<SEC-DOCUMENT>0000919574-21-003838.txt : 20210524
<SEC-HEADER>0000919574-21-003838.hdr.sgml : 20210524
<ACCEPTANCE-DATETIME>20210524171249
ACCESSION NUMBER:		0000919574-21-003838
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210531
FILED AS OF DATE:		20210524
DATE AS OF CHANGE:		20210524

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:		21956027

	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>d8857058_6-k.htm
<TEXT>
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      <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Washington, D.C. 20549</div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
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    <div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
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      <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif;">For the month of May 2021</div>
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      <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif;">Commission File Number: 001-33869</div>
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      <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 24pt; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Translation of registrant&#8217;s name into English)</div>
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      <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Star Bulk Carriers Corp.</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">c/o Star Bulk Management Inc.</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">40 Agiou Konstantinou Street,</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">15124 Maroussi,</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Athens, Greece</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Address of principal executive offices)</div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
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      <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif;">Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> Form 40-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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      <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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    <div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">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): <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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      <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    </div>
    <div>
      <div style="text-indent: 36pt; font-family: 'Times New Roman', serif;">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): <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font>&#160;</div>
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    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Attached as <a href="d8857058_ex99-1.htm">Exhibit 99.1</a> to this Form 6-K is a
      Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and the unaudited interim condensed consolidated financial statements of the Company as of and for the three months ended March 31, 2020 and 2021. <br>
    </div>
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          <div style="margin-bottom: 12pt;">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. 333-230687, 333-232765,
            333-234125 and 333-252808) 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>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', 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 &#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="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:</div>
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          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values;</div>
          </td>
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    <table cellspacing="0" cellpadding="0" id="z2c5f8c31e42d469e9676ca286f99cb19" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">the strength of world economies;</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" id="z893b1c23780c42038047103a6d8e86b6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">the stability of Europe and the Euro;</div>
          </td>
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    <table cellspacing="0" cellpadding="0" id="zf17d96d512bc4e67be137ffb3d2e4665" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <td style="width: 36pt;"><br>
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          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">fluctuations in interest rates and foreign exchange rates;</div>
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    <table cellspacing="0" cellpadding="0" id="z4495e69df86f4f4bb41a5f844b0b8c25" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">the impact of the expected discontinuance of the London Interbank Offered Rate, or LIBOR,&#160;after 2021 on interest rates of our debt that reference LIBOR;</div>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">business disruptions due to natural disasters or other disasters outside our control, such as the ongoing global outbreak of the novel coronavirus (&#8220;COVID-19&#8221;);</div>
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    <table cellspacing="0" cellpadding="0" id="z88bc527d495a4130ac26643dac6eb75a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">the length and severity of epidemics and pandemics, including COVID-19 and its impact on the demand for seaborne transportation in the dry bulk sector;</div>
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          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction;</div>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom;</div>
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    <table cellspacing="0" cellpadding="0" id="zf4977c6d5d4f42c2a3c3c035c316c91c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">changes in our operating expenses, including bunker prices, dry docking, crewing and insurance costs;</div>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;</div>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance ("ESG")
              policies;</div>
          </td>
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    <table cellspacing="0" cellpadding="0" id="z767d0a6c2b934b029c8a2f4ea20861c0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div style="font-family: 'Times New Roman', serif;">general domestic and international political conditions or events, including &#8220;trade wars&#8221;;</div>
          </td>
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    <table cellspacing="0" cellpadding="0" id="zefb9c3ff90a340678b867ec4f784814c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments;</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" id="za408f7eb544c45e69071304b220ff03a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">potential disruption of shipping routes due to accidents or political events;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zcef0456df00a4d2d86868cf59101835c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">the availability of financing and refinancing;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z369c8fd7c0c2403794f4d0bd66c3b2e2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">the failure of our contract counterparties to meet their obligations</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">our ability to meet requirements for additional capital and financing to grow our business;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z9717c2b04013469ba18d59f0b61cca6a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">the impact of our indebtedness and the compliance with the covenants included in our debt agreements;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z937c470a38264f0a818595974d806d8c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">vessel breakdowns and instances of off-hire;</div>
          </td>
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            <div style="font-family: 'Times New Roman', serif;">potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management;</div>
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            <div style="font-family: 'Times New Roman', serif;">our ability to complete acquisition transactions as and when planned; and</div>
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            <div style="font-family: 'Times New Roman', serif;">the risk factors and other factors referred to in the Company&#8217;s reports filed with or furnished to the SEC.</div>
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    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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)
      the information contained under this heading and (ii) the information disclosed in the Company&#8217;s annual report on Form 20-F for the fiscal year ended 2020, filed with the SEC on April 1, 2021, as amended on April 2, 2021.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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.</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURE</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Dated: May 24, 2021</div>
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            <div style="font-family: 'Times New Roman', serif;">By:</div>
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            <div style="font-family: 'Times New Roman', serif;">/s/ Simos Spyrou</div>
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            <div style="font-family: 'Times New Roman', serif;">Name:</div>
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          <td style="width: 25%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Simos Spyrou</div>
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            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="font-family: 'Times New Roman', serif;">Title:</div>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit</div>
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Number</div>
          </td>
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            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Description</div>
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            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: #0000EE; font-family: 'Times New Roman', serif;"><a href="d8857058_ex99-1.htm"><u>99.1</u></a></div>
          </td>
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            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and our unaudited interim condensed consolidated financial statements of the Company as of and for the
              three months ended March 31, 2020 and 2021.</div>
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<DOCUMENT>
<TYPE>EX-99.1
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<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
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         Copyright 1995 - 2021 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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  <div>
    <div><br>
    </div>
    <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 99.1</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">The following is a discussion of the financial condition and results of operations of Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) for the three-month
      periods ended March 31, 2020 and 2021. Unless otherwise specified herein, references to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221; shall include Star Bulk and its subsidiaries. You should read the following discussion and analysis together with the unaudited
      interim condensed consolidated financial statements and related notes included elsewhere herein. For additional information relating to our management&#8217;s discussion and analysis of financial conditions and results of operations, please see our Annual
      Report on Form 20&#8209;F for the year ended December 31, 2020, which was filed with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on April 1, 2021, as amended on April 2, 2021 (the &#8220;2020 Annual Report&#8221;). Unless otherwise defined herein,
      capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2020 Annual Report. This discussion includes forward-looking statements which, although based on assumptions that we consider reasonable, are subject
      to risks and uncertainties which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Overview</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We are a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Our vessels transport major
      bulks, which include iron ore, coal and grain, and minor bulks which include bauxite, fertilizers and steel products. We were incorporated in the Marshall Islands on December 13, 2006 and, on December 3, 2007, we commenced operations when we took
      delivery of our first vessel. We maintain offices in Athens, Oslo, New York, Limassol Singapore and Germany. Our common shares trade on the Nasdaq Global Select Market under the symbol &#8220;SBLK.&#8221;</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Our Fleet</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">On May 19, 2021 we took delivery of the SBI Pegasus (tbr <font style="font-style: italic;">Star Athena</font>), the seventh and final vessel
      pursuant to the previously announced transaction with Eneti Inc. (NYSE: NETI), formerly known as Scorpio Bulkers Inc. We issued to the relevant affiliates of Eneti Inc. 350,797&#160;common shares representing the share consideration for the seventh vessel
      and we assumed the outstanding lease obligations associated with the vessel.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">As of May 19, 2021, our owned (on a fully delivered basis following the delivery of the two Kamsarmax Resale Vessels)<font style="font-size: 12pt;">&#160;</font>fleet consisted of 128 operating vessels with an aggregate carrying capacity of approximately 14.1 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels. As used herein,
      &#8220;Eneti Acquisition Vessels&#8221; refers to the seven vessels subject to our acquisition pursuant to the agreement entered into on February 2, 2021 among us and Eneti Inc.&#160; and certain other parties; and &#8220;Kamsarmax Resale Vessels&#8221; refers to the two vessels
      subject to our acquisition pursuant to the definitive agreement entered into on March 3, 2021 between us and a third party. For additional information relating to the Eneti Acquisition Vessels and the Kamsarmax Resale Vessels, please see our 2020
      Annual Report. We believe our Company is the largest US listed dry bulk operator in terms of number vessels and deadweight tonnage.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">The following tables present summary information relating to our fleet as of May 19, 2021:</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Operating Fleet:</u></div>
    <div><br>
    </div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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          <td nowrap="nowrap" style="width: 28%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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          <td nowrap="nowrap" style="width: 10.94%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Date</div>
          </td>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel Name</div>
          </td>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Delivered to Star Bulk</div>
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          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Year Built</div>
          </td>
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          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">1</div>
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          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Sea Diamond Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Goliath (1)</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">209,537</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 15, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">2</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Pearl Shiptrade LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Gargantua (1)</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">209,529</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 2, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Ennea LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Gina 2GR</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">209,475</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 26,&#160;2016</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">4</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Coral Cape Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Maharaj (1)</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">209,472</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 15, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">5</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Castle&#160;II LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Leo</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,939</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">May 14, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">6</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY Eleven Ltd</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Laetitia</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,896</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">7</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Domus Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Ariadne</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,812</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 28, 2017</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">8</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Breezer LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Virgo</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,810</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 1, 2017</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">9</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Seeker LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Libra (1)</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,765</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">June 6, 2016</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY Nine Ltd</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Sienna</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,721</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">11</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Clearwater Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Marisa</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,709</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 11 2016</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">12</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY Ten Ltd</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Karlie</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,566</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">13</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Castle&#160;I LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Eleni</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,555</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">14</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Festive Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Magnanimus</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">207,490</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 26, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">15</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">New Era II Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Debbie H</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">206,861</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">May 28, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">16</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">New Era III Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Ayesha</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">206,852</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 15, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">17</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">New Era I Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Katie K</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">206,839</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 16, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">18</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Cape Ocean Maritime LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Leviathan</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">182,511</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September&#160;19, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">19</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Cape Horizon Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Peloreus</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">182,496</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;22, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">20</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor I LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Claudine</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">181,258</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">21</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor II LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Ophelia</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">180,716</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">22</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Christine Shipco LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Martha</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">180,274</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 31, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">23</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Sandra Shipco LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Pauline</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">180,233</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December 29, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">24</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Pacific Cape Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Pantagruel</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">180,181</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">25</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Borealis LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Borealis</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">179,678</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September&#160;9, 2011</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">26</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Polaris LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Polaris</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">179,546</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">November&#160;14, 2011</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">27</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor III LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Lyra</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">179,147</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">28</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Regg IV LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Bayonne</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">178,977</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January 26, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">29</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Regg V LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Borneo</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">178,978</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January 26, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">30</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Regg VI LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">E.R. Buenos Aires</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">178,978</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January 26, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">31</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Regg II LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Janni</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">178,978</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January 7, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">32</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Regg I LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Marianne</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">178,906</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January 14, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">33</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident V LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Angie</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">177,931</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 29, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">34</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Sky Cape Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Big Fish</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">177,662</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">35</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Global Cape Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Kymopolia</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">176,990</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">36</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XXV Ltd.</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Triumph</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">176,343</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December 8, 2017</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">37</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY Fourteen Ltd</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Scarlett</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">175,800</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">38</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY Fifteen Ltd</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Audrey</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">175,125</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">39</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Sea Cape Shipping LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Big Bang</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">174,109</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.83%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">40</div>
          </td>
          <td style="width: 30.84%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY I LLC</div>
          </td>
          <td style="width: 28%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Paola</div>
          </td>
          <td style="width: 10.94%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">115,259</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"> </font><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc6cc518d33c34497a87ec65cc68a6f15" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 4.81%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">41</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABM One Ltd</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Eva</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">106,659</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">42</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Nautical Shipping LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Amami</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">98,681</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">43</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Majestic Shipping LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Madredeus</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">98,681</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">44</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Sirius LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Sirius (1)</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">98,681</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March&#160;7, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">45</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Vega LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Vega (1)</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">98,681</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February&#160;13, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">46</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY II LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Aphrodite</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">92,006</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">47</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Augustea Bulk Carrier Ltd</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Piera</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">91,952</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">48</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Augustea Bulk Carrier Ltd</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Despoina</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">91,945</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">49</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor IV LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Electra</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">83,494</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">50</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Alta I LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Angelina</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,981</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December 5, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">51</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Alta II LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Gwyneth</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,790</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December 5, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">52</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident&#160;I LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Kamila</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,769</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September&#160;3, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2005</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">53</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor VI LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Luna</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,687</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">54</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor V LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Bianca</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,672</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">55</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Grain Shipping LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Pendulum</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,619</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">56</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XIX LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Maria</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,598</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">November 5, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">57</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Markella</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,594</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September&#160;29, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">58</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident IX LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Danai</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,574</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 21, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">59</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY Seven Ltd</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Jeanette</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,567</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">60</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XI LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Georgia</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,298</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 14, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">61</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident VIII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Sophia</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,269</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 31, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">62</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XVI LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Mariella</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,266</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September&#160;19, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">63</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XIV LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Moira</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,257</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">November 19, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">64</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XVIII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Nina</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,224</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January 5, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">65</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident X LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Renee</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,221</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December 18, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">66</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident&#160;II LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Nasia</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,220</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August&#160;29, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">67</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XIII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Laura</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,209</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December 8, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">68</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XV LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Jennifer</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,209</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 15, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">69</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor VIII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Mona</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,188</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">70</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XVII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Helena</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,187</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December 29, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">71</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor VII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Astrid</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,158</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">72</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Zeus I LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Capoeira (1)</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,000</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 16, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">73</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Waterfront Two Ltd</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Alessia</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,944</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">74</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor IX LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Calypso</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,918</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">75</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Gaia LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Charis</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,711</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 22, 2017</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">76</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Elpis LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Suzanna</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,711</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">May 15, 2017</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">77</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Zeus VII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Macarena (1)</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,600</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 6, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">78</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Mineral Shipping LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Mercurial Virgo</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,545</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">79</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor X LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Stardust</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,502</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">80</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor XI LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Sky</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,466</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">81</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Zeus VI LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Lambada (1)</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,300</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 16, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">82</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Zeus II LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Carioca (1)</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,300</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 16, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">83</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY III LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Lydia</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,187</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">84</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY IV LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Nicole</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,120</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">85</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY Three Ltd</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Virginia</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">81,061</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">86</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor XII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Genesis</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">80,705</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">87</div>
          </td>
          <td style="width: 30.71%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor XIII LLC</div>
          </td>
          <td style="width: 27.87%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Flame</div>
          </td>
          <td style="width: 10.91%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">80,448</div>
          </td>
          <td style="width: 18.3%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4a569954f9ac49c381897dab7bd54a4f" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 5.97%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">88</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident&#160;III LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Iris</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">76,466</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September&#160;8, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">89</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident XX LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Emily</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">76,417</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September&#160;16, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">90</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Zeus III LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Athena (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">63,371</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">May 19, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">91</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Orion Maritime LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Idee Fixe (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">63,458</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 25, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">92</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Primavera Shipping LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Roberta (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">63,426</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">93</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Success Maritime LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Laura (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">63,399</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 7, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">94</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Ultra Shipping LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Kaley (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">63,283</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">June 26, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">95</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Blooming Navigation LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Kennadi (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">63,262</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January 8, 2016</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">96</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Jasmine Shipping LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Mackenzie (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">63,226</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 2, 2016</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">97</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA I SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Apus (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">63,123</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 16, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">98</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Zeus V LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Bovarius (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">61,600</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 16, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">99</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor XV LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Wave</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">61,491</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">100</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Challenger&#160;I LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Challenger (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">61,462</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December&#160;12, 2013</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">101</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Challenger&#160;II LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Fighter (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">61,455</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December&#160;30, 2013</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">102</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Axe&#160;II LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Lutas (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">61,347</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January 6, 2016</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">103</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Aurelia Shipping LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Honey Badger (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">61,320</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 27, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">104</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Rainbow Maritime LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Wolverine (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">61,292</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 27, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">105</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Axe I LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Antares (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">61,258</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 9, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">106</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Zeus IV LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Subaru (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">61,000</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 16, 2021</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">107</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ABY Five Ltd</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Monica</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">60,935</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 3, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">108</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Asia&#160;I LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Aquarius</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">60,916</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 22, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">109</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Asia&#160;II LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Pisces (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">60,916</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 7, 2015</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">110</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Nor XIV LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Glory</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">58,680</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 6, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">111</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA XI SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Pyxis (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,615</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 19, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">112</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA VIII SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Hydrus (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,604</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 8, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">113</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA IX SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Cleo (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,582</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 15, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">114</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Trident VII LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Diva (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,582</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 24, 2017</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">115</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA VI SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Centaurus (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,559</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September 18, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">116</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA VII SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Hercules (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,545</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 16, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">117</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA X SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Pegasus (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,540</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 15, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">118</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA III SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Cepheus (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,539</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 16, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">119</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA IV SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Columba (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,530</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 23, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">120</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA V SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Dorado (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,507</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 16, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">121</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">STAR LIDA II SHIPPING LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Aquila (1)</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">56,506</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 15, 2019</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">122</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Regg III LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Bright</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">55,783</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 10, 2018</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">123</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Glory Supra Shipping LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Strange Attractor</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">55,742</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">124</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Omicron LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Omicron</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">53,489</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April&#160;17, 2008</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2005</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">125</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Zeta LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Zeta</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">52,994</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">January&#160;2, 2008</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2003</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.97%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">126</div>
          </td>
          <td style="width: 29.62%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Theta LLC</div>
          </td>
          <td style="width: 26.83%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Star Theta</div>
          </td>
          <td style="width: 12.92%; vertical-align: middle; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">52,425</div>
          </td>
          <td style="width: 17.27%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December&#160;6, 2007</div>
          </td>
          <td style="width: 7.4%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2003</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 5.97%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 29.62%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 26.83%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total dwt</div>
          </td>
          <td nowrap="nowrap" style="width: 12.92%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">13,908,404</div>
          </td>
          <td nowrap="nowrap" style="width: 17.27%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.4%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Vessels to be delivered:</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z9fd4a2fd86c3448587532713a5c85982" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td nowrap="nowrap" style="width: 34.89%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Vessels to be delivered:</u></div>
          </td>
          <td nowrap="nowrap" style="width: 31.7%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.55%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 20.85%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.89%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Wholly Owned Subsidiary</div>
          </td>
          <td style="width: 31.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 12.55%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 20.85%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Expected delivery to Star Bulk</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 34.89%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Sun I LLC</div>
          </td>
          <td nowrap="nowrap" style="width: 31.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Hull YZJ2015-2263</div>
          </td>
          <td style="width: 12.55%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,000</div>
          </td>
          <td style="width: 20.85%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">May-21</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 34.89%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Sun II LLC</div>
          </td>
          <td nowrap="nowrap" style="width: 31.7%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Hull YZJ2014-2264</div>
          </td>
          <td style="width: 12.55%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,000</div>
          </td>
          <td style="width: 20.85%; vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Jun-21</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 34.89%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 31.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total dwt</div>
          </td>
          <td nowrap="nowrap" style="width: 12.55%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">164,000</div>
          </td>
          <td nowrap="nowrap" style="width: 20.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>____________<br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze79c99fc4bd043f89a705a62aadaab2e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Subject to a sale and leaseback financing transaction as further described in Notes 7 and 15 to our consolidated financial statements included elsewhere
              herein.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Liquidity and Capital Resources</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Our principal sources of funds have been cash from operations, equity offerings, borrowings under secured credit facilities, debt securities or
      bareboat lease financings and proceeds from vessel sales. Our principal uses of funds have been capital expenditures to establish, grow our fleet, maintain the quality of our dry bulk carriers and comply with international shipping standards,
      environmental laws and regulations, fund working capital requirements, make principal and interest payments on outstanding indebtedness and make dividend payments when approved by the Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Our short-term liquidity requirements include paying operating costs, funding working capital requirements and the short-term equity portion of
      the cost of vessel acquisitions and vessel upgrades, interest and principal payments on outstanding indebtedness and maintaining cash reserves to strengthen our position against adverse fluctuations in operating cash flows. Our primary source of
      short-term liquidity is cash generated from operating activities, available cash balances as well as funds received from new debt and refinancings as well as equity financings.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Our medium- and long-term liquidity requirements are funding the equity portion of any newbuilding vessel installments and second hand vessel
      acquisitions, funding required payments under our vessel financing and other financing agreements and paying cash dividends when declared. Sources of funding for our medium and long-term liquidity requirements include cash flows from operations, new
      debt and refinancings, or bareboat lease financings, sale and lease back arrangements, equity issuances and vessel sales.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">As of May 19, 2021, we had total cash of <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">$223.2</font> million and <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">$1,644.7</font> million of outstanding borrowings (including bareboat lease financing and 2022 Notes). In addition, following a number of interest rates swaps that we
      entered into during 2020 and 2021, we have converted a total of $978.9 million of such debt from floating to an average fixed rate of 44 bps with average maturity of 3.0 years. The remaining consideration to be paid for the two Kamsarmax Resale
      Vessels amounts to $44.0 million and we are in advanced negotiations with a major financing institution for its partial financing.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Our debt agreements contain financial covenants and undertakings requiring us to maintain various ratios, a summary of these terms included in
      Note 9 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2020, included in the 2020 Annual Report.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We believe that our current cash balance, together with the $30.0 million available under our HSBC Working Capital Facility, as defined in our
      2020 Annual Report, and our operating cash flows to be generated over the short-term period will be sufficient to meet our liquidity needs for the foreseeable future (and at least through the end of the second quarter of 2022), including funding the
      operations of our fleet, capital expenditure requirements and any other present financial requirements. However, we may seek additional indebtedness to finance future vessel acquisitions in order to maintain our cash position or to refinance our
      existing debt on more favorable terms. Our practice has been to acquire dry bulk carriers using a combination of funds from operations and bank debt or lease financing secured by mortgages or title of ownership on our dry bulk carriers held by the
      relevant lenders, respectively. Our business is capital-intensive and its future success will depend on our ability to maintain a high-quality fleet through the acquisition of newer dry bulk carriers and the selective sale of older dry bulk carriers.
      These acquisitions will be principally subject to management&#8217;s expectation of future market conditions as well as our ability to acquire dry bulk carriers on favorable terms. However our ability to obtain bank or lease financing, to refinance our
      existing debt or to access the capital markets for offerings in the future, may be limited by our financial condition at the time of any such financing or offering, including the market value of our fleet, as well as by adverse market conditions
      resulting from, among other things, general economic conditions, weakness in the financial and equity markets and contingencies and uncertainties, that are beyond our control.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"> <br>
    </div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the &#8220;Covid-19&#8221;) outbreak a pandemic. In response to the outbreak, many
      countries, ports and organizations, including those where we conduct a large part of our operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. These measures have resulted in a significant
      reduction in global economic activity and extreme volatility in the global financial markets. There continues to be a high level of uncertainty relating to how the pandemic will evolve, including the availability of vaccines and their global
      deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public's and government's responses to such measures. At present, it is not possible to ascertain any future impact
      of Covid-19 on the Company&#8217;s operational and financial performance, which may take some time to materialize and may not be fully reflected in the Company&#8217;s results for 2020 and 2021.&#160; However, an increase in the severity or duration or a resurgence
      of the Covid-19 pandemic and the timing of wide-scale vaccine distribution could have a material adverse effect on the Company&#8217;s business, results of operations, cash flows, financial condition, the carrying value of the Company&#8217;s assets, the fair
      values of the Company&#8217;s vessels, and the Company&#8217;s ability to pay dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Dividend Policy</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">In November 2019, our Board of Directors established a dividend policy, which was updated on May 19, 2021, pursuant to which our Board of Directors intends to
      declare a dividend in each of February, May, August and November in an amount equal to (a) our Total Cash Balance minus (b) the product of (i) the Minimum Cash Balance per Vessel and (ii) the Number of Vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#8220;Total Cash Balance&#8221; means (a) the aggregate amount of cash on our balance sheet as of the last day of the quarter preceding the relevant dividend declaration
      date minus (b) any proceeds received by us, including our subsidiaries, from vessel sales, or additional proceeds from vessel refinancings, or securities offerings in the last 12 months that have been earmarked for share repurchases, debt prepayment,
      vessel acquisitions and general corporate purposes.</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 31.5pt; font-family: 'Times New Roman', serif;">&#8220;Minimum Cash Balance per Vessel&#8221; means:</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">$1.40 million for March 31, 2021;</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">b.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">$1.65 million for June 30, 2021</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" id="zd8142116bbac4a9cb1839870bd614962" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">c.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">$1.90 million for September 30, 2021</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zfed0f1b8308b4d398aff7e01e59fed1d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">d.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">$2.10 million for December 31, 2021 and thereafter</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -4.5pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;&#8220;Number of Vessels&#8221; means the total number of vessels owned by us, or that are subject to sale and leaseback transactions and finance
      leases, as of the last day of the quarter preceding the relevant dividend declaration date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, we owned 125 vessels and our Total Cash Balance was at $206.6 million.&#160; Adjusted for the Minimum Cash Balance per Vessel for March 31,
      2021 of $1.40 million, resulted in total declared dividend amount of approximately $31.0 million or $0.30 per share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 31.5pt; font-family: 'Times New Roman', serif;">Since Star Bulk is a holding company with no material assets other than the shares of its subsidiaries through which it conducts its operations, Star Bulk&#8217;s
      ability to pay dividends will depend on its subsidiaries distributing their earnings and cash flow to it. Any future dividends declared will be at the discretion and remain subject to approval of our Board of Directors each quarter after its review
      of our financial condition and other factors, including but not limited to our earnings, the prevailing charter market conditions, capital requirements, limitations under our debt agreements and applicable provisions of Marshall Islands law, which
      generally prohibits the payment of dividends other than from operating surplus or while a company is insolvent or would be rendered insolvent upon the payment of such dividend. Star Bulk&#8217;s dividend policy and declaration and payment of dividends may
      be changed at any time and are subject to legally available funds and our Board of Directors&#8217; determination that each declaration and payment is at the time in the best interests of Star Bulk and its shareholders after its review of our financial
      performance.</div>
    <div style="text-align: justify; text-indent: 31.5pt; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 31.5pt; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 31.5pt; font-family: 'Times New Roman', serif;">There can be no assurance that our Board of Directors will declare or pay any dividend in the future.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 31.5pt; font-family: 'Times New Roman', serif;">The dividend is payable on or about June 14, 2021, to all shareholders of record&#160;as of May 31, 2021 (&#8220;Record Date&#8221;). The ex-dividend date is expected to be
      May 30, 2021.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Other Recent Developments</div>
    <div><br>
    </div>
    <div style="margin: 0px 0px 12px; color: #000000; font-family: 'Times New Roman', serif; text-align: justify; text-indent: 36pt;">Please refer to Note 15 to our unaudited interim condensed consolidated financial statements, included elsewhere herein,
      for developments that took place after March 31, 2021.</div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Operating Results</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Factors Affecting Our Results of Operations</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We deploy our vessels on a mix of short to medium time charters or voyage charters, contracts of affreightment or in dry bulk carrier pools,
      according to our assessment of market conditions. We adjust the mix of these charters to take advantage of the relatively stable cash flow and high utilization rates associated with medium to long-term time charters, or to profit from attractive spot
      charter rates during periods of strong charter market conditions, or to maintain employment flexibility that the spot market offers during periods of weak charter market conditions. The following table reflects certain operating data of our fleet,
      including our ownership days and TCE rates, which we believe are important measures for analyzing trends in our results of operations, for the periods indicated:</div>
    <div><br>
    </div>
    <div><br>
    </div>
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        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="6">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three-month period ended March 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">(TCE rates expressed in U.S. Dollars)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">2020</div>
          </td>
          <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Average number of vessels (1)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">116.0</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">119.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Number of vessels (2)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">116</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">125</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Average age of operational fleet (in years) (3)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">8.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">9.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Ownership days (4)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">10,556</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">10,737</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Available days (5)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">9,118</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">10,115</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Charter-in days (6)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">367</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">175</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Time Charter Equivalent Rate&#160; (TCE rate) (7)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">10,949</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">15,461</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel
              was a part of our owned fleet during the period divided by the number of calendar days in that period.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z039f05bd90c04f5c9d3f7f7d55a636f0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">As of the last day of the periods reported.</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" id="z9a5effd803a74dbdb396f2b3efeef993" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Average age of our operational fleet is calculated as of the end of each period.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z0bca83a27167465d9d8af418f53f3641" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period,<font style="font-style: italic;">&#160;</font>including vessels subject
              to sale and leaseback transactions and finance leases.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zee5455c102294040a356195ec379e153" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys and scrubber/ Ballast
              Water Treatment System (&#8220;BWTS&#8221;)&#160; installation. The available days for the first quarter 2021 were also decreased by off-hire days relating to disruptions in connection with crew changes as a result of COVID-19. Available&#160;Days as presented
              above may&#160;not necessarily be comparable to Available Days of other companies due to differences in methods of calculation.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zcd944161d8ab49049f3b4c6bef16bc45" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Charter-in days are the total days that we charter-in vessels not owned by us.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zd7d58bce0c80449eaaa04fc091df334a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(7)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Time charter equivalent rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet under charter-in arrangements). TCE rate is
              a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues which consists of: voyage revenues (net of voyage expenses, charter-in hire expense,
              amortization of fair value of above/below market acquired time charter agreements, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements (&#8220;FFAs&#8221;) and bunker swaps) by (b) Available days for the relevant time
              period. Available days do not include the Charter-in days as per the relevant definitions provided above. 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. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of
              our fleet and is more comparable to the method used by our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP
              measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. 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, bareboat charters and
              pool arrangements) under which its vessels may be employed between the periods. TCE Revenues and TCE rate, as presented above, may not necessarily be comparable to those of other companies due to differences in methods of calculation.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">The following table reflects the calculation of our TCE rates as discussed in footnote (7) above. The table presents reconciliation of TCE Revenues to voyage
      revenues as reflected in the unaudited interim condensed consolidated statement of operations.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z94902befb14c4aeb9d21e5ee63cd6d39">

        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="6">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three-month period ended March 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">(In thousands of U.S. Dollars, except as otherwise stated)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">2020</div>
          </td>
          <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">2021</div>
          </td>
          <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Voyage revenues</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">160,862</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">200,467</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Less:</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Voyage expenses</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">(55,310</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">(40,052</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Charter-in hire expenses</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">(8,774</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">(2,943</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Realized gain/(loss) on FFAs/bunker swaps</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">3,545</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">(891</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Amortization of fair value of below/above market acquired time charter agreements</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">(487</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">(187</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Time charter equivalent revenues</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">99,836</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">156,394</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Available days</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">9,118</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">10,115</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Daily time charter equivalent rate ("TCE")</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">10,949</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">15,461</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Voyage Revenues</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Voyage revenues are driven primarily by the number of vessels in our operating fleet, the duration of our charters, the number of charter-in
      days, the amount of daily charter hire or freight rates that our vessels earn under time and voyage charters, respectively, which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals,
      the number of vessels chartered-in, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in dry dock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our
      vessels, levels of supply and demand in the seaborne transportation market.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Vessels operating on time charters for a certain period of time provide more predictable cash flows over that period of time, but can yield
      lower profit margins than vessels operating in the spot charter market during periods characterized by favorable market conditions. Vessels operating in the spot charter market generate revenues that are less predictable, but may enable us to capture
      increased profit margins during periods of improved charter rates, although we would be exposed to the risk of declining vessel rates, which may have a materially adverse impact on our financial performance. If we employ vessels on period time
      charters, future spot market rates may be higher or lower than the rates at which we have employed our vessels on period time charters.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Voyage Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Voyage expenses may include port and canal charges, agency fees, fuel (bunker) expenses and brokerage commissions payable to related and third
      parties. Voyage expenses are incurred for our owned and chartered-in vessels during voyage charters or when the vessel is unemployed. Bunker expenses, port and canal charges primarily increase in periods during which vessels are employed on voyage
      charters because these expenses are paid by the owners. Our voyage expenses primarily consist of bunkers cost, port expenses and commissions paid in connection with the chartering of our vessels.</div>
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    <div style="margin-bottom: 8pt;"><br>
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    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Charter-in hire expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Charter-in hire expenses represent hire expenses for chartering-in third and related party vessels, either under time charters or voyage
      charters.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel Operating Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and
      maintenance, the cost of spares and consumable stores, tonnage taxes, regulatory fees, vessel scrubbers and BWTS maintenance expenses, lubricants and other miscellaneous expenses. Other factors beyond our control, some of which may affect the
      shipping industry in general, including for instance, developments relating to market prices for crew wages, lubricants and insurance, may also cause these expenses to increase.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Dry Docking Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Dry docking expenses relate to regularly scheduled intermediate survey or special survey dry docking necessary to preserve the quality of our
      vessels as well as to comply with international shipping standards and environmental laws and regulations. Dry docking expenses can vary according to the age of the vessel and its condition, the location where the dry docking takes place, shipyard
      availability and the number of days the vessel is under dry-dock. We utilize the direct expense method, under which we expense all dry docking costs as incurred.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Depreciation</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We depreciate our vessels on a straight-line basis over their estimated useful lives, which is determined to be 25 years from the date of their
      initial delivery from the shipyard. Depreciation is calculated based on a vessel&#8217;s cost less the estimated residual value.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">General and Administrative Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We incur general and administrative expenses, including our onshore personnel related expenses, directors and executives&#8217; compensation, share
      based compensation, legal, consulting, audit and accounting expenses.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Management Fees</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Management fees include fees paid to third parties as well as related parties providing certain procurement services to our fleet.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(Gain) / Loss on Forward Freight Agreements and Bunker Swaps, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">From time to time, we take positions in freight derivatives, including freight forward agreements (the &#8220;FFAs&#8221;) and freight options with an
      objective to utilize those instruments as economic hedges that are highly effective in reducing the risk on specific vessels trading in the spot market and to take advantage of short term fluctuations in the market prices. Upon the settlement of the
      applicable FFA, if the contracted charter rate is less than the average of the rates, as reported by an identified index, for the specified route and time period, the seller of the FFA is required to pay the buyer the settlement sum, which is an
      amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is
      required to pay the seller the settlement sum. Our FFAs are settled on a daily basis mainly through reputable exchanges such as London Clearing House (LCH) or Singapore Exchange (SGX) so as to limit our exposure in over-the-counter transactions.
      Customary requirements for trading in FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark to market of the contracts. The fair value of the FFAs or freight options is treated as asset or
      liability until they are settled. Any such settlements by us or settlements to us under FFAs or freight options, if any, are recorded under (Gain)/Loss on forward freight agreements and bunker swaps, net.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Also, from time to time, we may enter into bunker swap contracts to manage our exposure to fluctuations of bunker prices associated with the
      consumption of bunkers by our vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. Our bunker swaps are settled through reputable
      clearing houses. Bunker price differentials paid or received under the swap agreements are recognized under (Gain)/Loss on forward freight agreements and bunker swaps, net.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">The fair value of freight derivatives and bunker swaps is determined through Level 1 inputs of the fair value hierarchy (quoted prices from the
      applicable exchanges such as the London Clearing House (LCH) or the Singapore Exchange (SGX)). Our FFAs and bunker swaps do not qualify for hedge accounting and therefore unrealized gains or losses are recognized under (Gain)/Loss on forward freight
      agreements and bunker swaps, net.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Interest and Finance Costs</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We incur interest expense and financing costs in connection with our outstanding indebtedness under our existing loan facilities (including sale
      and leaseback financing transactions) and the 2022 Notes. We also incur financing costs in connection with establishing those facilities, which are presented as a direct deduction from the carrying amount of that debt liability and amortize them to
      interest and financing costs over the term of the underlying obligation using the effective interest method.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Interest Income</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We earn interest income on our cash deposits with our lenders and other financial institutions.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Gain / (Loss) on interest rate swaps, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We enter into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to our
      variable interest loans and credit facilities. Interest rate swaps are recorded in the balance sheet as either assets or liabilities, measured at their fair value (Level 2), with changes in such fair value recognized in earnings under (gain)/loss on
      interest rate swaps, net, unless specific hedge accounting criteria are met. When interest rate swaps are designated and qualify as cash flow hedges, the effective portion of the unrealized gains/losses from those swaps is recorded in Other
      Comprehensive Income / (Loss) while any ineffective portion is recorded as Gain/(loss) on interest rate swaps, net.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Inflation</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Inflation does not have a material effect on our expenses given current economic conditions. In the event that significant global inflationary
      pressures appear, these pressures would increase our operating, voyage, administrative and financing costs.</div>
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    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Results of Operations</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">The three-month period ended March 31, 2021 compared to the three-month period ended March 31, 2020</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Voyage revenues net of Voyage expenses</font>: Voyage revenues for the three months ended
      March 31, 2021 increased to $200.5 million from $160.9 million in the corresponding period in 2020. Time charter equivalent revenues (&#8220;TCE Revenues&#8221;) (as defined above) were $156.4 million compared to $99.8 million for the corresponding period in
      2020, which is indicative of improved market conditions prevailing during the three month period ended March 31, 2021 compared to the corresponding period in 2020. As a result, the TCE rate for the first quarter of 2020 was $15,461 compared to
      $10,949 for the corresponding period in 2020. Please refer to the table above for the calculation of the TCE Revenues and TCE and their reconciliation with Voyage Revenues, which is the most directly comparable financial measure calculated and
      presented in accordance with U.S. GAAP.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Charter-in hire expenses</font>: Charter-in hire expenses for the three months ended March
      31, 2021 and 2020 were $2.9 million and $8.8 million, respectively. This decrease is attributable to the decrease in charter-in days from 367 in the first quarter of 2020 to 175 in the corresponding period in 2021.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Vessel operating expenses</font>: For the three months ended March 31, 2021 and 2020,
      vessel operating expenses were $47.4 million and $42.7 million, respectively. Vessel operating expenses for the first quarter of 2021 included pre-delivery and pre-joining expenses of $0.5 million and additional crew expenses related to the increased
      number of crew changes performed during the period as a result of COVID-19 restrictions imposed during 2020 of $1.3 million. The average number of our vessels also increased to 119.3 from 116.0.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Dry docking expenses</font>: During the first quarter of 2021, we incurred $12.2 million
      dry docking expenses mainly attributable to 13 of our vessels that completed their periodic dry docking surveys within such period. During the first quarter of 2020, 15 of our vessels completed their periodic dry docking surveys expenses and we
      incurred $13.4 million dry docking expenses in connection therewith.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Depreciation</font><font style="font-weight: bold;">:</font> Depreciation expense increased
      to $36.2 million for the three month period ended March 31, 2021, compared to $34.6 million for the corresponding period in 2020. The increase was mainly driven by the higher average number of vessels in 2021 compared to 2020 as discussed above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Management fees</font><font style="font-weight: bold;">:</font> Management fees for the
      three month period ended March 31, 2021 and 2020 were $4.7 million and $4.6 million, respectively. The increase is attributable to the management agreements entered into in connection with the fleet we acquired during the first quarter of 2021.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">General and administrative expenses: </font>General and administrative expenses for the
      three month period ended March 31, 2021 were $7.3 million compared to $6.0 million in the corresponding period in 2020. The increase is primarily attributable to the reversal in the first quarter of 2020, of previously recognized stock based
      compensation expenses of $1.2 million, following the reassessment of the probability of achieving the performance conditions for some of our outstanding awards.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">(Gain)/Loss on forward freight agreements and bunker swaps, net</font>: For the three month
      period ended March 31, 2021, we incurred a loss on FFAs and bunker swaps of $2.1 million, consisting of a realized loss of $0.9 million and an unrealized loss of $1.2 million. For the three month period ended March 31, 2020, (Gain)/Loss on FFAs and
      bunker swaps amounted to a $27.6 million gain, consisting of realized gain of $3.6 million and unrealized gain of $24.0 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">(Gain)/Loss on time charter agreement termination:</font> Within the first quarter of 2021
      the time charter agreement assumed on the acquisition of the vessel&#160;<font style="font-style: italic;">Star Karlie</font>&#160;was early terminated. As a result the unamortized balance, at the time of termination, of the corresponding fair value of below
      market acquired time charters, amounting to $1.1 million, was written off to earnings as a gain and separately presented under <font style="font-style: italic;">(Gain)/Loss on time charter agreement termination</font>.</div>
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    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Interest and finance costs net of interest and other income/(loss</font>): Interest and
      finance costs net of interest and other income/(loss) for the first quarters of 2021 and 2020 were $12.7 million and $20.1 million, respectively. Despite the increase in the weighted average balance of our outstanding indebtedness to $1,604.5 million
      during the first quarter of 2021, from $1,593.2 million for the same period in 2020, the interest and finance costs net of interest and other income/ (loss) decreased due to the decrease in the average interest rate on our outstanding indebtedness,
      mainly driven by the refinancing of certain of our debt agreements, the interest rate swap agreements that we entered into in 2020 and 2021 and the lower LIBOR rates during the first quarter of 2021 compared to the same period in 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Loss on debt extinguishment: </font>During the three months ended March 31, 2020, we
      recorded a $0.5 million loss on debt extinguishment representing expenses and the non-cash write-off of unamortized deferred finance charges in connection with the refinancing of certain credit facilities and lease financings.</div>
    <div><br>
    </div>
    <div style="margin: 0px 0px 12px; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Cash Flows</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Net cash provided by operating activities for the first quarters of 2021 and 2020 was $79.2 million and $32.1 million, respectively. This increase was primarily
      driven by the higher charter rates due to the reopening of the global economy as well as a decrease in our interest payments due to our recent loan refinancing arrangements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Net cash used in investing activities for the first quarters of 2021 and 2020 was $60.3 million and $31.9 million, respectively. The increase was primarily
      attributable to i) the equity portion paid in 2021 in connection with the acquisition of vessels as opposed to no vessel acquisitions in 2020 and ii) lower capital expenditures for BWTS and Scrubbers paid in 2021 compared to relevant payments in
      2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Net cash used in financing activities for the first quarter of 2021 was $7.9 million compared to net cash provided by financing activities of $4.9 million in the
      first quarter of 2020. The decrease was primarily driven by higher debt repayments compared to debt proceeds in 2021 when in 2020 the debt proceeds exceeded the debt repayments and prepayments as well as the dividend payments made during the
      corresponding period.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Significant Accounting Policies and Critical Accounting Policies</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">For a description of our critical accounting policies and all of our significant accounting policies, see Note 2 to our audited financial statements and &#8220;Item 5 -
      Operating and Financial Review and Prospects,&#8221; included in our 2020 Annual Report. There have been no material changes from the &#8220;Critical Accounting Policies&#8221; previously disclosed in our 2020 Annual Report.</div>
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      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED<br>
        FINANCIAL STATEMENTS</div>
      <table cellspacing="0" cellpadding="0" id="z298819dbba1b4123a8c1e24bc3df5342" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 84%; vertical-align: bottom;">
              <div style="text-align: justify; margin-right: 52.55pt; font-family: 'Times New Roman', serif;">Consolidated Balance Sheets as of December 31, 2020 and March 31, 2021 (unaudited)</div>
            </td>
            <td style="width: 16%; vertical-align: bottom; text-align: right;">
              <div style="font-family: 'Times New Roman',serif;">F-2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84%; vertical-align: bottom;">
              <div style="text-align: justify; margin-right: 52.55pt; font-family: 'Times New Roman', serif;">Unaudited Interim Condensed Consolidated Statements of Operations for the three-month periods ended March 31, 2020 and 2021</div>
            </td>
            <td style="width: 16%; vertical-align: bottom; text-align: right;">
              <div style="font-family: 'Times New Roman',serif;">F-3</div>
            </td>
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              <div style="text-align: justify; margin-right: 52.55pt; font-family: 'Times New Roman', serif;">Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three-month periods ended March 31, 2020 and 2021</div>
            </td>
            <td style="width: 16%; vertical-align: bottom; text-align: right;">
              <div style="font-family: 'Times New Roman',serif;">F-4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84%; vertical-align: bottom;">
              <div style="text-align: justify; margin-right: 52.55pt; font-family: 'Times New Roman', serif;">Unaudited Interim Condensed Consolidated Statements of Stockholders&#8217; Equity for the three-month periods ended March 31, 2020 and 2021</div>
            </td>
            <td style="width: 16%; vertical-align: bottom; text-align: right;">
              <div style="font-family: 'Times New Roman',serif;">F-5</div>
            </td>
          </tr>
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            <td style="width: 84%; vertical-align: bottom;">
              <div style="text-align: justify; margin-right: 52.55pt; font-family: 'Times New Roman', serif;">Unaudited Interim Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2020 and 2021</div>
            </td>
            <td style="width: 16%; vertical-align: bottom; text-align: right;">
              <div style="font-family: 'Times New Roman',serif;">F-6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84%; vertical-align: bottom;">
              <div style="text-align: justify; margin-right: 52.55pt; font-family: 'Times New Roman', serif;">Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
            </td>
            <td style="width: 16%; vertical-align: bottom; text-align: right;">
              <div style="font-family: 'Times New Roman',serif;">F-7</div>
            </td>
          </tr>

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      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Consolidated Balance Sheets<br>
        As of December 31, 2020 and March 31, 2021 (unaudited)</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</font><font style="font-weight: bold;">&#160;</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">December 31, 2020</div>
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            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">March 31, 2021</div>
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            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">CURRENT ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Cash and cash equivalents</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">183,211</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">189,127</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Restricted cash, current (Notes 8 and 13)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">7,299</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">12,419</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Trade accounts receivable, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">38,090</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">43,314</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Inventories (Note 4)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">47,294</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">60,072</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Due from managers</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">358</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Due from related parties (Note 3)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">481</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">751</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Prepaid expenses and other receivables</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">17,687</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">20,089</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Derivatives, current asset portion (Note 13)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">156</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Other current assets (Note 14)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">12,991</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">15,013</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total Current Assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">307,411</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">340,941</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">FIXED ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Advances for vessels under construction and acquisition of vessels (Note 6)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">11,012</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Vessels and other fixed assets, net (Note 5)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,877,119</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3,036,813</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total Fixed Assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,877,119</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3,047,825</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">OTHER NON-CURRENT ASSETS</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Long term investment (Note 3)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,321</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,476</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Restricted cash, non-current (Notes 8 and 13)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">5,021</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">5,021</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Leased buildings, right-of-use assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">886</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">803</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Derivatives, non-current asset portion (Note 13)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3,506</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Other non-current assets (Note 3)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">35</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">75</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TOTAL ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3,191,793</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3,399,647</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">LIABILITIES &amp; SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">CURRENT LIABILITIES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Current portion of long-term bank loans (Note 8)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">144,900</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">154,148</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Lease financing short term (Note 7)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">44,873</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">53,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Accounts payable</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">32,853</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">42,361</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Due to managers</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">7,813</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">14,892</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Due to related parties (Note 3)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,439</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,199</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Accrued liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">20,940</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">27,800</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Derivatives, current liability portion (Note 13)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,939</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,832</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Deferred revenue</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">11,675</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">14,447</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total Current Liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">266,432</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">311,119</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">NON-CURRENT LIABILITIES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">8.30% 2022 Notes, net of unamortized notes issuance costs of $768 and $667, as of December 31, 2020 and March 31, 2021, respectively (Note 8)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">49,232</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">49,333</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Long-term bank loans, net of current portion and unamortized loan issuance costs of $13,761 and $12,890, as of December 31, 2020 and March 31, 2021, respectively (Note 8)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">938,699</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">937,126</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Lease financing long term, net of unamortized lease issuance costs of $6,181 and $6,117, as of December 31, 2020 and March 31, 2021, respectively (Note 7)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">382,417</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">446,624</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Derivatives, non-current liability portion (Note 13)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,265</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">368</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Fair value of below market time charters acquired</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,289</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Leased buildings, operating lease liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">886</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">803</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Other non-current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,046</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">964</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TOTAL LIABILITIES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,642,266</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,746,337</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">COMMITMENTS &amp; CONTINGENCIES (Note 12)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2020 and March 31, 2021, respectively (Note 9)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Common Shares, $0.01 par value, 300,000,000 shares authorized; 97,146,687 shares issued and 97,139,716 shares (net of treasury shares) outstanding as of December 31, 2020;&#160;
                101,888,919 shares issued and outstanding as of March 31, 2021 (Note 9)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">971</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Additional paid in capital</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,548,956</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,610,974</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Treasury shares (6,971 and nil shares at December 31, 2020 and March 31, 2021, respectively)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(93</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Accumulated other comprehensive income/(loss)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(3,993</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,868</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Accumulated deficit</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(996,314</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(960,551</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total Shareholders' Equity</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,549,527</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,653,310</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3,191,793</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3,399,647</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
      </div>
      <div style="color: #000000; font-family: 'Times New Roman', serif;">The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">STAR BULK CARRIERS CORP.</font><br>
        <font style="font-weight: bold;">Unaudited Interim Condensed Consolidated Statements of Operations</font><br>
        <font style="font-weight: bold;">For the three-month periods ended March 31, 2020 and 2021</font><br>
        <font style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</font></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended March 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2020</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Revenues:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Voyage revenues (Note 14)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">160,862</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">200,467</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Expenses</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Voyage expenses (Note 3)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">55,310</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">40,052</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Charter-in hire expenses (Note 3)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">8,774</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,943</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Vessel operating expenses</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">42,718</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">47,354</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Dry docking expenses</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">13,361</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">12,191</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Depreciation (Note 5)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">34,637</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Management fees (Notes 3)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">4,606</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">4,667</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">General and administrative expenses (Note 3)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">6,033</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">7,297</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(Gain)/Loss on time charter agreement termination</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,102</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Other operational loss</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">51</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,340</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Other operational gain</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(477</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(27,586</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,085</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Total operating expenses</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">137,427</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">152,043</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Operating income / (loss)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">23,435</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">48,424</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Other Income/ (Expenses):</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Interest and finance costs (Note 8)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(20,553</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(14,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Interest and other income/(loss)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">447</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,750</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Loss on debt extinguishment (Note 8)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(542</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total other expenses, net</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(20,648</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(12,690</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Income / (loss) before taxes and equity in income of investee</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2,787</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">35,734</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(43</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2,744</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">35,734</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">11</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">29</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2,755</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">35,763</div>
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            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
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            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">0.03</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">0.36</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
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            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">95,797,142</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">98,712,581</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Weighted average number of shares outstanding, diluted&#160; (Note 10)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">95,916,479</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">99,019,944</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      </div>
      <div style="margin-left: 5.4pt; color: #000000; font-family: 'Times New Roman', serif;">The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.</div>
      <div><br>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-3</font></div>
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      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">STAR BULK CARRIERS CORP.</font><br>
        <font style="font-weight: bold;">Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss)</font><br>
        <font style="font-weight: bold;">For the three-month periods ended March 31, 2020 and 2021</font><br>
        <font style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> Three months ended March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Net income / (loss)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2,755</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">35,763</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Other comprehensive income / (loss):</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">&#160;Unrealized gains / losses from cash flow hedges:</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,839</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">5,419</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">&#160;Less:</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Reclassification adjustments of interest rate swap gain/(loss)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">442</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Other comprehensive income / (loss)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5,861</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">907</div>
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      <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.</div>
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      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">STAR BULK CARRIERS CORP.</font><br>
        <font style="font-weight: bold;">Unaudited Interim Condensed Consolidated Statements of Stockholders&#8217; Equity</font><br>
        <font style="font-weight: bold;">For the three-month periods ended March 31, 2020 and 2021</font><br>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
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            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
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            <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;"> Treasury stock</div>
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            <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;"> Total Shareholders' Equity</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Balance January 1, 2020</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">96,073,197</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">961</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2,544,342</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(1,001,170</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(93</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,544,040</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,755</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,755</div>
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          </tr>
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            <td valign="bottom" style="vertical-align: middle; width: 16%;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(902</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(4,749</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(4,749</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: middle; width: 16%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;BALANCE, March 31, 2020</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">96,074,497</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">961</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2,543,440</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(1,848</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(1,003,164</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(93</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,539,296</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Balance January 1, 2021</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">97,146,687</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">971</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2,548,956</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(3,993</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(996,314</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(93</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,549,527</div>
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            <td valign="bottom" style="vertical-align: middle; width: 16%;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">35,763</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">35,763</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">5,861</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">5,861</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Issuance of vested and non-vested shares and amortization of share-based compensation (Note 11)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">313</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">313</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Acquisition of Eneti vessels (Note 9)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,649,203</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">27</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">39,646</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">39,673</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Acquisition of ER vessels (Note 9)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,100,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">21</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">22,152</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">22,173</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Cancellation of treasury stock (Note 9)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(93</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">93</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 16%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;BALANCE, March 31, 2021</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">101,888,919</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,019</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2,610,974</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,868</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(960,551</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,653,310</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
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      </div>
      <div><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
      </div>
      <div style="text-align: right;"><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
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      <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.</div>
      <div style="margin-bottom: 12pt;"><br>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-5</font></div>
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      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">STAR BULK CARRIERS CORP.</font><br>
        <font style="font-weight: bold;">Unaudited Interim Condensed Consolidated Statements of Cash Flows</font><br>
        <font style="font-weight: bold;">For the three-month periods ended March 31, 2020 and 2021</font><br>
        <font style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</font></div>
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              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="6" style="vertical-align: top; text-align: center;"><font style="font-weight: bold;">&#160;Three months ended March 31, </font>&#160; <br>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"> 2020</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"> 2021</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Net income / (loss)</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">2,755</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">35,763</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Depreciation (Note 5)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">34,637</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">36,233</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Amortisation of fair value of below market time charters</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(487</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(187</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Amortization of debt (loan, lease &amp; notes) issuance costs (Note 8)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">1,725</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">1,815</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Loss on debt extinguishment (Note 8)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">542</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Share-based compensation (Note 11)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(902</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(1,102</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
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              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Change in fair value of forward freight derivatives and bunker swaps (Note 13)</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(77</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(208</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Gain on hull and machinery claims</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(9</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Equity in income of investee</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(11</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(29</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Changes in operating assets and liabilities:</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(Increase)/Decrease in:</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Trade accounts receivable</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">22,861</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(5,224</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Inventories</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(15,470</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(12,778</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Prepaid expenses and other receivables</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(4,263</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(8,710</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Derivatives asset</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(1,936</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">1</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Accrued income</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(171</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Due from related parties</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">338</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(270</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Due from managers</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">32</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">358</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
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              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Accounts payable</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">2,507</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">13,483</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(5</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">8,913</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">5,634</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">7,079</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Deferred revenue</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">12,941</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">2,772</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Net cash provided by / (used in) Operating Activities</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">32,097</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">79,176</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Cash Flows from Investing Activities:</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Advances for vessels &amp; vessel upgrades and other fixed assets</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(33,976</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(64,831</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Hull and machinery insurance proceeds</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">2,032</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">4,544</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Net cash provided by / (used in) Investing Activities</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(31,944</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(60,287</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Cash Flows from Financing Activities:</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Proceeds from bank loans, leases and notes</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">107,282</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">39,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Loan and lease prepayments and repayments</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(96,883</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(46,416</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Financing and debt extinguishment fees paid</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(763</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(1,340</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Dividends paid</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(4,749</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">903</div>
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                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Net cash provided by / (used in) Financing Activities</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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              <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Net increase/(decrease) in cash and cash equivalents and restricted cash</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">5,040</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">11,036</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Cash and cash equivalents and restricted cash at beginning of period</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">126,262</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">195,531</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Cash and cash equivalents and restricted cash at end of period</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">$</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">131,302</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">$</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">206,567</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 38%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">SUPPLEMENTAL CASH FLOW INFORMATION:</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 38%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"><br>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Cash paid during the period for:</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Interest</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">$</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">17,714</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">12,283</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
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                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Non-cash investing and financing activities:</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Shares issued in connection with vessel acquisitions</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">61,977</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
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                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Vessel upgrades</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">3,773</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">2,876</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Assumed debt upon acquisition</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">86,929</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Cash and cash equivalents</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">$</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">123,048</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">189,127</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Restricted cash, current (Note 8)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">7,233</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">12,419</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Restricted cash, non-current (Note 8)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">1,021</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">5,021</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(100, 100, 100);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(100, 100, 100);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">131,302</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(100, 100, 100);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(100, 100, 100);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(100, 100, 100);">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">206,567</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(100, 100, 100);">&#160;</td>
            </tr>

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      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#160;</div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-6</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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        <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
        <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;"> <br>
        </div>
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      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Basis of Presentation and General Information:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.&#160; Star Bulk
        was incorporated in the Marshall Islands on December&#160;13, 2006 and maintains offices in Athens, Oslo, New York, Limassol, Singapore and Germany. Star Bulk&#8217;s common shares trade on the NASDAQ Global Select Market under the ticker symbol &#8220;SBLK&#8221;.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its wholly owned subsidiaries (collectively, the
        &#8220;Company&#8221;) and have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) for interim
        financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for
        the year ended December 31, 2020 and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company&#8217;s financial position, results of operations and cash flows for the periods
        presented. Operating results for the three-month period ended March 31, 2021 are not necessarily indicative of the results that might be expected for the fiscal year ending December&#160;31, 2021.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the annual consolidated
        financial statements for the year ended December 31, 2020 included in the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2020 (the &#8220;2020 Annual Report&#8221;).&#160; The balance sheet as of December 31, 2020 has been derived from the
        audited consolidated financial statements as of that date, but, pursuant to the requirements for interim financial information, does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2020 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the &#8220;Covid-19&#8221;) outbreak a pandemic. In response to
        the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. These measures have
        resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. There continues to be a high level of uncertainty relating to how the pandemic will evolve, including the availability of
        vaccines and their global deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public's and government's responses to such measures. At present, it is not possible to
        ascertain any future impact of Covid-19 on the Company&#8217;s operational and financial performance, which may take some time to materialize and may not be fully reflected in the Company&#8217;s results for 2020 and 2021.&#160; However, an increase in the severity
        or duration or a resurgence of the Covid-19 pandemic and the timing of wide-scale vaccine distribution could have a material adverse effect on the Company&#8217;s business, results of operations, cash flows, financial condition, the carrying value of the
        Company&#8217;s assets, the fair values of the Company&#8217;s vessels, and the Company&#8217;s ability to pay dividends.</div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">As of March 31, 2021, the Company owned a modern fleet of 125 dry bulk vessels consisting of Newcastlemax, Capesize, Post Panamax,
        Kamsarmax, Panamax, Ultramax and Supramax vessels with a carrying capacity between 52,000 deadweight tonnage (&#8220;dwt&#8221;) and 210,000 dwt, and a combined carrying capacity of 13.8 million dwt.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-7</font></div>
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      </div>
      <div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
          <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        </div>
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      <div><br>
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      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Significant accounting policies and recent accounting pronouncements:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A summary of the Company&#8217;s significant accounting policies and recent accounting pronouncements is included in Note 2 to the Company&#8217;s consolidated
        financial statements included in the 2020 Annual Report. There have been no changes to the Company&#8217;s significant accounting policies and recent accounting pronouncements in the three-month period ended March 31, 2021.</div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Transactions with Related Parties:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">D</font>etails of the Company&#8217;s transactions with related parties did not change in the three-month period ended March 31,
        2021 and are discussed in Note 3 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2020, included in the 2020 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Transactions and balances with related parties are analyzed as follows:</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Balance Sheets</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zbb1f1507a2114e0f9f5439636f1b1825">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">December 31, 2020</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">March 31, 2021</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Due from related parties</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Oceanbulk Maritime and its affiliates</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">426</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">692</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Interchart</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Starocean</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">34</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">34</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">1</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">17</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">21</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">481</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">751</div>
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            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">252</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">42</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
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            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,187</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,157</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,439</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,199</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;"> 2020</div>
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            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(945</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(945</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Voyage expenses- Augustea Technoservices Ltd. and affiliates</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(66</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;General and administrative expenses:</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(165</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(136</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(43</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(45</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Office rent - Combine Marine Ltd. &amp;&#160; Alma Properties</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(11</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;General and administrative expenses - Oceanbulk Maritime and its affiliates</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(72</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(49</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Management fees- Augustea Technoservices Ltd. and affiliates</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,638</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,620</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Charter-in hire expenses:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Charter - in hire expenses - AOM</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(515</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,761</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Charter - in hire expenses - Sydelle</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(539</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;Charter - in hire expenses - Coromel</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(249</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-8</font></div>
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          <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
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          <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
          <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb4171ba14cb44d73be32a24ab9e18bba">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;"> December 31, 2020</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;"> March 31, 2021</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;Lubricants</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">11,877</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">12,458</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;Bunkers</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">35,417</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">47,614</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">47,294</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">60,072</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
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      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The amounts in the consolidated balance sheets are analyzed as follows:</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"> Cost</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"> Accumulated depreciation</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"> Net Book Value</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Balance, December 31, 2020</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3,464,808</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(587,689</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2,877,119</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;- Acquisitions, improvements and other vessel costs</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">195,927</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">195,927</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;- Depreciation for the period</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(36,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(36,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;Balance, March 31, 2021</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3,660,735</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(623,922</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3,036,813</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, 88 of the Company&#8217;s 125 vessels, having a net carrying value of $2,175,856, were subject to first-priority mortgages as collateral to
        their loan facilities (Note 8). <font style="color: #000000;">Title of ownership is held by the relevant lenders for another&#160;37&#160;vessels with a </font>carrying value of $860,657 <font style="color: #000000;">to secure the relevant sale and lease
          back financing transactions </font>(Note 7). In addition, certain of the Company&#8217;s vessels having a net carrying value of <font style="color: #000000;">$677,701&#160;</font>are subject to second-priority mortgages as collateral to certain of the
        Company&#8217;s loan facilities (Note 8).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Vessels acquired / delivered / disposed of during the three-month period ended March 31, 2021</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">As further </font>discussed in Notes 5 and 21(a) of the Company&#8217;s consolidated financial statements for the year ended
        December 31, 2020, included in the 2020 Annual Report,<font style="color: #000000;"> on December 17, 2020, the Company entered into a definitive agreement with entities affiliated with E.R. Capital Holding GmbH &amp; Cie. KG, pursuant to which the
          Company agreed to acquire&#160;three&#160;Capesize drybulk vessels, the&#160;</font><font style="font-style: italic; color: #000000;">Star Bayonne</font><font style="color: #000000;"> (ex- </font><font style="font-style: italic; color: #000000;">E.R. Bayonne)</font><font style="color: #000000;">, the&#160;</font><font style="font-style: italic; color: #000000;">E.R. Buenos Aires</font><font style="color: #000000;">&#160;and the&#160;</font><font style="font-style: italic; color: #000000;">Star</font><font style="color: #000000;">&#160;</font><font style="font-style: italic; color: #000000;">Borneo (ex- E.R. Borneo)</font><font style="color: #000000;">, (&#8220;E.R. Acquisition Vessels&#8221;). The E.R. Acquisition Vessels are retrofitted with exhaust gas cleaning systems. The
          acquisition was concluded with the delivery of the vessels to the Company on January 26, 2021. Consideration for the acquisition was payable in the form of $39,000&#160;in cash, which was financed by SEB $39,000 Facility (Note 8) and&#160;2,100,000&#160;of the
          Company&#8217;s common shares, which shares were issued on&#160;January 26, 2021&#160;to E.R. Schiffahrt GmbH &amp; Cie. KG.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-9</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
          <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">5.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Vessels and other fixed assets, net - continued:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">In addition, as further </font>discussed in Note 21 (b) of the Company&#8217;s consolidated financial statements for the year ended
        December 31, 2020, included in the 2020 Annual Report, <font style="color: #000000;">on February 2, 2021, the Company entered into an agreement with Eneti Inc. (NYSE: NETI), formerly known as Scorpio Bulkers Inc., and certain other parties to
          acquire&#160;seven&#160;vessels, consisting of three Ultramax vessels, the </font><font style="font-style: italic; color: #000000;">Star Athena</font><font style="color: #000000;"> (ex- </font><font style="font-style: italic; color: #000000;">SBI
          Pegasus)</font><font style="color: #000000;">, the&#160;</font><font style="font-style: italic; color: #000000;">Star Bovarius (ex- SBI Ursa)</font><font style="color: #000000;">&#160;and the&#160;</font><font style="font-style: italic; color: #000000;">Star
          Subaru (ex- SBI Subaru)</font><font style="color: #000000;">, and four Kamsarmax vessels, the&#160;</font><font style="font-style: italic; color: #000000;">Star</font><font style="color: #000000;">&#160;</font><font style="font-style: italic; color: #000000;">Capoeira (ex- SBI Capoeira)</font><font style="color: #000000;">, the&#160;</font><font style="font-style: italic; color: #000000;">Star</font><font style="color: #000000;">&#160;</font><font style="font-style: italic; color: #000000;">Carioca
          (ex- SBI Carioca)</font><font style="color: #000000;">, the&#160;</font><font style="font-style: italic; color: #000000;">Star</font><font style="color: #000000;">&#160;</font><font style="font-style: italic; color: #000000;">Lambada (ex- SBI Lambada)</font><font style="color: #000000;">&#160;and the&#160;Star </font><font style="font-style: italic; color: #000000;">Macarena (ex- SBI Macarena)</font><font style="color: #000000;">, (the &#8220;Eneti Acquisition Vessels&#8221;) by assuming the outstanding lease obligations of
          the Eneti Acquisition Vessels (Note 7). As consideration for this transaction the Company agreed to issue to Eneti Inc. 3,000,000 newly issued common shares of the Company. To facilitate the issuance of these common shares, the Company issued to
          Eneti Inc. a warrant to purchase up to&#160;3,000,000&#160;of the Company&#8217;s common shares&#160;(the &#8220;Eneti Warrant&#8221;). The Eneti Warrant was issued on February 2, 2021 and, subject to its terms and conditions, was agreed to be exercised at an exercise price of
          $0.01&#160;per share in connection with the delivery date of each of the Eneti Acquisition Vessels. Six out of seven vessels were delivered to the Company on March 16, 2021 on which date the warrant was partially exercised with the Company
          issuing&#160;2,649,203&#160;of its common shares and assuming the outstanding lease obligations attributable to these six vessels (Note 7).</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, during the three months ended March 31, 2021 the Company installed ballast water management system to certain of its vessels.</div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">6</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Advances for vessels under construction and acquisition of vessels:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">As further discussed in Note 21(d) </font>of the Company&#8217;s consolidated financial statements for the year ended December 31,
        2020, included in the 2020 Annual Report,<font style="color: #000000;"> on March 3, 2021 the Company entered into a definitive agreement with a third party to acquire two ECO type resale&#160;82,000&#160;dwt Kamsarmax vessels (the &#8220;Kamsarmax Resale Vessels&#8221;)
          at a price of $55,000&#160;in aggregate. The vessels are expected to be delivered to the Company in June and September 2021, respectively, directly from YAMIC yard (a joint venture between Mitsui and New Yangzijiang). An advance payment of
          $11.0&#160;million in aggregate,&#160;was paid on March 17, 2021 and is included under &#8220;Advances for vessels under construction and acquisition of vessels&#8221;</font><font style="font-style: italic; color: #000000;">&#160;</font><font style="color: #000000;">in the
          unaudited interim condensed consolidated balance sheet</font><font style="color: #000000;">.</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">7.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Lease financing:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Details of the Company&#8217;s lease financings are discussed in Note 7 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2020,
        included in the 2020 Annual Report and the only new activity during the three-month period ended March 31, 2021, is the assumption of the lease obligations of the six Eneti Acquisition Vessels upon their delivery to the Company, on March 16, 2021
        (Note 5).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On March 16, 2021, the delivery date of six of the Eneti Acquisition Vessels to the Company, six tripartite novation agreements between China Merchants Bank
        Leasing (&#8220;CMBL&#8221;), Eneti Inc. and the Company were executed, which resulted in an increase of the Company&#8217;s lease financing obligations by $83,929. The remaining lease terms are for five years and pursuant to the terms of each bareboat charter, the
        Company pays CMBL a fixed bareboat charter hire rate in quarterly installments plus interest and has options to purchase each vessel starting on May 2022, at a pre-determined, amortizing purchase price <font style="color: #000000;">which is
          considered to be at significantly lower level compared to the expected fair value of each vessel at any date between May 2022 and the </font>expiration of the bareboat charter term.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">All of the Company&#8217;s lease financings bear interest at LIBOR plus a margin. The corresponding interest expense of the Company&#8217;s bareboat lease financing
        activities is included within &#8220;Interest and finance costs&#8221; in the unaudited interim condensed consolidated statements of operations (Note 8).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">Some of the Company&#8217;s lease financings contain financial and other covenants similar to those included in its credit
          facilities described Note 8, with which a</font>s further discussed in Note 8, as of March 31, 2021, the Company was in compliance.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-10</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
              Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;"> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">7</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Lease financing &#8211; (continued):</font></div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The principal payments required to be made after March 31, 2021, for the Company&#8217;s outstanding bareboat lease obligations recognized on the balance sheet, as of that date, are
        as follows:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z8ba5b5ee14ec46f3b603d7b19ecfb0a4">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Twelve month periods ending</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2022</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">53,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2023</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">53,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2024</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">49,917</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2025</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">48,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2026</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">82,943</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2027 and thereafter</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">218,001</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total bareboat lease minimum payments</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">506,181</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">Unamortized lease issuance costs</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(6,117</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total bareboat lease minimum payments, net</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">500,064</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">Lease financing short term</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">53,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">Lease financing long term, net of unamortized lease issuance costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">446,624</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Long-term bank loans and 2022 Notes:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Details of the Company&#8217;s credit facilities and debt securities are discussed in Note 9 of the Company&#8217;s consolidated financial statements for the year ended
        December 31, 2020, included in the 2020 Annual Report and are supplemented by the below new activity.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">New Financing Activity</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">(i) SEB $39,000 Facility:</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On January 22, 2021, the Company entered into a loan agreement with Skandinaviska Enskilda Banken AB (SEB), (the &#8220;SEB $39,000 Facility&#8221;), for the financing
        of an amount of $39,000. The amount was drawn on January 25, 2021 and used to finance the cash consideration for the E.R. Acquisition Vessels (Note 5), which were delivered to the Company on January 26, 2026. The facility is repayable in 20 equal
        quarterly principal payments of $1,950 with the last installment due in January&#160;2026. The SEB $39,000 Facility is secured by a first priority mortgage on the E.R. Acquisition Vessels<font style="color: #000000;">.</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company&#8217;s credit facilities including SEB $39,000 Facility described above, contain financial covenants and undertakings, a summary of these terms
        included in Note 9 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2020, included in the 2020 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of December 31, 2020 and March 31, 2021, the Company was required to maintain minimum liquidity, not legally restricted, of $58,000 and $62,500,
        respectively which is included within &#8220;Cash and cash equivalents&#8221; in the consolidated balance sheets. In addition, as of December 31, 2020 and March 31, 2021, the Company was required to maintain a minimum liquidity, legally restricted, of $12,320
        and $17,440, which is included within &#8220;Restricted cash, current and non-current&#8221; in the consolidated balance sheets. The increase in restricted cash is attributable to the increase in collateral required under certain of the Company&#8217;s financial
        instruments (Note 13).</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements, including the 2022
        Notes and lease financings included in Note 7.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-11</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
        <div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
              Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;"> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Long-term bank loans and 2022 Notes - continued:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The principal payments required to be made after March 31, 2021 for all of the then-outstanding bank debt, are as follows:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zdf13059e946e4bfaa6fc86ec8476fe9a">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Twelve month periods ending</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;"> Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2022</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">154,148</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2023</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">180,060</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2024</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">337,988</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2025</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">162,608</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2026</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">167,615</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">March 31, 2027 and thereafter</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">101,745</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total Long-term bank loans</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,104,164</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">Unamortized loan issuance costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(12,890</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total Long-term bank loans, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,091,274</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10.05pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: normal;">Current portion of long-term bank loans</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: normal;">154,148</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: normal;">Long-term bank loans, net of current portion and unamortized loan issuance costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: normal;">937,126</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The 2022 Notes mature in November&#160;2022 and are presented in the consolidated balance sheets as of March 31, 2021 net of unamortized debt issuance costs of
        $667.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">All of the Company&#8217;s bank loans and applicable lease financings&#160; bear interest at LIBOR plus a margin, except for the DSF $55,000 Facility (Note 13).The
        weighted average interest rate (including the margin) related to the Company&#8217;s existing bank loans, 2022 Notes and lease financings for the three-month periods ended March 31, 2020 and 2021 was 4.51% and 3.06%, respectively.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The commitment fees incurred during the three-month periods ended March 31, 2020 and 2021 with regards to the Company&#8217;s unused amounts under its credit
        facilities were $75 and $3, respectively. There are no undrawn portions as of March 31, 2021, other than the available amount under the HSBC Working Capital Facility.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The amounts of &#8220;Interest and finance costs&#8221; included in the unaudited interim condensed consolidated statements of operations are analyzed as follows:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zf620cf7cfe574b089339f2196fae8899">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;" rowspan="1"></td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;"> 2020</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;"> 2021</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">Interest on financing agreements</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">18,170</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">11,850</div>
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              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(9</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">442</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,725</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,815</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">Other bank and finance charges</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">667</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">333</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Interest and finance costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">20,553</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">14,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During the three-month period ended March 31, 2020, the Company incurred expenses of $29 and wrote-off an amount of $513 of unamortized debt issuance costs
        in connection with the refinancing of certain credit facilities and lease financings. Both amounts are included under &#8220;Loss on debt extinguishment&#8221; in the unaudited interim condensed consolidated statement of operations. No such expenses or
        write-offs were incurred during the three-month period ended March 31, 2021.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-12</font></div>
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      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
              Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;"> <br>
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          </div>
        </div>
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      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">9.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Preferred and Common Shares and Additional Paid-in Capital:</font></div>
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          the Company&#8217;s consolidated financial statements for the year ended December 31, 2020, included in the 2020 Annual Report.</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During the three months ended March 31, 2021, and as further discussed in Note 5, the Company issued 2,100,000 and 2,649,203 of its common shares in
        connection with the delivery of the three <font style="color: #000000;">E.R. Acquisition Vessels and six Eneti Acquisition Vessels. In addition, during the three months ended March 31, 2021, the Company </font>cancelled its 6,971 treasury shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During the three months ended March 31, 2020 the Company paid a cash dividend of $ 4,749 (or $0.05 per common share) for the fourth quarter of 2019, in line
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      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">10.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Earnings / (Loss) per Share:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">The computation of basic earnings/(loss) per share is based on the weighted average number of common shares&#160;outstanding for
          the </font>three-month periods ended March 31, 2020 and 2021<font style="color: #000000;">. </font>The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has
        lapsed. <font style="color: #000000;">Diluted earnings/(loss) per share gives effect to stock awards, stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. </font>&#160;<font style="color: #000000;">Diluted earnings per share for the three months ended March 31, 2020 does not include </font>the effect of the 104,250 non-vested share options outstanding as of that date, <font style="color: #000000;">as their effect was
          anti-dilutive. The options expired in April 2020 without being exercised.</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company calculates basic and diluted earnings / (loss) per share as follows:</div>
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            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Income / (Loss) :</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Net income / (loss)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,755</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">35,763</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Basic earnings / (loss) per share:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Weighted average common shares outstanding, basic</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">95,797,142</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">98,712,581</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -0.1pt; margin-left: 17.15pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Basic earnings / (loss) per share</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">0.03</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Effect of dilutive securities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Dillutive effect of non vested shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">119,337</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">307,363</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Weighted average common shares outstanding, diluted</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">95,916,479</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">99,019,944</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -0.1pt; margin-left: 17.15pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Diluted earnings / (loss) per share</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">0.03</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-13</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
              Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
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        </div>
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      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">11.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Equity Incentive Plans:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Details of the Company&#8217;s Equity Incentive Plans and share awards granted through December 31, 2020 are discussed in Note 13 of the Company&#8217;s consolidated
        financial statements for the year ended December 31, 2020, included in the 2020 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">For the three-month periods ended March 31, 2020 and 2021, the share-based compensation cost recognized was $333 and $313, respectively. In addition, as of
        December 31, 2019, the Company had recognized compensation cost of $1,235 for the 400,000 RSUs, which at that time were considered probable to vest. As of March 31, 2020, the Company determined that the then likelihood of vesting for any of the
        4,000,000 RSUs did not meet a &#8220;more likely than not&#8221; threshold under US GAAP and as a result, the previously recognized expense of $1,235 was reversed during the three-month period ended March 31, 2020. These amounts are included under &#8220;General and
        administrative expenses&#8221; in the unaudited interim condensed consolidated statements of operations.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A summary of the status of the Company&#8217;s non-vested restricted shares as of March 31, 2021 and the movement during the three-month period ended March 31,
        2021 is presented below.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zf3e66250f0f144b4864da08415cac5bf">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Number of shares</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Weighted Average Grant Date Fair Value</div>
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            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Unvested as at January 1, 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">415,889</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">7.09</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">Granted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: 10pt; color: #000000; font-family: 'Times New Roman', serif;">Vested</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(71,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">12.49</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Unvested as at March 31, 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">344,389</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5.97</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 31, 2021 the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $887 and is expected to be
        recognized over the weighted average period of 1.64 years.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-14</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
              Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">12.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Commitments and Contingencies:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; font-weight: bold;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Commitments:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following table sets forth inflows and outflows related to the Company&#8217;s charter party arrangements and other commitments, as at March 31, 2021.</div>
      <div style="margin-bottom: 12pt;">
        <table cellspacing="0" cellpadding="0" id="z0aa016562a174678b99cb64eb470f8af" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="26" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Three month periods ending March 31,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-style: italic;">+ inflows/ - outflows</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;"> 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;"> 2023</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;"> 2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;"> 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;"> 2026</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">2027 and thereafter</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">Future, minimum, non-cancellable charter revenue (1)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">52,950</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">52,950</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">$</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">$</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">$</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">$</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 16%;">
                <div style="color: #000000; font-family: 'Times New Roman';">Acquisition of second-hand vessels (2)</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-family: 'Times New Roman';">(64,579</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-family: 'Times New Roman';">(53,338</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-family: 'Times New Roman';">(1,283</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-family: 'Times New Roman';">(1,283</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-family: 'Times New Roman';">(1,283</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-family: 'Times New Roman';">(1,408</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-family: 'Times New Roman';">(5,984</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">Vessel BWTS (3)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">(26,883</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">(26,883</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; padding-bottom: 2px;">
                <div style="color: #000000; font-family: 'Times New Roman';">Office rent (4)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">(839</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">(339</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">(303</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">(163</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">(34</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman';">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">(39,351</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">(27,610</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">(1,586</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">(1,446</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">(1,317</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">(1,408</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">(5,984</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #646464 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">)</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div style="margin-bottom: 4pt;">_________________<br>
        </div>
      </div>
      <div>
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              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">The amounts represent the minimum contractual charter revenues to be generated from the existing, as of March 31, 2021, non-cancellable time charter agreements, until their expiration, net
                  of address commission, assuming no off-hire days other than those related to scheduled interim and special surveys of the vessels.</div>
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              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(2)</td>
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                <div style="font-family: 'Times New Roman', serif;">The amount reflects i) the remaining consideration as of March 31, 2021 to be paid for the two Kamsarmax Resale Vessels discussed in Note 6 as well as ii) the consideration paid upon the
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                <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(3)</td>
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                  <div style="font-family: 'Times New Roman', serif;">The amounts represent the Company&#8217;s commitments as of March 31, 2021, for installation of Ballast Water Treatment System (&#8220;BWTS&#8221;) on its vessels so as to comply with environmental
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                <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(4)</td>
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                  <div style="font-family: 'Times New Roman', serif;">The amount reflects the minimum rental payments under the office rental agreements that the Company is party to as of March 31, 2021.</div>
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      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Legal proceedings</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping
        business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company&#8217;s vessels.&#160; The Company accrues for the cost of environmental liabilities when
        management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.&#160; Currently, management is not aware of, and has not accrued for, any such claims or contingent liabilities requiring disclosure in the
        unaudited interim condensed consolidated financial statements.</div>
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          <div style="text-align: justify; margin-bottom: 12pt;">
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
              Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
            <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
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      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">13.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Fair value measurements and Hedging:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">Fair value measurements</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company recognizes all derivative instruments as either assets or liabilities at fair value on its consolidated balance sheets in accordance with ASC
        Topic 815, &#8220;<font style="font-style: italic;">Derivatives and Hedging</font>&#8221;.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Interest rate swaps</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company from time to time enters into interest rate derivative contracts to manage interest costs and risks associated with changing interest rates with
        respect to certain of its credit facilities. <font style="color: #000000;">D</font>etails of the Company&#8217;s interest rate swaps are discussed in Note 20 and 21(c) of the Company&#8217;s consolidated financial statements for the year ended December 31,
        2020, included in the 2020 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company&#8217;s interest rate swaps were designated and qualified as cash flow hedges. The effective portion of the unrealized gains/losses from those swaps
        is recorded in Other Comprehensive Income / (Loss). No portion of the cash flow hedges was ineffective during the three-month period ended March 31, 2021.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A loss of approximately $1,649 in connection with the interest rate swaps is expected to be reclassified into earnings during the following 12-month period
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      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Freight Derivatives and Bunker Swaps</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During the year ended December&#160;31, 2020 and the three-month period ended March 31, 2021, the Company entered into a certain number of freight derivatives,
        including freight forward agreements (&#8220;FFAs&#8221;), freight options and bunker swaps, <font style="color: #000000;">the results of which for the three-month periods ended March 31, 2020 and 2021 and the valuation of their open positions as at December
          31, 2020 and March 31, 2021 are presented in the tables below.</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The amounts of Gain / (Loss) on interest rate swaps, freight derivatives and bunker swaps recognized in the unaudited interim condensed consolidated
        statements of operations, are analyzed as follows:</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended March 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Consolidated Statement of Operations</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Interest and finance costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: 30pt; color: #000000; font-family: 'Times New Roman', serif;">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(442</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total Gain/(loss) recognized</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(442</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Gain/(loss) on forward freight agreements and bunker swaps, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Realized gain/(loss) on forward freight agreements and freight options</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,431</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(891</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Realized gain/(loss) on bunker swaps</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,114</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Unrealized gain/(loss) on forward freight agreements and freight options</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">8,018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,194</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Unrealized gain/(loss) on bunker swaps</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">16,023</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(2,085</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
              <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
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      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">13.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Fair value measurements and Hedging - continued:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis.&#160; This guidance
        enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values.&#160; The statement requires
        that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:</div>
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            <td style="width: 36pt;"><br>
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            <td style="width: 54pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">Level 1:</td>
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              <div style="font-family: 'Times New Roman', serif;">Quoted market prices in active markets for identical assets or liabilities</div>
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      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following table summarizes the valuation of the Company&#8217;s financial instruments as of December 31, 2020 and March 31, 2021. The fair value of freight
        derivatives and bunker swaps was determined through Level 1 inputs of the fair value hierarchy (quoted prices from the applicable <font style="color: #000000;">exchanges such as London Clearing House (LCH) or Singapore Exchange (SGX)</font>),
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              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;&#160;&#160;</div>
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              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Significant Other Observable Inputs (Level 2)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle;">&#160;</td>
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              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">December 31, 2020</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="7">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(not designated as cash flow hedges)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="3">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(designated as cash flow hedges)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="3">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(not designated as cash flow hedges)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="3">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(designated as cash flow hedges)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ASSETS</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="3">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="3">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="3">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="3">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Interest rate swaps - current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Derivatives, current asset portion</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">156</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; padding-bottom: 2px;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Interest rate swaps - non-current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; padding-bottom: 2px;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Derivatives, non-current asset portion</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">3,506</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3,662</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">LIABILITIES</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%;">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Interest rate swaps - current</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Derivatives, current liability portion</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,727</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,426</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; padding-bottom: 2px;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Interest rate swaps - non-current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; padding-bottom: 2px;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Derivatives, non-current liability portion</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">2,265</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">368</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3,992</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,794</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="14">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Quoted Prices in Active Markets for Identical Assets (Level 1)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;">&#160;&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">December 31, 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">March 31, 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-left: 17%;" colspan="2">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Balance Sheet Location</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(not designated as cash flow hedges)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(designated as cash flow hedges)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(not designated as cash flow hedges)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(designated as cash flow hedges)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Freight derivatives - current</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 26%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Derivatives, current asset portion</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">LIABILITIES</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Freight derivatives - current</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Derivatives, current liability portion</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">212</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">1,406</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Bunker swaps - current</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 26%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Derivatives, current liability portion</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">212</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1,406</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Certain of the Company&#8217;s financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any
        open position under such financial instruments, which as of December 31, 2020 and March 31, 2021 amounted to $895 and $4,823, respectively, and are included within &#8220;Restricted cash, current&#8221; in the consolidated balance sheets (Note 8). The carrying
        values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and financing under
        bareboat leases (Level 2), bearing interest at variable interest rates, approximates their recorded values as of March 31, 2021, due to the variable interest rate nature thereof. The fair value of the DSF $55,000 Facility (Note 8), measured through
        level 2 inputs (such as interest rate curves) is $53,257, which is $372 higher than the loan&#8217;s book value of $52,885. The 2022 Notes have a fixed rate, and their estimated fair value, determined through Level 1 inputs of the fair value hierarchy
        (quoted price on NASDAQ under the ticker symbol SBLKZ) was $51,760 as of March 31, 2021.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-17</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
        <div>
          <div>
            <div style="text-align: justify; margin-bottom: 12pt;">
              <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2021</div>
              <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
              <div style="text-align: left; font-family: 'Times New Roman', serif; font-style: italic;"> <br>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">14.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Voyage revenues:</font></div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the three-month periods ended March 31, 2020 and 2021, as
        presented in the consolidated statement of operation:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zdee06a179efc4b1bb625d658773e51f1">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Time charters</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">61,646</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">95,087</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Voyage charters</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">100,773</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">105,897</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Pool revenues</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(1,557</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">(517</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">160,862</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">200,467</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
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      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">As of March 31, 2021, trade accounts receivable, net increased by $5,224, and deferred revenue increased by $2,772 compared to
          December 31, 2020. These changes were mainly attributable to the timing of collections along with the </font>significant improvement in charter hire rates during <font style="color: #000000;">the three months ended March 31, 2021.</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Further, as of March 31, 2021, deferred assets related to revenue contracts (included within &#8220;Other current assets&#8221;) decreased by $422
        compared to December 31, 2020, from $2,187 to $1,765. This change was mainly attributable to the timing of commencement of revenue recognition.</div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance obligations. The Company
        recorded $11,675 as unearned revenue related to voyages in progress as of December 31, 2020, which were recognized in earnings in the three month period ended March 31, 2021 as the performance obligations were satisfied in that period. In addition,
        the Company recorded $14,447&#160;as unearned revenue related to voyages in progress as of March 31, 2021, which will be recognized in earnings during the remaining of the year ending December 31, 2021 as the performance obligations will be satisfied in
        that period.</div>
      <div>
        <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The adjustment to Company&#8217;s revenues from the vessels operating in the CCL Pool, deriving from the allocated pool result for those vessels
          as determined in accordance with the agreed-upon formula, for the three-month periods ended March 31, 2020 and 2021 was ($1,963)&#160;and&#160;($320), respectively, and is included within &#8220;Pool Revenues&#8221; in the table above, while the corresponding
          adjustment to Company&#8217;s revenues from the Short Pool for the three-month periods ended March 31, 2020 and 2021 was nil and ($171)&#160;and is included within &#8220;Pool Revenues&#8221; in the table above. Pool Revenues also include other minor participation
          adjustments.</div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">15.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Subsequent Events:</font></div>
      <table cellspacing="0" cellpadding="0" id="z27abde97b54c41208c6ac8c51165f0d7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">The seventh Eneti Acquisition Vessel (Note 5), the&#160;<font style="font-style: italic;">SBI Pegasus,</font>&#160;was delivered to the Company on May 19, 2021, upon which the
                remaining&#160;350,797&#160;common shares were issued and the Company assumed the vessel&#8217;s then outstanding lease obligations.</div>
            </td>
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  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-18</font></div>
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