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: right">37</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Nina</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">82,224</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">5-Jan-15</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">38</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Renee</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">82,221</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">19-Dec-14</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: right">39</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Nasia</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">82,220</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">29-Aug-14</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">40</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Laura</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">82,209</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">9-Dec-14</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: right">41</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Jennifer</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">82,209</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">15-Apr-15</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">42</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Helena</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">82,187</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">29-Dec-14</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: right">43</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Mercurial Virgo</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">81,545</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2013</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif">11-Jul-</font>14</div>
</td>
</tr>
</table>

<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; COLOR: #000000; TEXT-ALIGN: right">2</div>

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

<div>&#160;</div>

<table id="f224ed90d2cf48099e940dde13bd498c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right">44</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Magnum Opus</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right">81,022</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right">11-Jul-14</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">45</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Tsu Ebisu</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Kamsarmax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">81,001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">11-Jul-14</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">46</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Iris</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">76,466</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">8-Sep-14</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: right">47</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Aline</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">76,429</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">4-Sep-14</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">48</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Emily</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">76,417</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2004</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">16-Sep-14</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: right">49</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Vanessa</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Panamax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">72,493</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">1999</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">7-Nov-14</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">50</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Idee Fixe (*)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">63,458</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">25-Mar-15</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: right">51</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Roberta (*)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">63,426</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">31-Mar-15</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">52</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Laura (*)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">63,399</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">7-Apr-15</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: right">53</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Kaley (*)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">63,283</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">26-Jun-15</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">54</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Challenger</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">61,462</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2012</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">12-Dec-13</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: right">55</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Fighter</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">61,455</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2013</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">30-Dec-13</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">56</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Honey Badger</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">61,320</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">27-Feb-15</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: right">57</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Wolverine</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">61,292</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">27-Feb-15</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">58</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Antares</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">61,258</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">9-Oct-15</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: right">59</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Acquarius</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">60,916</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">22-Jul-15</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">60</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Pisces</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">60,916</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">7-Aug-15</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: right">61</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Strange Attractor</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">55,742</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2006</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">11-Jul-14</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">62</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Omicron</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">53,489</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2005</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">17-Apr-08</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: right">63</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Gamma</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">53,098</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2002</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">4-Jan-08</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">64</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Zeta</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">52,994</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2003</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">2-Jan-08</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: right">65</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Delta</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">52,434</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2-Jan-08</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">66</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Theta</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">52,425</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2003</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">6-Dec-07</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: right">67</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Epsilon</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">52,402</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">3-Dec-07</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">68</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Cosmo</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">52,246</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2005</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; 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="TEXT-ALIGN: right">1-Jul-08</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: right">69</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Kappa</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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">Supramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">52,055</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">2001</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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: middle; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">14-Dec-07</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">70</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Star Michele</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">Handymax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">45,588</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">1998</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">14-Oct-14</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; 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; TEXT-ALIGN: left">Total dwt:</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">7,362,579</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
</tr>
</table>

<div><br />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">(*) Subject to a bareboat charter that is accounted for as a capital lease.</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>Chartered In Vessel</u></div>

<table id="d1b10ef47090498388d610951184d5aa" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 27px">
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 23%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div><u>Vessel Name</u></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 20%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div><u>Type</u></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff"></td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; 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; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; BACKGROUND-COLOR: #ffffff"><u>(dwt.)</u></font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 17%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div><u>Year Built</u></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 17%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div><u>Redelivery Date</u></div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 23%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">Astakos</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9"></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: 1%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">58,722</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 17%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">2012</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 17%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">September 2017</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 23%; 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: 1%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff"></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 dwt:</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">58,722</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="WIDTH: 17%; 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: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff"></td>
<td style="WIDTH: 17%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<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; COLOR: #000000; TEXT-ALIGN: right">3</div>

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

<div><br />
</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="9df413f580d74356872518bb184419bc" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.15%; 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: 2.51%; 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: 28.59%; 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: 2.51%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 12.22%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><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: 2.51%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 8.99%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><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: 2.51%; 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: 19.84%; 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: 2.51%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 13.65%; VERTICAL-ALIGN: middle">
<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">Expected 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">1</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; 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: 2.51%; 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: 12.22%; 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: 2.51%; 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: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">209,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 19.84%; 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: 2.51%; 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: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">2</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1359 (tbn<font style="FONT-STYLE: italic"> Star Marisa</font>) (*)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">3</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1372 (tbn <font style="FONT-STYLE: italic">Star Libra</font>)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>(*)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 12.22%; 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: 2.51%; 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: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 19.84%; 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: 2.51%; 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: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">4</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1360 (tbn <font style="FONT-STYLE: italic">Star Ariadne</font>)&#160; (*)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">July&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">5</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; 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: 2.51%; 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: 12.22%; 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: 2.51%; 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: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 19.84%; 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: 2.51%; 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: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">6</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1371 (tbn <font style="FONT-STYLE: italic">Star Virgo</font>)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>(*)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">July&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">7</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; 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: 2.51%; 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: 12.22%; 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: 2.51%; 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: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 19.84%; 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: 2.51%; 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: 13.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">August&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">8</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center">208,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">June&#160;2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">9</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<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: 2.51%; 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: 12.22%; 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: 2.51%; 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: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">182,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 19.84%; 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: 2.51%; 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: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">10</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center">182,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">11</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<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: 2.51%; 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: 12.22%; 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: 2.51%; 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: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">180,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 19.84%; 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: 2.51%; 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: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">12</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center">180,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">13</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<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: 2.51%; 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: 12.22%; 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: 2.51%; 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: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">180,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 19.84%; 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: 2.51%; 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: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">14</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center">180,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">May 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">15</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1080 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Kennadi)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 12.22%; 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: 2.51%; 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: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">64,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 19.84%; 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: 2.51%; 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: 13.65%; 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: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">16</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1081 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Mackenzie)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center">64,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">February 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">17</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN 1082 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Night Owl)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 12.22%; 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: 2.51%; 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: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">64,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 19.84%; 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: 2.51%; 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: 13.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">March 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">18</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; 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: 28.59%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">HN 1083 <font style="FONT-STYLE: italic">(</font>tbn<font style="FONT-STYLE: italic"> Early Bird)</font></div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center">64,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; 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: 2.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: right">April 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 4.15%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: right">19</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 28.59%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">HN NE 197 (tbn <font style="FONT-STYLE: italic">Star Lutas</font>)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">Ultramax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: center">61,000</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 19.84%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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: 2.51%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 13.65%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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: 4.15%; 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: 2.51%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 28.59%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2.51%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12.22%; 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: 2.51%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8.99%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">3,066,000</div>
</td>
<td style="WIDTH: 2.51%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 19.84%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 2.51%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 13.65%; 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="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">(*) Subject to a bareboat charter that will be accounted for as a capital lease.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">(**)To be financed under a capital lease.</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="76d5269034b44daf8f1e8a2278bf34ff" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 28%; 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; WIDTH: 1%; VERTICAL-ALIGN: middle; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 22%; 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; WIDTH: 1%; VERTICAL-ALIGN: middle; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 22%; 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; WIDTH: 1%; VERTICAL-ALIGN: middle; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 25%; 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: 28%; 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: 1%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 22%; 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: 1%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 22%; 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: 1%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 25%; 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: 28%; 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: 1%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 22%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">Total dwt:</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff"></td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 22%; 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: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"></td>
<td style="WIDTH: 25%; 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 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; COLOR: #000000; TEXT-ALIGN: right">4</div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>
</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="fd133659c593495e8986f550d0d2caf0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 7.1pt"></td>
<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">On October 15, 2015, the vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Nicole</font> was delivered to its new owners pursuant to a sale agreement signed on September 16, 2015. Proceeds from the sale of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Nicole</font> were $3.8 million.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="39a0cd03ae16437988ed6a58d1097796" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 7.1pt"></td>
<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">On October 9, 2015, we took delivery of the Ultramax vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Antares</font> (ex-HN NE 196). The delivery installment of $19.8 million was partially financed by $16.7 million drawn down on September 29, 2015, under the Sinosure Facility.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="09a2a3e05aae4647b1c4b9e3ded8e0be" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 7.1pt"></td>
<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">In October 2015, we reassigned a lease for a newbuilding vessel back to the vessel's owner for a one-time payment to us of $5.8 million.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="b08bc441fb1a49cc8a96b843763fedb4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 7.1pt"></td>
<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">In October 2015, we agreed in principle with certain shipyards to defer the delivery of four of our newbuilding vessels to 2016. The vessels were originally due for delivery to us in the fourth quarter of 2015. The deferrals are subject to execution of definitive documentation.</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div><br />
&#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; COLOR: #000000; TEXT-ALIGN: right">5</div>

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

<div>&#160;</div>

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

<div style="MARGIN-BOTTOM: 6pt; 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;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Amounts relating to variations in period-on-period comparisons shown in this section are derived from the actual numbers in our books and records.</font></div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify; TEXT-INDENT: 27pt">Capitalized terms used but not defined herein shall have the meaning ascribed to them in our Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on April 8, 2015.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the third quarter of 2015, total voyage revenues were $68.7 million compared to $36.5 million for the third quarter of 2014. This increase was mainly due to the increase in our average number of vessels to 71.2 in the third quarter of 2015, from 31.5 vessels in the third quarter of 2014. The increase in voyage revenues from the additional vessels was partially offset by significantly lower charterhire rates prevailing in the dry bulk market during the third quarter of 2015, compared to the third quarter of 2014.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Management fee income during the third quarter of 2015 was $0.1 million compared to $0.3 million for the third quarter of 2014. This decrease was mainly due to the decrease in the average number of third-party vessels under management to 1.0 vessel in the third quarter of 2015, from 4.9 vessels in the third quarter of 2014. As a result of the acquisition of Oceanbulk, 11 Oceanbulk vessels that had been under our management 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="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the third quarter of 2015, operating loss was $30.7 million, compared to operating income of $1.3 million for the third quarter of 2014, due primarily to the combination of:</div>

<div style="TEXT-ALIGN: justify">
<table id="5f9af6b9d6544d2b8829ecc2fa8bef1d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 7.1pt"></td>
<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 increase in the average number of vessels of our fleet;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="453dc563ad7c4efd89ecbc473b2bf55e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 7.1pt"></td>
<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">lower charterhire rates for dry bulk carrier vessels;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="6665ba96901342de87d4ea8ea055b3fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 7.1pt"></td>
<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">respective non-cash vessel impairment loss and loss on sale of vessels of $5.4 million and $7.1 million recognized during the third quarter of 2015 that are described in more detail below;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ca084b1669004be381bd6ed629298a8c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 7.1pt"></td>
<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">a non-cash gain from bargain purchase of $12.3 million recognized in the third quarter of 2014 as a result of the acquisition of Oceanbulk; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="08c40435ee914278bd128007a8cd8b36" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 7.1pt"></td>
<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">other operational gain of $9.4 million recognized in the third quarter of 2014, consisting of:</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="2a8634a1930d4834b7a0e5f8d0266583" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 22.5pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 22.5pt; 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">gain of $8.0 million from the sale to a third party of our claim against the previous charterer of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Borealis</font> for charter party repudiation due to early redelivery of the vessel, which was collected in full in October 2014; and</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
<table id="88cc6f2658f9476783420a45a312c77f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 22.5pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 22.5pt; 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">$1.4 million from the extinguishment of the liability to the previous charterer of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Borealis</font>, related to the amount of fuel and lubricants remaining on the board at the time of the charter repudiation.</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Net loss for the third quarter of 2015 was $42.0 million, or $0.19 loss per basic and diluted share, calculated based on 219,120,612 weighted average number of basic and diluted shares. Net income for the third quarter of 2014 was $0.2 million, or $0.003 earnings per basic and diluted share, based on 77,233,053 and 77,437,791 weighted average number of basic and diluted shares, respectively.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Net loss for the third 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="809829a366454d75a25f338f035be551" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">Amortization of fair value of above market acquired time charters of $2.0 million, or $0.01 per basic and diluted share, associated with time charters attached to five vessels (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Amami</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Madredeus</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Martha</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Pauline </font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Despoina</font>). These above market time charters are amortized over the duration of each charter as a decrease to voyage revenues;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="5b40a3a06af2419db3596ed34fd47e98" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">Expenses of $0.6 million, or $0.003 per basic and diluted share, relating to stock-based compensation recognized in connection with shares issued to our directors and employees;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="5b1a83442e0d41ee9c3f7b88e2cc51be" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">Loss on sale of vessels of $7.1 million, or $0.03 per basic and diluted share, relating to the sale of the vessels <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Natalie</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Claudia </font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Maiden Voyage</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#160;</font>as further discussed below;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="bdc20f5787c3427eaf5d5a8e0ea600f9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">Impairment loss of $5.4 million or $0.02 per basic and diluted share, in connection with (i) the agreement to sell <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Nicole</font>, which was delivered to its new owners in October 2015 and (ii) the agreement to reassign a lease for one newbuilding vessel back to the vessel&#8217;s owner for a one-time payment to the Company of $5.8 million. The impairment loss includes a $2.5 million write-off of the fair value adjustment recognized upon our merger with Oceanbulk in July 2014 in connection with the newbuilding vessel;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="73b14e31b3c0440e9201fbc4296c8637" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">Unrealized loss on derivative instruments not designated as accounting hedges of $2.4 million, or $0.01 per basic and diluted share, and</td>
</tr>
</table>
</div>

<div style="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; COLOR: #000000; TEXT-ALIGN: right">6</div>

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

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

<div style="TEXT-ALIGN: justify">
<table id="61bccc122ea04a32a183292b7c345ba4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">Equity in income of investee of $0.1 million, or $0.0004 per basic and diluted share.</td>
</tr>
</table>
</div>
</div>

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

<div style="MARGIN-BOTTOM: 5pt; 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 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">non-cash items, net loss for the third quarter of 2015 would have been $24.5 million, or $0.11 loss per basic and diluted share, </font>based on 219,120,612 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 income for the third quarter of 2014 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="76091026321c44fdbd576d74bc942b4d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">Amortization of fair value of above market acquired time charters of $1.4 million, or $0.02 per basic and diluted share, associated with time charters attached to four vessels (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Mega</font>,<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>). These above market time charters are amortized over the respective charter durations as a decrease to voyage revenues;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="b1d894f7145c4c5190e2d800ce91262d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">Expenses of $2.9 million, or $0.04 per basic and diluted share, relating to stock-based compensation expense recognized in connection with the shares issued to our directors and employees;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="a1e39fbf6eb64afcae384bc0b50e2609" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">A gain of $1.4 million, or $0.02 per basic and diluted share, in connection with the extinguishment of liability to the previous charterer of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Borealis</font>, relating to the amount of fuel and lubricants remaining on board the vessel at the time of the charter&#8217;s repudiation;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="045587761ecc46a4b3e50a5f6b822206" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">A gain from bargain purchase of $12.3 million, or $0.16 per basic and diluted share, resulting from the acquisition of Oceanbulk and the Pappas Companies.</td>
</tr>
</table>
</div>
</div>

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

<div style="MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In addition, net income for the third quarter of 2014 included non-recurring transaction costs of $7.0 million, or $0.09 per basic and diluted share, including legal and accounting costs, in connection with the acquisition of Oceanbulk, the Pappas Companies and the Heron Vessels.</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">Excluding these non-cash items and non-recurring transaction costs, net loss for the third quarter of 2014 would have been $2.2 million, or $0.03 loss per basic and diluted share, </font>based on 77,233,053 and 77,437,791 weighted average number of basic and diluted shares, respectively.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Adjusted EBITDA for the third quarters of 2015 and 2014 was $6.1 million and $9.7 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: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the third quarters of 2015 and 2014, we owned and operated an average of 71.2 and 31.5 vessels, respectively, which earned an average Time Charter Equivalent, or "TCE" of $8,702 and $11,159 per day, respectively. We refer you to footnote 8 under the heading "Summary of Selected Data" set forth below for information regarding our calculation of TCE rates.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the third quarter of 2015, voyage expenses were $21.7 million, compared to $12.9 million for the third quarter of 2014. The increase in voyage expenses was due to the increase in the average number of vessels in the third quarter of 2015, as well as the increased level of spot market activity, which is associated with higher voyage expenses than time charters.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the third quarters of 2015 and 2014, vessel operating expenses totalled $29.4 million and $15.1 million, respectively. The increase in operating expenses was mainly due to higher average number of vessels in the third quarter of 2015 compared to the third 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 third quarter of 2015 were $4,484, compared to $5,192 during the third quarter of 2014, representing a 13.6% reduction as a result of synergies and economies of scale from operating a larger fleet. </font>In addition, vessel operating expenses for the third quarters of 2015 and 2014 respectively included $1.6 million and $1.1 million of pre-delivery expenses, which related to the initial crew manning and the initial supply of stores for our vessels upon delivery. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Excluding these amounts, our average daily operating expenses per vessel for the</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">third quarter of 2015 and 2014 were $4,237 and $4,816, respectively, representing a reduction of 12%.</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Dry docking expenses for the third quarters of 2015 and 2014 were $6.2 million and $3.6 million, respectively. During the third quarter of 2015, eight of our vessels underwent periodic dry docking surveys compared to two vessels in the third quarter of 2014.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Depreciation expense increased to $21.7 million for the third quarter of 2015, compared to $10.7 million for the third quarter of 2014. The increase was due to the higher average number of vessels in the third quarter of 2015 compared to the third quarter of 2014, partially offset by an increase in the estimated scrap rate per light weight</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; COLOR: #000000; TEXT-ALIGN: right">7</div>

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

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">ton from $200 to $300, which became effective as of January 1, 2015, following our management's reassessment based on the historical average demolition market prices.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Management fees for the third quarter of 2015 and 2014 were $2.4 million and $0.1 million, respectively. As of January 1, 2015, we engaged Ship Procurement Services S.A. ("SPS"), an unaffiliated third party, to provide our fleet with certain procurement and remote vessel performance monitoring services at a daily fee of $295 per vessel. SPS will provide procurement and remote vessel performance monitoring services to a fleet of over 120 vessels. We expect to benefit from lower operating expenses and dry docking costs through the economies of scale that SPS will enjoy in managing such a large fleet. In addition, three of the Excel Vessels (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Martha</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Pauline </font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Despoina</font>)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">, </font>which were acquired with attached time charter agreements, were managed by Maryville Maritime Inc. ("Maryville") until the expiration of their existing time charter agreements (two of which expired in August 2015 and one of which expired in November 2015) at a monthly fee of $17,500 per vessel.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the third quarter of 2015, we had $5.5 million of general and administrative expenses, compared to $14.8 million during the third quarter of 2014. This decrease was mainly due to non-recurring transaction costs of $7.0 million, which were incurred during the third quarter of 2014 in connection with the acquisition of Oceanbulk, and a stock-based compensation expense of $1.8 million, also incurred in the third quarter of 2014, relating to a severance payment to our former Chief Executive Officer. <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 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">vessel for the third quarter of 2015 were $1,097, compared to $1,596 during the third quarter of 2014, representing </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">a 31.3% reduction as a result of synergies and economies of scale from operating a larger fleet. </font>This reduction was achieved despite an increase in wage expenses resulting from a 14% increase in our average number of employees during the third quarter of 2015 as compared to the same period in 2014.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the third quarter of 2015, we recorded an impairment loss of an aggregate of $5.4 million in connection with the agreement to sell <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Nicole</font>, which was delivered to its new owners in October 2015, and the agreement to reassign a lease for one newbuilding vessel back to the vessel's owner for a one-time payment to the Company of $5.8 million. Of this $5.4 million impairment loss, $2.5 million related to the write-off of the fair value adjustment recognized upon the merger with Oceanbulk in July 2014 in connection with the newbuilding vessel.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the third quarter of 2015, we recognized an aggregate loss on a sale of vessels of $7.1 million in connection with the sale of the vessels <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Natalie</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Claudia</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Maiden Voyage. </font>Total proceeds from these sales were $27.9 million.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Interest and finance costs for the third quarters of 2015 and 2014 were $7.7 million and $1.5 million, respectively. The increase is attributable to the higher average balance of our outstanding indebtedness of $1,000.1 million for the third quarter of 2015, including $50.0 million under the 8.00% Senior Notes and under our capital lease obligations, compared to $481.5 million for the third quarter of 2014. In addition, for the third quarter of 2015, interest and finance costs included $0.4 million of realized loss on hedging interest rate swaps compared to $0.01 million in the third quarter of 2014. Interest and finance costs incurred in the third quarters of 2015 and 2014 were set-off with interest capitalized from general debt of $3.0 million and $3.1 million, respectively, in connection with the payments made for our newbuilding vessels.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Loss on derivative financial instruments for the third quarter of 2015 was $3.6 million, compared to a gain of $0.02 million in the third quarter of 2014. Our hedge effectiveness test for the second quarter of 2015 indicated that the hedging relationship of certain of our interest rate swaps no longer qualified for special hedge accounting and therefore these were de-designated as accounting cash flow hedges as of April 1, 2015. Accordingly, realized and unrealized gains/losses from these swaps from April 1, 2015 onwards have been recorded in our statement of operations under Loss on derivative financial instruments, as opposed to interest and finance cost and equity, respectively, during the period that these swaps qualified for hedge accounting. The realized and unrealized losses from these swaps for the third quarter of 2015 were $3.6 million. Loss on derivative financial instruments during the third quarter of 2014 represents the non-cash loss from the mark to market valuation of our interest rate swaps outstanding during that period, which had not been designated as cash flow hedges.</div>

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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; COLOR: #000000; TEXT-ALIGN: right">8</div>

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Nine months ended September 30, 2015 and 2014 Results (*)</u></div>

<div style="MARGIN-BOTTOM: 5pt; TEXT-ALIGN: justify">
<table id="b41f7c1a586f46a880c96644e4226e27" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 22.5pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(*)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: justify">Amounts relating to variations in period-on-period comparisons shown in this section are derived from the actual numbers in our books and records</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the nine months ended September 30, 2015, total voyage revenues were $169.9 million, compared to $79.5 million for the same period in 2014. This increase was mainly due to the increase of the average number of our vessels to 68.7 in the nine months ended September 30, 2015, from 21.5 vessels in the same period in 2014. The increase in voyage revenues from the additional vessels was partially offset by significantly lower charterhire rates prevailing in the dry bulk market during the nine months ended September 30, 2015, compared to the same period in 2014.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Management fee income during the nine months ended September 30, 2015 was $0.2 million compared to $2.2 million for the same period in 2014. This decrease was mainly due to the decrease in the average number of third-party vessels under management to 1.0 vessel in the nine months ended September 30, 2015, from 10.7 vessels in the same period in 2014. As a result of the acquisition of Oceanbulk, 11 Oceanbulk vessels that had been under our management became part of our fleet as of July 11, 2014. We, therefore, stopped receiving fees for the management of these vessels.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the nine months ended September 30, 2015, operating loss was $121.4 million, compared to operating income of $1.3 million for the same period in 2014, primarily due to the combination of:</div>

<div style="TEXT-ALIGN: justify">
<table id="471e52de42b94bad8bae0a6cd6a977f6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 21.3pt; 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 increase in the average number of vessels in our fleet;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="0b3f4c1d1003428a8cc9eff5c14fe2e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 21.3pt; 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">lower charterhire rates for dry bulk carrier vessels in the nine months ended September 30, 2015;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="6f9d19cb8af1485d9667370898d2dd68" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 21.3pt; 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 non-cash vessel impairment loss and a loss from sale of vessels of $34.3 million and $20.5 million, respectively, recognized during the nine months ended September 30, 2015, which are described in more detail below;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="4e4de363b48b43d18718424b290981f3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 21.3pt; 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 non-cash gain from bargain purchase of $12.3 million recognized in 2014 as a result of the acquisition of Oceanbulk; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="63f0a885f1fa459baa8a1702d0b6b7fb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 21.3pt; 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">other operational gain of $9.4 million in the third quarter 2014, consisting of:</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="974363bc2e2f4373b7650e1f1b1c7366" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 23.7pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21.3pt; 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">gain of $8.0 million from the sale to a third party of our claim against the previous charterer of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Borealis</font> for charter party repudiation due to early redelivery of the vessel, which was collected in full in October 2014; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="272d7463a45e4e16b3cb7d3dc49374f6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 23.7pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 21.3pt; 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">$1.4 million from the extinguishment of the liability to the previous charterer of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Borealis</font>, related to the amount of fuel and lubricants remaining on the board at the time of the charter repudiation.</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt"><br />
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Net loss for the nine months ended September 30, 2015 was $147.2 million, or $0.78 loss per basic and diluted share, calculated based on 187,704,877 weighted average number of basic and diluted shares. Net loss for the same period in 2014 was $3.6 million, or $0.08 loss per basic and diluted share, based on 45,236,873 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 nine months ended September 30, 2015 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="7b0f3df2a4cd481e997d813082960cd9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Amortization of fair value of above market acquired time charters of $9.0 million, or $0.05 per basic and diluted share, associated with time charters attached to seven vessels (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Mega,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Amami</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Madredeus</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Martha</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Pauline </font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Despoina</font>). These above market time charters are amortized over the duration of each charter as a decrease to voyage revenues;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="82fb518bfb7240cfabde9278d571eebd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Expenses of $2.0 million, or $0.01 per basic and diluted share, relating to stock-based compensation expenses recognized in connection with the shares issued to our directors and employees;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="33152f85f2d64865ba17b5a7cf0fbdbe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Impairment loss of $34.3 million, or $0.18 per basic and diluted share, relating to:</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ef50108729a043fe8ed33198d6b1f754" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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: 17.45pt; 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">the sale of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Monika </font>(which was delivered to its new owners in April 2015);</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ac69005c55e348bda79b0703ec5c1907" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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: 17.45pt; 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">an agreement to sell one of our newbuilding vessels upon its delivery in 2016;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="17c8dd709ee3421c813575c32eae517c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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: 17.45pt; 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">an agreement to sell the vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Maiden Voyage</font> (which was delivered to its new owners in September 2015);</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="81389f5dda8f4fca806a3d83e2b0bd01" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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: 17.45pt; 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">the agreement to sell the vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Nicole</font>, which was delivered to its new owners in October 2015; and</td>
</tr>
</table>
</div>

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

<div style="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; COLOR: #000000; TEXT-ALIGN: right">9</div>

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

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

<div style="TEXT-ALIGN: justify">
<table id="44e37f3ad1684927bfdc8616169f2d46" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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: 17.45pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">two agreements to reassign the corresponding leases for two newbuilding vessels back to the vessels&#8217; owners for a one-time payment to the Company of $5.8 million each.</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">The impairment loss includes $20.7 million, which is attributed to the write-off of the fair value adjustment recognized upon our merger with Oceanbulk in July 2014, in connection with the above vessels.</div>

<div style="TEXT-ALIGN: justify">
<table id="90ba9a663aab4eae8634ac5c97bbfc0d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Write-off of above market acquired time charter of $2.1 million, or $0.01 per basic and diluted share, relating to the early redelivery of the vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font>, which took place in connection with the vessel&#8217;s sale and delivery to its new owners on June 4, 2015;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="845e7d5851d6469db59f9c83ffd3c779" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Loss on sale of vessel of $20.5 million, or $0.11 per basic and diluted share, relating to the sale of 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>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Rodon</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Mega</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Christianna</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Natalie</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Claudia </font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Maiden Voyage</font>;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="8ba418dc669d4749a6f3853de4df5dcc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Unrealized loss of derivative instruments not designated as accounting hedges of $2.5 million, or $0.01 per basic and diluted share; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="e01e6a76199f4c6caf76b73a454faa6b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Equity in income of investee of $0.3 million, or $0.002 per basic and diluted share.</td>
</tr>
</table>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</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">Excluding these </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">non-cash items, net loss for the nine-month period ended September 30, 2015 would have been $77.1 million, or $0.41 loss per basic and diluted share, </font>based on 187,704,877 weighted average number of basic and diluted shares.</div>

<div><br />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Net loss for the nine-month period ended September 30, 2014 included mainly the following non-cash items:</div>

<div style="TEXT-ALIGN: justify">
<table id="a5b2d0f4822b490c9497e5f9148ca1e3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Amortization of fair value of above market acquired time charters of $4.5 million, or $0.10 per basic and diluted share, associated with time charters attached to four vessels (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Mega</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#160;</font><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>). These above market time charters are amortized over the duration of the respective charters as a decrease to voyage revenues;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="a4078031e3e147a3845c50f34eef97e1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Expenses of $4.8 million, or $0.11 per basic and diluted share, relating to stock-based compensation expenses recognized in connection with the shares issued to directors and employees;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="76601b2a3f2844d3854a63cceb897606" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">Unrealized loss of $0.9 million, or $0.02 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="e6c0217128864e67869c78e383bf0b78" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">A loss on bad debts of $0.2 million, or $0.01 per basic and diluted share, associated with the write-off of disputed charterer balances;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="c912aa62b5b74dafb9750208ffc96848" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">A gain of $1.4 million, or $0.03 per basic and diluted share, in connection with the extinguishment of liability to the previous charterer of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Borealis</font>, relating to the amount of fuel and lubricants remaining on board the vessel at the time of the charter repudiation; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="5f298d0f62eb46f18b2c4df5a13c5b02" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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">A gain from bargain purchase of $12.3 million, or $0.27 per basic and diluted share, resulting from the acquisition of Oceanbulk and the Pappas Companies.</td>
</tr>
</table>
</div>

<div><br />
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In addition, net loss for the nine months ended September 30, 2014 included non-recurring transaction costs of $9.3 million, or $0.21 per basic and diluted share, in connection with the the acquisition of Oceanbulk.</div>

<div style="MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Excluding these non-cash items and the non-recurring transaction costs, net income for the nine months ended September 30, 2014 would have been $2.4 million, or $0.05 earnings per basic and diluted share, based on 45,236,873 weighted average number of basic and diluted shares.</div>

<div style="MARGIN-BOTTOM: 6pt"><br />
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Adjusted EBITDA for the nine months ended September 30, 2015 and 2014 was $6.8 million and $27.1 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: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the nine months ended September 30, 2015 and 2014, we owned and operated an average of 68.7 and 21.5 vessels, respectively, earning an average TCE rate of $8,130 and $12,813 per day, respectively. We refer you to footnote 8 under the heading "Summary of Selected Data" set forth below for information regarding our calculation of TCE rates.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the nine months ended September 30, 2015, voyage expenses were $52.3 million, compared to $20.7 million for the same period in 2014. The increase in voyage expenses was due to the increase in the average number of </div>

<div style="MARGIN-BOTTOM: 6pt; 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; COLOR: #000000; TEXT-ALIGN: right">10</div>

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

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">vessels in the nine months ended September 30, 2015, as well as the increased level of spot market activity, which is associated with higher voyage expenses than time charters.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the nine months ended September 30, 2015 and 2014, vessel operating expenses totalled $86.3 million and $31.1 million, respectively. The increase in operating expenses was mainly due to higher average number of vessels in the nine months ended September 30, 2015 compared to the same period in 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 nine months ended September 30, 2015 were $4,602, compared to $5,302 during the same period in 2014, representing a 13.2% reduction as a result of synergies and economies of scale from operating a larger fleet. </font>In addition, vessel operating expenses for the nine months ended September 30, 2015 and 2014 included $5.2 million and $1.5 million of pre-delivery expenses respectively, which related to the initial crew manning and the initial supply of stores for our vessels upon delivery. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Excluding these amounts, our average daily operating expenses per vessel for the</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">nine months ended September 30, 2015 and 2014 were $4,325 and $5,046, respectively, representing an even higher reduction of 14.3%.</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Dry docking expenses for the nine months ended September 30, 2015 and 2014 amounted to $13.1 million and $4.9 million, respectively. During the nine months ended September 30, 2015, 21 of our vessels underwent their periodic dry docking surveys, compared to three vessels in the same period in 2014.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Depreciation expense increased to $60.2 million for the nine months ended September 30, 2015, compared to $20.5 million for the same period in 2014. The increase was due to the higher average number of vessels in the nine months ended September 30, 2015 compared to the same period in 2014, which was partially offset by an increase in the estimated scrap rate per light weight ton from $200 to $300, which became effective as of January 1, 2015, following our management's reassessment based on the historical average demolition prices prevailing in the market.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Management fees for the nine months ended September 30, 2015 and 2014 were $6.4 million and $0.1 million, respectively. As of January 1, 2015, we engaged SPS to provide our fleet with certain procurement and remote vessel performance monitoring services at a daily fee of $295 per vessel. SPS will provide procurement and remote vessel performance monitoring services to a fleet of over 120 vessels. We expect to benefit from lower operating expenses and dry docking costs through the economies of scale that SPS will enjoy in managing such a large fleet. In addition, three of the Excel Vessels (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Martha</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Pauline </font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Despoina</font>)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">, </font>which were acquired with attached time charter agreements, were managed by Maryville until the expiration of their existing time charter agreements (two of which expired in August and one of which expired in November 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">During the nine months ended September 30, 2015, we had $16.7 million of general and administrative expenses, compared to $25.0 million during the same period in 2014. The decrease was mainly due to non-recurring transaction costs of $9.3 million, which we incurred during the nine months ended September 30, 2014 in connection with the acquisition of Oceanbulk, and stock-based compensation expenses of $1.8 million, also incurred during the nine months ended September 30, 2014, relating to a severance payment to our former Chief Executive Officer. <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 nine months ended September 30, 2015 were $1,112, compared to $1,485 during the same period in 2014. </font>This reduction was achieved despite the increase in wage expenses resulting from a 47% increase in our number of employees during the nine months ended September 30, 2015 as compared to the same period in 2014.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the nine months ended September 30, 2015, we recorded an impairment loss of an aggregate of $34.3 million relating to: (i) the sale of the vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Monika</font> (which was delivered to its new owners in April 2015); (ii) an agreement to sell one of our newbuilding vessels upon its delivery to us in 2016; (iii) an agreement to sell the vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Maiden Voyage</font> (which was delivered to its new owners in September 2015); (iv) the agreement to sell the vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Nicole</font> (which was delivered to its new owners in October 2015) and (v) two agreements to reassign the corresponding leases for two newbuilding vessels back to the vessels' owners for a one-time payment to the Company of $5.8 million each. Of this $34.3 million impairment loss, $20.7 million was due to the write-off of the fair value adjustment to the carrying value of these vessels recognized upon the merger with Oceanbulk in July 2014.</div>

<div style="MARGIN-BOTTOM: 6pt; 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; COLOR: #000000; TEXT-ALIGN: right">11</div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>
</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">During the nine months ended September 30, 2015, we recognized a $2.1 million write-off of the unamortized fair value of the above market acquired time charter of the vessel <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: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the nine months ended September 30, 2015 we recognized an aggregate loss on a sale of vessels of $20.5 million in connection with the sale of 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>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Rodon</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Big</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Mega</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Christianna</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Natalie</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Claudia </font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Maiden Voyage. </font>Total proceeds from these sales were $67.9 million, of which $1.1 million was received in 2014 as an advance for the sale of the vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Kim</font>.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Interest and finance costs for the nine months ended September 30, 2015 and 2014 were $21.6 million and $4.6 million, respectively. The increase is attributable to the higher average balance of our outstanding indebtedness of $940.4 million for the nine months ended September 30, 2015, including $50.0 million under the 8.00% Senior Notes and under our capital lease obligations, compared to $318.0 million for the same period in 2014. In addition, for the nine months ended September 30, 2015, interest and finance costs included $1.9 million of realized loss on hedging interest rate swaps compared to $0.01 million in the same period in 2014. Interest and finance costs incurred in the nine months ended September 30, 2015 and 2014 were set-off with interest capitalized from general debt of $9.2 million and $4.4 million, respectively, in connection with the payments made for our newbuilding vessels.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the nine months ended September 30, 2015, we recorded $1.0 million of loss on debt extinguishment in connection with the non-cash write off of unamortized deferred finance charges due to prepayments of certain of our loan facilities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We recorded a loss on derivative financial instruments for the nine months ended September 30, 2015 of $4.3 million, which included realized and unrealized gains/losses from swaps that were de-designated as accounting cash flow hedges from April 1, 2015 (date of de-designation). Loss on derivative financial instruments of $0.8 million during the nine months ended September 30, 2014 represented the non-cash loss from the mark to market valuation of four interest rate swaps outstanding during that period, which had not been designated as cash flow hedges.</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">&#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; COLOR: #000000; TEXT-ALIGN: right">12</div>

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

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><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="BACKGROUND-COLOR: #ffffff">
<div><br />
</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff">Net cash used in operating activities for the nine months ended September 30, 2015 was $8.1 million. Net cash provided by operating activities for the nine months ended September 30, 2014 was $7.7 million</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">. The TCE rate for the nine months ended September 30, 2015 and 2014 was $8,130 and $12,813, respectively.</font></div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff">Net cash used in investing activities for the nine months ended September 30, 2015 and 2014, was $403.6 million and $144.5 million,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff">respectively.</font><br />
</div>
</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt; BACKGROUND-COLOR: #ffffff">For the nine months ended September 30, 2015, net cash used in investing activities consisted of:</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt; BACKGROUND-COLOR: #ffffff">
<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: justify">
<table id="2e510c6c0a4f4ee0af203ff3d3d47d48" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">$469.7 million paid for advances and other capitalized expenses for our newbuilding vessels and for the acquisition of the last six Excel Vessels;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="43e380dd6c8e4900b400e326a913a5c7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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 $1.0 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="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="f832244802e242a085cc5943cb7204e7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">$66.8 million of proceeds from the sale of eleven vessels; namely, <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>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Rodon</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Big</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Monika</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Mega</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Christianna</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Maiden Voyage</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Claudia</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Star Natalie</font>; and</td>
</tr>
</table>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify">
<table id="c06beca52f2c4d019f2b9eb7867db8f0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">$0.2 million of hull and machinery insurance proceeds.</td>
</tr>
</table>
</div>

<div>For the nine months ended September 30, 2014, net cash used in investing activities consisted of:<br />
</div>
</div>
</div>

<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="964a6eda5257456bade198048f54f93a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">$31.4 million paid for advances and other capitalized expenses for our newbuilding vessels;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="8279298efb6c431b87a18e061209383c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<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; BACKGROUND-COLOR: #ffffff">$198.5 million paid for the acquisition of secondhand vessels (including certain Excel Vessels);</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="5c633f5c78af4592be7b7528c6b948b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">$0.4 million for the acquisition of other fixed assets;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="416026b2c1c84f2fa4aeb2985da2706e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">$0.2 million paid to acquire 33% of the total outstanding common stock of Interchart Shipping Inc., a Liberian company that acts as a chartering broker to our fleet; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="935b14bd3b664e58b2aa22e318e69b26" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">a net increase of $10.8 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="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="7e9050c3d84e4007b222467f2480888f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">$0.6 million of hull and machinery insurance proceeds; and</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="e1648bb69eca4f77acb9d2b023dcdab8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">$96.3 million cash assumed as part of the acquisition of Oceanbulk and the Pappas Companies.</td>
</tr>
</table>

<br />
</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-TOP: 8pt; BACKGROUND-COLOR: #ffffff">Net cash provided by financing activities for the nine months ended September 30, 2015 and 2014 was $556.4 million and $176.8 million, respectively.<br />
</div>

<div style="MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">For the nine months ended September 30, 2015, net cash provided by financing activities consisted of:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 8pt; BACKGROUND-COLOR: #ffffff">
<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: justify">
<table id="4f50c13858fb41dba02fa7baf85e6ccd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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 loan facilities for an aggregate of $291.3 million for (i) the financing of delivery installments for eight of our newbuilding vessels that were delivered during the period and one newbuilding vessel that was delivered in October 2015; (ii) cash consideration for the acquisition of the last six Excel Vessels; and (iii) the repayment in full of the $231.0 million Senior Secured Credit Agreement among Unity, as Borrower, the initial lenders named therein, as Initial Lenders, affiliates of Oaktree and Angelo, Gordon &amp; Co. as Lenders, and Wilmington Trust, National Association, as Administrative Agent (the &#8220;Excel Vessel Bridge Facility&#8221;);</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="35733d35ac7d494199bf1ca6c4b76c3f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">increase in<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font>capital lease obligations of $82.7 million, relating to four newbuildings delivered during the period under bareboat charters;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="abfc31212eb243da9085a94bec6fc2c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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">$418.8 million of proceeds from two public offerings of our common shares, which were completed in January 2015 and May 2015, net of underwriting discounts and commissions and less offering expenses of $1.0&#160;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="836669870c564319b5ed575b2d73dce9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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 $13.1 million; and</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
<table id="bb19c81f3e144c03af613b57136b5c53" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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 $222.3 million paid in connection with the regular amortization of outstanding vessel financings, capital lease installments and prepayments of certain of our loan facilities.</td>
</tr>
</table>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 8pt; BACKGROUND-COLOR: #ffffff">&#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; COLOR: #000000; TEXT-ALIGN: right">13</div>

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

<div style="MARGIN-BOTTOM: 5pt">For the nine months ended September 30, 2014, net cash provided by financing activities consisted of:</div>

<div>
<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="636e6443a6144e6c8fe98b0198436a45" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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 $139.0 million from post-delivery financing of our newbuilding vessels and $59.8 million drawn under the Excel Vessel Bridge Facility for the financing of the acquisition of the Excel Vessels;</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="7f07e40f62364d8c87c869aaa425ae14" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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 $21.2 million; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="4096fe9326f8428599274770801e584e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

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

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

<div style="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; COLOR: #000000; TEXT-ALIGN: right">14</div>

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

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; BACKGROUND-COLOR: #ffffff"><br />
&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><u>Summary of Selected Data</u></div>

<table id="503ed02f9c5b4c8890b129f021db3c00" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left">(TCE rates expressed in U.S. dollars)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle" valign="bottom" colspan="6">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">Three months ended</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">September 30, 2015</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">September 30, 2014</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Average number of vessels (1)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>71.2</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>31.5</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Number of vessels (2)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>70</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>41</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Average age of operational fleet (in years) (3)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>7.4</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>8.1</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Ownership days (4)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>6,550</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>2,902</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Available days (5)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>6,200</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>2,812</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Voyage days for fleet (6)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>5,634</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>2,232</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Fleet utilization (7)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>90.9%</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>79.4%</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Average per day TCE rate (8)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>8,702</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>11,159</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Average daily OPEX per vessel (9)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>4,484</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>5,192</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Average daily OPEX per vessel (excl. pre-delivery expenses)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>4,237</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>4,816</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Average daily Net Cash G&amp;A expenses per vessel (10)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>1,097</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>1,596</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle" valign="bottom" colspan="6">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">Nine months ended</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">September 30, 2015</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">September 30, 2014</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Average number of vessels (1)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>68.7</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>21.5</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Number of vessels (2)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>70</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>41</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Average age of operational fleet (in years) (3)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>7.4</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>8.1</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Ownership days (4)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>18,760</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>5,871</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Available days (5)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>18,153</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>5,750</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Voyage days for fleet (6)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>15,577</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>4,948</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Fleet utilization (7)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>85.8%</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>86.1%</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Average per day TCE rate (8)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>8,130</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>12,813</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Average daily OPEX per vessel (9)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>4,602</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>5,302</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Average daily OPEX per vessel (excl. pre-delivery expenses)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>4,325</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>5,046</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Average daily Net Cash G&amp;A expenses per vessel (10)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>1,112</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>1,485</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br />
</div>

<div style="TEXT-ALIGN: justify">
<table id="19807c8e2c44488aba76e2ee9e7e7874" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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">(1)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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="be6f281fe75047b1948b6ea8dc596955" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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">(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="ecb44e0500514c6eaa2e67d6e451cac1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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">(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 September 30, 2015 and 2014, respectively.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="1afd14f450c545e2872a4e251601a090" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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">(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="daaf97015ee94fa9a77f1a5ad67b921d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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">(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="d601a847207b4b36a3ddf34a3580903e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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">(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="8aa3c557516d479685d398d3727739b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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">(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.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="d31365c8f86b4cfe8483a9ebd7f87682" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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">(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., voyage 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="31ac9b15f90f41c9af926f8fe3d9593e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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">(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>
<table id="1f15feff78c846329566f80dff2af7bd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">(10)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Average daily Net Cash G&amp;A expenses per vessel is calculated by deducting (1) the Management fee Income from, and (2)&#160;adding the Management fee expense to, the General and Administrative expenses(net of stock based compensation expense) and (3)&#160;then dividing with the ownership days.</div>
</td>
</tr>
</table>
</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; COLOR: #000000; TEXT-ALIGN: right">15</div>

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

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

<div><br />
</div>

<div><br />
</div>

<table id="f1ec92956a66418ba8aa796201d474cf" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; 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 </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">for share and per share data)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" 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">September 30, </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; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" 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">September 30, </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; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" 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">Nine 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">September 30, </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; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" 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">Nine 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">September 30, </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; 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"></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>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2"></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"></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>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></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>
<td style="WIDTH: 52%; 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; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">68,745</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</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">36,477</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; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">169,927</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</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">79,541</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: 52%; 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; TEXT-ALIGN: right; 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">69</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; TEXT-ALIGN: right; 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">335</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; TEXT-ALIGN: right; 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">205</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; TEXT-ALIGN: right; 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">2,196</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: 52%; 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; TEXT-ALIGN: right; 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">68,814</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; TEXT-ALIGN: right; 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">36,812</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; TEXT-ALIGN: right; 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">170,132</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; TEXT-ALIGN: right; 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">81,737</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: 52%; 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; 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">&#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; 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">&#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; 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">&#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; 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">&#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: 52%; 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; 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">&#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; 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">&#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; 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">&#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; 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">&#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: 52%; 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; 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">&#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">(21,673</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; 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">&#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">(12,949</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; 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">&#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">(52,310</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; 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">&#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">(20,670</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: 52%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Charter in expense</div>
</td>
<td style="WIDTH: 1%; 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">&#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">(132</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; 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">&#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; 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">&#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">(132</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; 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">&#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: 52%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" 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; 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">&#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">(29,373</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; 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">&#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">(15,067</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; 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">&#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">(86,337</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; 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">&#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">(31,129</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: 52%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" 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; 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">&#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">(6,202</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; 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">&#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">(3,615</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; 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">&#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">(13,147</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; 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">&#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">(4,879</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: 52%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" 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; 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">&#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">(21,702</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; 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">&#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">(10,733</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; 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">&#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">(60,221</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; 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">&#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">(20,510</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: 52%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" 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; 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">&#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">(2,362</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; 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">&#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">(123</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; 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">&#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">(6,425</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; 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">&#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">(123</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: 52%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Bad debt expense</div>
</td>
<td style="WIDTH: 1%; 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">&#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>
<td style="WIDTH: 1%; 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">&#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>
<td style="WIDTH: 1%; 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">&#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>
<td style="WIDTH: 1%; 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">&#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">(215</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: 52%; 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; 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">&#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">(5,533</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; 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">&#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">(14,752</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; 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">&#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">(16,686</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; 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">&#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">(24,967</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: 52%; 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; 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">&#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">(5,444</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; 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">&#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>
<td style="WIDTH: 1%; 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">&#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">(34,273</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; 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">&#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: 52%; 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 time charter agreement termination</div>
</td>
<td style="WIDTH: 1%; 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">&#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; 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">&#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; 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">&#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; 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">&#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: 52%; 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; 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">&#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>
<td style="WIDTH: 1%; 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">&#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">9,377</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; 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">&#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">590</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; 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">&#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">9,784</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: 52%; 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; 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">&#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; 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">&#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; 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">&#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; 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">&#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">(94</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: 52%; 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; 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">&#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">(7,098</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; 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">&#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>
<td style="WIDTH: 1%; 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">&#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">(20,487</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; 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">&#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: 52%; 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 bargain purchase</div>
</td>
<td style="WIDTH: 1%; 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">&#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; 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">&#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">12,318</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; 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">&#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; 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">&#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">12,318</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: 52%; 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">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">&#160;</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; TEXT-ALIGN: right; 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">&#160;</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; TEXT-ALIGN: right; 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">&#160;</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; TEXT-ALIGN: right; 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">&#160;</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: 52%; 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">Operating income/(loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">(30,705</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; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">1,268</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; TEXT-ALIGN: right; 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">(121,410</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; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">1,252</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: 52%; 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; 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">&#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; 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">&#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; 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">&#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; 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">&#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: 52%; 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 finance costs</div>
</td>
<td style="WIDTH: 1%; 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">&#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">(7,738</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; 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">&#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">(1,533</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; 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">&#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">(21,609</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; 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">&#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">(4,590</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: 52%; 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 other income/(loss)</div>
</td>
<td style="WIDTH: 1%; 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">&#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">(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; 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">&#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">434</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; 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">&#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">802</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; 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">&#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">455</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: 52%; 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; 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">&#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; 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">&#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; 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">&#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">(974</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; 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">&#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: 52%; 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">Gain/(Loss) on derivative financial instruments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">(3,590</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">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">24</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; TEXT-ALIGN: right; 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">(4,278</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">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">(795</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">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 52%; 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 other expenses, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">(11,354</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; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">(1,075</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; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">(26,059</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; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">(4,930</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; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 52%; 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; 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">&#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; 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">&#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; 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">&#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; 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">&#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: 52%; 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">Income/(Loss) before equity in investee</div>
</td>
<td style="WIDTH: 1%; 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">&#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; FONT-WEIGHT: bold">(42,059</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; 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">&#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; FONT-WEIGHT: bold">193</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; 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">&#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; FONT-WEIGHT: bold">(147,469</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; 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">&#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; FONT-WEIGHT: bold">(3,678</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>
</tr>

<tr>
<td style="WIDTH: 52%; 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; 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">&#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; 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">&#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; 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">&#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; 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">&#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: 52%; 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; 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">&#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">86</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; 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">&#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">28</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; 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">&#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">299</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; 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">&#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">29</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: 52%; 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">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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">&#160;</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; TEXT-ALIGN: right; 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">&#160;</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; TEXT-ALIGN: right; 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">&#160;</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; TEXT-ALIGN: right; 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">&#160;</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: 52%; 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">Net income/(loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; 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">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(41,973</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</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">221</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; TEXT-ALIGN: right; 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">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(147,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</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">(3,649</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>
</tr>

<tr>
<td style="WIDTH: 52%; 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; 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">&#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; 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">&#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; 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">&#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; 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">&#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: 52%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Earnings/(loss) per share, basic</div>
</td>
<td style="WIDTH: 1%; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.19</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</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">0.003</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; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.78</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</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">(0.08</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: 52%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Earnings/(loss) per share, diluted</div>
</td>
<td style="WIDTH: 1%; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.19</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</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">0.003</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; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.78</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</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">(0.08</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: 52%; VERTICAL-ALIGN: middle; 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</div>
</td>
<td style="WIDTH: 1%; 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">&#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">219,120,612</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; 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">&#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">77,233,053</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; 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">&#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">187,704,877</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; 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">&#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">45,236,873</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: 52%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Weighted average number of shares outstanding, diluted</div>
</td>
<td style="WIDTH: 1%; 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">&#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">219,120,612</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; 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">&#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">77,437,791</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; 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">&#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">187,704,877</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; 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">&#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">45,236,873</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br />
</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; COLOR: #000000; TEXT-ALIGN: right">16</div>

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

<div><br />
</div>

<table id="6ccd9081f6ed4f7a8fefa8f9a53c9bfe" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="8">
<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="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="8">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">ASSETS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; 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">September 30, 2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; 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">December 31, 2014</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; 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; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">234,504</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 11%; 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: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessel held for sale</div>
</td>
<td style="WIDTH: 1%; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,647</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; 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">&#160;</td>
<td style="WIDTH: 11%; 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: 70%; 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 assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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: 11%; 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">41,928</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; TEXT-ALIGN: right; 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: 11%; 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">45,078</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: 70%; 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 ASSETS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; 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: 11%; 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">280,079</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; TEXT-ALIGN: right; 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: 11%; 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">134,430</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: 70%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" 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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">295,328</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" 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: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" 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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,895,674</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" 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: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; 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 investment</div>
</td>
<td style="WIDTH: 1%; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">933</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" 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: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" 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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">11,128</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" 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: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" 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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">770</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" 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: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; 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 assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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: 11%; 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">16,748</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; TEXT-ALIGN: right; 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: 11%; 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">8,029</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: 70%; 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 ASSETS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; 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">$</div>
</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,500,660</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 11%; 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>

<tr>
<td style="WIDTH: 70%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" 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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">106,049</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" 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: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" 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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,420</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; 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">&#160;</td>
<td style="WIDTH: 11%; 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: 70%; 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 liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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: 11%; 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">37,097</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; TEXT-ALIGN: right; 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: 11%; 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">43,713</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: 70%; 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 LIABILITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; 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: 11%; 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">147,566</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; TEXT-ALIGN: right; 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: 11%; 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">140,198</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: 70%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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: 70%; 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 debt&#160; (including Excel Vessel Bridge Facility)*</div>
</td>
<td style="WIDTH: 1%; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">776,821</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" 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: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8% 2019 Senior Notes</div>
</td>
<td style="WIDTH: 1%; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" 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: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" 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: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" 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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">76,180</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; 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">&#160;</td>
<td style="WIDTH: 11%; 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: 70%; 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 liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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: 11%; 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">6,692</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; TEXT-ALIGN: right; 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: 11%; 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">2,276</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: 70%; 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 LIABILITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; 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: 11%; 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">1,057,259</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; TEXT-ALIGN: right; 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: 11%; 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">907,782</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: 70%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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: 70%; 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">STOCKHOLDERS' EQUITY</div>
</td>
<td style="WIDTH: 1%; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,443,401</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" 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: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; 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">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; 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: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</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; TEXT-ALIGN: right; 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: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</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: 70%; 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 LIABILITIES AND STOCKHOLDERS' EQUITY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; 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">$</div>
</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,500,660</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 11%; 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>
</table>

<div>&#160;</div>

<div><br />
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 4.5pt; TEXT-INDENT: -4.5pt">*As of September 30, 2015, we had paid the delivery installment for our newbuilding vessel <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Star Antares</font> which was partially financed by $16.7 million drawn down on September 29, 2015, under the Sinosure Facility and the remaining amount was financed using existing cash. The vessel, however, was delivered to us on October 9, 2015. As a result, the entire amount paid for this vessel is included under the line &#8220;Advances for vessels under construction and acquisition of vessels and other assets&#8221;.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 4.5pt; TEXT-INDENT: -4.5pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 4.5pt; TEXT-INDENT: -4.5pt">&#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; COLOR: #000000; TEXT-ALIGN: right">17</div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>
</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="692334b8b5a94678a4c0dd50702635af" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px" 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="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" 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">Nine months ended September 30, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" 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">Nine months ended September 30, </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2014</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 10px">
<td style="WIDTH: 70%; 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="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle" valign="bottom" colspan="2"></td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; 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="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; 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; 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">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,077</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">7,669</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: 70%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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: 70%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(403,613</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(144,534</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: 70%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; 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: 70%; 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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">556,397</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; 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">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">176,770</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

<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; COLOR: #000000; TEXT-ALIGN: right">18</div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade" />
</div>
</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 such as those related to sale of vessels, loss on bad debt, the unrealized gains/losses on derivative instruments, stock-based compensation expense, the write off of the unamortized fair value of above market acquired time charters, vessel impairment losses, the gain from bargain purchase, the equity in income of investee and various non-recurring items, such as the transaction costs incurred in connection with the acquisition of Oceanbulk and the Pappas Companies, to derive adjusted EBITDA. We excluded the above described items to derive adjusted EBITDA, because we believe that these items do not reflect the ongoing 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">&#160;</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 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 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; COLOR: #000000; TEXT-ALIGN: right">19</div>

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

<table id="aff8af08f8074376a632638fe41a9f38" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-STYLE: italic; TEXT-ALIGN: left">(Expressed in thousands of U.S. dollars)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Three months </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">ended </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">September 30, </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Three months </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">ended </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">September 30, </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Nine months </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">ended </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">September 30, </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Nine months </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">ended </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">September 30, </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Net cash provided by/(used in) operating activities</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>1,422</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(2,816</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(8,077</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>7,669</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Net decrease / (increase) in current assets</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(6,081</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>18,792</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(8,712</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>25,585</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Net increase / (decrease) in operating liabilities, </div>

<div style="TEXT-ALIGN: left">excluding current portion of long term debt</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>2,641</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(14,227</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>2,922</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(19,465</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Vessel impairment loss</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(5,444</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(34,273</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Loss on debt extinguishment</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(974</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Stock &#8211; based compensation</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(639</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(2,933</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(2,046</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(4,836</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Amortization of sale and operating lease back </div>

<div style="TEXT-ALIGN: left">deferred gain</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>3</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>3</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Unrealized gains/losses on derivative instruments and </div>

<div style="TEXT-ALIGN: left">change in accrued derivative interest</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(2,403</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(35</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(2,462</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(854</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Total other expenses, net</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>8,146</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>945</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>21,593</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>3,697</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Loss on sale of vessel</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(7,098</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(20,487</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Write-off of unamortized fair value of above market </div>

<div style="TEXT-ALIGN: left">acquired time charter</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(2,114</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Loss on bad debt</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(215</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Gain from Hull &amp; Machinery claim</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>237</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Gain from bargain purchase</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>12,318</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>12,318</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Write-off of liability in other operational gain </div>

<div style="TEXT-ALIGN: left">(non-cash)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>1,361</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>1,361</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Equity in income of investee</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>86</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>28</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>299</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>29</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">EBITDA</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">(9,367</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-WEIGHT: bold">)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">13,433</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">(54,328</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div style="FONT-WEIGHT: bold">)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">25,526</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

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

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Gain from bargain purchase</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(12,318</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(12,318</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Write-off of liability in other operational gain </div>

<div style="TEXT-ALIGN: left">(non-cash)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(1,361</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(1,361</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Equity in income of investee</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(86</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(28</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(299</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(29</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Amortization of sale and operating lease </div>

<div style="TEXT-ALIGN: left">back deferred gain</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(3</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>(3</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

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

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Unrealized gains/losses on derivative </div>

<div style="TEXT-ALIGN: left">instruments and change in accrued derivative interest</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>2,403</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>35</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>2,462</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>854</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Stock-based compensation</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>639</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>2,933</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>2,046</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>4,836</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Vessel impairment loss</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>5,444</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>34,273</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Loss on sale of vessel</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>7,098</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>20,487</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Write-off of unamortized fair value of above </div>

<div style="TEXT-ALIGN: left">market acquired time charter</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>2,114</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Loss on bad debt</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>215</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="TEXT-ALIGN: left">Severance cash payment</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>891</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div>891</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Transaction costs related to Oceanbulk </div>

<div style="TEXT-ALIGN: left">acquisition</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>6,083</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>-</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>8,447</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 40%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Adjusted EBITDA</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">6,128</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">9,668</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">6,752</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-WEIGHT: bold">27,061</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<div id="DSPFPageNumberArea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">20</div>
</div>

<div>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade" />
</div>

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

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right">&#160;</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0 N17AI9@  34T *@    @  0$Q  (
M   +    &@    !'<F5E;G-H;W0@  #_VP!#  <%!08%! <&!08(!P<("A$+
M"@D)"A4/$ P1&!4:&1@5&!<;'B<A&QTE'1<8(BXB)2@I*RPK&B O,R\J,B<J
M*RK_VP!# 0<(" H)"A0+"Q0J'!@<*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ
M*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BK_P  1" !% 6P# 2(  A$! Q$!
M_\0 'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($
M P4%! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R
M@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ
M<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#
MQ,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$!
M 0$! 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W
M  $" Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8
M&1HF)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ
M@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*
MTM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#Z1HHH
MH *\/\7_ !DUK3O%E]8Z%]C-G;2>4K2Q%F9A]XYR.,YKU/QEKJ^&_".H:F3A
MXHB(AZN>%_4U\GLS.[/(Q9V)9B>Y/4UE4DUHCZ/),#3Q#E4JJZ6GS/0_^%W^
M+O33_P#P'/\ \51_PN_Q=Z:?_P" Y_\ BJ\[HK'GEW/I?[,P?_/M'HG_  N_
MQ=Z:?_X#G_XJNN^&_P 0/%7C'Q,;6\^QK901&2=HX"#Z* =WK_*O#:^B_@UX
M=_L?P4M],FVYU)O..>H3H@_+G\:N#DV>5FN'PF%PS<8+F>B.(UWXM>--"UZ]
MTRY&G^9:RE,_9S\P['[W<8K/_P"%W^+O33__  '/_P 56S\=O#WD:C9Z_ GR
M7 ^SSD?WARI_$9'X5Y%2E*47:YTX'"8+$X>-3V:OU]3T3_A=_B[TT_\ \!S_
M /%4?\+O\7>FG?\ @.?_ (JO.Z*GGEW.S^S,'_S[1]/_  T\3:AXL\)'4=6\
MKS_M#Q?N4VK@8QQD^M=?7G/P._Y)X?\ K\E_I7HU=,=4?!8V$:>)G&*LDV%%
M%%4<@4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 444R65(8GEE;:B*69CV Y- 'C'QX\0;I;#0
M(7X7_29P#^" _J:\;K7\5ZV_B+Q5J&J.25GE/ECT0<*/R%:G@;P]H7B?43IN
MKZI<:==R'_1RJJ4E_P!G)Z-_.N67O2/T7"PC@,&N=;:NWF<I17N?_"@-+_Z#
ME[_W[2C_ (4!I?\ T'+W_OVE/V<C#^W,%W?W'D7AC1)/$?BBPTJ+.+B4"0C^
M%!RQ_(&OK2"&.VMXX(5"1QJ$11V & *XGP;\,=,\$ZG/J4=]-=RM#Y8:=541
M+G)(Q]*NZC\4/!VES-%<:W!)(IP5MPTN/Q4$5O2IRMHCYC-\PABJJY'[J+_C
M70%\2^$+_32 9'CW0D]I%Y7]>/QKY0961V212KJ2K*>Q'45]1:7\3/"&L3K#
M9ZU LS'"I.&B)^FX 5SNM?!/2=9UN[U%-3NK7[5(93#&BE5)ZXS[\TJM*5]4
M=&39G2PRE"H_=>J]3Y^HKW/_ (4#I?\ T'+W_OVE'_"@-+_Z#E[_ -^DK'V<
MCW_[<P7=_<:OP._Y)X?^OR7^E>C5@>#?"</@W0CIEM<R7*&5I?,E4 Y.../I
M6_71%65CXO%U(U<1.I'9L****9RA1110 451U36M-T2!)M7OH+.)VV*\SA0Q
MZX&:S/\ A/\ PG_T,6G?^!"U2C)[(3DENSH:*YX>/O"9_P"9BT[_ ,"%K7L=
M4L-4A\W3;RWNXQU:"4.!^5#C);H$T]BU1114C"BBB@ HK D\=>%H97BEU_3T
M=&*LIG7((ZBK$OBO0(--@U";5[-+.X8K#.TH"2$=0#WZ57++L+F7<UZ*QK'Q
MAX=U.]2TT_6;.YN),[(HI@S-@9.!6S2::W!-/8****0PHHHH **** "BBB@
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M+3,]U( ;B[D^](?0>B^@KIJ\R5D]#M5[:A1112&%%%% !1110 4444 %%%%
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M ):V\;*T<$:L@VJ50 J/0>@I#96K;LVT)WMN;,8Y/J?>BBG=@->PLY)"\EI
M[GJS1@D_I4BP1)(SI$BNPPS!0"1Z$T44786&-8VK6S6[6T+0-]Z(QC:WU'2G
MVUM!:0B*UAC@B7HD:!5'X"BB@!EU86EZ%%[:PW 0Y431A]I]LTZ:U@N;<P7$
M$<L)&#'(@93^!XHHI78AJV-JELMNEM"L"_=B$8"K]!TI[V\+R!WBC9U& Q4$
A@>F:**=P$^R6_P!G\CR(_*_YY[!M_+I4P&  ***!G__9

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