<SEC-DOCUMENT>0000919574-22-002707.txt : 20220412
<SEC-HEADER>0000919574-22-002707.hdr.sgml : 20220412
<ACCEPTANCE-DATETIME>20220412165334
ACCESSION NUMBER:		0000919574-22-002707
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20220430
FILED AS OF DATE:		20220412
DATE AS OF CHANGE:		20220412

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:		22822826

	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>d9450684_6-k.htm
<TEXT>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">UNITED STATES<br>
      SECURITIES AND EXCHANGE COMMISSION<br>
      <font style="font-size: 12pt;">Washington, D.C. 20549</font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center;"><img width="144" height="2" src="image0.jpg"></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center;"><img width="144" height="2" src="image0.jpg"></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER<br>
      PURSUANT TO RULE 13A-16 OR 15D-16<br>
      OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">For the month of April 2022</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Commission File Number:&#160; 001-33869</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center;"><img width="144" height="2" src="image0.jpg"></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 24pt; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">(Translation of registrant's name into English)</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center;"><img width="144" height="2" src="image0.jpg"></div>
    <div><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Star Bulk Carriers Corp.<br>
      c/o Star Bulk Management Inc.<br>
      40 Agiou Konstantinou Street,<br>
      15124 Maroussi,<br>
      Athens, Greece<br>
      (Address of principal executive office)</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center;"><img width="144" height="2" src="image0.jpg"></div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"><br>
      <br>
      <font style="font-size: 10pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40&#8209;F.</font></div>
    <div><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Form 20-F&#160; &#9746;&#160; &#160; &#160; &#160; &#160; &#160; Form 40-F&#160; &#9744;</div>
    <div><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
    <div style="color: #000000; 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):&#160; &#9744;.</div>
    <div><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>:&#160; Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report
      to security holders.</div>
    <div><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
    <div style="color: #000000; 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):&#160; &#9744;.</div>
    <div><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>:&#160; Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that
      the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country
      exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event,
      has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</div>
    <div><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
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    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Attached as <a href="d9450684_ex1-1.htm">Exhibit 1.1</a> is a copy of the Amended and
      Restated At-The-Market Sales Agreement, dated April 8, 2022, by and between Star Bulk Carriers Corp. (the "Company") and Deutsche Bank Securities Inc. in respect of the related at-the-market (ATM) equity offering (the "Deutsche Bank ATM Offering").</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Attached as <a href="d9450684_ex1-2.htm">Exhibit 1.2</a> is a copy of the Amended and
      Restated At-The-Market Sales Agreement, dated April 8, 2022, by and between the Company and Jefferies LLC in respect of the related at-the-market (ATM) equity offering (the "Jefferies ATM Offering").</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Attached to this Report as <a href="d9450688_ex5-1.htm">Exhibit 5.1</a> is the
      opinion of Seward &amp; Kissel LLP, relating to the common shares, par value $0.01 per share (the "Common Shares"), in respect of the Deutsche Bank ATM Offering.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;"><font style="color: #000000;">Attached to this Report as <a href="d9450687_ex5-2.htm">Exhibit 5.2</a>
        is the opinion of Seward &amp; Kissel LLP, relating to the Common Shares</font> in respect of the <font style="color: #000000;">Jefferies ATM Offering.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Attached as <a href="d9450684_ex99-1.htm">Exhibit 99.1</a> is a copy of the press
      release of Star Bulk Carriers Corp. dated April 11, 2022 titled "Star Bulk Carriers Corp. Announces Replacement of Expiring Registration Statement."<br>
      <br>
      The information contained in this Current Report on Form 6-K (including the exhibit hereto)&#160;is hereby incorporated by reference into the registrant's Registration Statements on Form F-3 (File Nos. 333-264226, 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>
      <div><br>
      </div>
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      </div>
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    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURES</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
    </div>
    <div style="color: #000000; 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="text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc5c0fd5c782244229d03eda9a1d380b2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Date:&#160; April 12, 2022</div>
          </td>
          <td style="width: 28%; vertical-align: top;" rowspan="2">&#160;</td>
          <td style="width: 47%; vertical-align: top;" colspan="3">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47%; vertical-align: top;" colspan="3">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">(Registrant)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 28%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 42%; vertical-align: middle;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 28%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 42%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">/s/ Simos Spyrou</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 28%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Name:</div>
          </td>
          <td style="width: 35%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Simos Spyrou</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 28%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Title:</div>
          </td>
          <td style="width: 35%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Co-Chief Financial Officer</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
    </div>
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    <br>
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    <table cellspacing="0" cellpadding="0" id="zb15f0b8be1644717a7066b8062e6c298" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 84%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Name</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td style="width: 84%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top;">
            <div style="color: #0000EE; font-family: 'Times New Roman', serif;">1.1</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Amended and Restated At-The-Market Sales Agreement with Deutsche Bank Securities Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top;">
            <div style="color: #0000EE; font-family: 'Times New Roman', serif;">1.2</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Amended and Restated At-The-Market Sales Agreement with Jefferies LLC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top;">
            <div style="color: #0000EE; font-family: 'Times New Roman', serif;">5.1</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Opinion of Seward &amp; Kissel LLP relating to the Common Shares in respect of the Deutsche Bank ATM Offering.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top;">
            <div style="color: #0000EE; font-family: 'Times New Roman', serif;">5.2</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Opinion of Seward &amp; Kissel LLP relating to the Common Shares in respect of the Jefferies ATM Offering.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top;">
            <div style="color: #0000EE; font-family: 'Times New Roman', serif;">99.1</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Press Release of Star Bulk Carriers Corp. dated April 11, 2022 titled "Star Bulk Carriers Corp. Announces Replacement of Expiring Registration Statement."</div>
          </td>
        </tr>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d9450684_ex1-1.htm
<TEXT>
<html>
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    <!-- Licensed to: Seward & Kissel LLP
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  <div style="text-align: right;"><font style="font-weight: bold; font-size: 12pt;">Exhibit 1.1</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>AMENDED AND RESTATED AT-THE-MARKET SALES AGREEMENT</u></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z212987ea9b6e4d32903165508f894eb6">

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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">April 8, 2022</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Deutsche Bank Securities Inc.<br>
      1 Columbus Circle<br>
      New York, New York 10019</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Reference is made to that certain At-the-Market Sales Agreement dated as of July 1,
      2021 (the &#8220;<font style="font-weight: bold;">Original Agreement</font>&#8221;), by and between Star Bulk Carriers Corp., a corporation incorporated under the laws of the Republic of the Marshall Islands (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;)
      and Deutsche Bank Securities Inc., as sales agent and/or principal (the &#8220;<font style="font-weight: bold;">Agent</font>&#8221;). The Company and the Agent intend to enter into this Amended and Restated At-the-Market Sales Agreement (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) to amend, restate and replace the terms of the Original Agreement in full. The parties hereto acknowledge and agree that the Original Agreement has been terminated pursuant to Section 7 thereof and is
      superseded in its entirety by this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company proposes, subject to the terms and conditions stated herein, to issue and
      sell from time to time through the Agent, as sales agent and/or principal (the &#8220;<font style="font-weight: bold;">Agent</font>&#8221;), shares of the Company&#8217;s common shares, par value $0.01 per share (the &#8220;<font style="font-weight: bold;">Common Shares</font>&#8221;),
      having an aggregate offering price of up to $63,084,580 on the terms set forth in this Agreement.</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 1. DEFINITIONS</div>
    <div style="text-align: justify; text-indent: -18pt; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">(a) <u>Certain Definitions</u>. For purposes of this Agreement,
      capitalized terms used herein and not otherwise defined shall have the following respective meanings:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Affiliate</font>&#8221; of a Person means another Person
      that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first-mentioned Person. The term &#8220;control&#8221; (including the terms &#8220;controlling,&#8221; &#8220;controlled by&#8221; and &#8220;under common
      control with&#8221;) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Agency Period</font>&#8221; means the period commencing
      on the date of this Agreement and expiring on the earliest to occur of (x) the date on which the Agent shall have placed the Maximum Program Amount pursuant to this Agreement and (y) the date this Agreement is terminated pursuant to <u>Section 7</u>.</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Commission</font>&#8221; means the U.S. Securities and Exchange Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221; means the Securities Exchange
      Act of 1934, as amended, and the rules and regulations of the Commission thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Floor Price</font>&#8221; means the minimum price set by the Company in the
      Issuance Notice below which the Agent shall not sell Shares during the applicable period set forth in the Issuance</div>
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    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Notice, which may be adjusted by the Company at any time during the period set forth in the Issuance Notice by delivering
      written notice of such change to the Agent and which in no event shall be less than $1.00 without the prior written consent of the Agent, which may be withheld in the Agent&#8217;s sole discretion.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Issuance Amount</font>&#8221; means the aggregate Sales Price of the Shares to
      be sold by the Agent pursuant to any Issuance Notice.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Issuance Notice</font>&#8221; means a written notice delivered to the Agent by
      the Company in accordance with this Agreement in the form attached hereto as <u>Exhibit A</u> that is executed by its Chief Executive Officer, President or Chief Financial Officer.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Issuance Notice Date</font>&#8221; means any Trading Day during the Agency
      Period that an Issuance Notice is delivered pursuant to <u>Section 3(b)(i)</u>.</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Issuance Price</font>&#8221; means the Sales Price less the Selling Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Maximum Program Amount</font>&#8221; means Common Shares with an aggregate
      Sales Price of the lesser of (a) the number or dollar amount of Common Shares registered under the effective Registration Statement (defined below) pursuant to which the offering is being made, (b) the number of authorized but unissued Common Shares
      (less Common Shares issuable upon exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company&#8217;s authorized capital stock), (c) the number or dollar amount of Common Shares permitted to be sold
      under Form F-3, or (d) the number or dollar amount of Common Shares for which the Company has filed a Prospectus (defined below).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Person</font>&#8221; means an individual or a corporation, partnership,
      limited liability company, trust, incorporated or unincorporated association, joint venture, joint stock company, governmental authority or other entity of any kind.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Principal Market</font>&#8221; means the NASDAQ Global Select Market or such
      other national securities exchange on which the Common Shares, including any Shares, are then listed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Sales Price</font>&#8221; means the actual sale execution price of each Share
      placed by the Agent pursuant to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Securities Act</font>&#8221; means the Securities Act of 1933, as amended, and
      the rules and regulations of the Commission thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Selling Commission</font>&#8221; means two percent (2%) of the gross proceeds
      of Shares sold pursuant to this Agreement, or as otherwise agreed between the Company and the Agent with respect to any Shares sold pursuant to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Settlement Date</font>&#8221; means the second business day following each Trading Day during
      the period set forth in the Issuance Notice on which Shares are sold pursuant to this Agreement, when the Company shall deliver to the Agent the amount of Shares sold on such Trading Day and the Agent shall deliver to the Company the Issuance Price
      received on such sales.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Shares</font>&#8221; shall mean the Company&#8217;s Common Shares issued or issuable pursuant to
      this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Trading Day</font>&#8221; means any day on which the Principal Market is open for trading.</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company represents and warrants to, and agrees with, the Agent that as of (1) the date of this Agreement, (2) each
      Issuance Notice Date, (3) each Settlement Date, (4) each Triggering Event Date and (5) as of each Time of Sale (each of the times referenced above is referred to herein as a &#8220;<font style="font-weight: bold;">Representation Date</font>&#8221;), except as
      may be disclosed in the Prospectus (including any documents incorporated by reference therein and any supplements thereto) on or before a Representation Date:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company has prepared and filed with the Commission an &#8220;automatic shelf registration statement&#8221; as defined under Rule 405 of the Securities Act
        on Form F-3 (File No. 333-264226) that contains a base prospectus (the &#8220;<font style="font-weight: bold;">Base Prospectus</font>&#8221;). Such registration statement registers the issuance and sale by the Company of the Shares under the Securities Act.
        The Company may file one or more additional registration statements from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable, with respect to the Shares. Except where the context otherwise
        requires, such registration statement(s), including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, including all financial statements, exhibits and schedules thereto and all documents incorporated or
        deemed to be incorporated therein by reference pursuant to Item 6 of Form F-3 under the Securities Act as from time to time amended or supplemented, is herein referred to as the &#8220;<font style="font-weight: bold;">Registration Statement</font>,&#8221; and
        the prospectus constituting a part of such registration statement(s), together with any prospectus supplement filed with the Commission pursuant to Rule 424(b) under the Securities Act relating to a particular issuance of the Shares, including all
        documents incorporated or deemed to be incorporated therein by reference pursuant to Item 6 of Form F-3 under the Securities Act, in each case, as from time to time amended or supplemented, is referred to herein as the &#8220;<font style="font-weight: bold;">Prospectus</font>,&#8221; except that if any revised prospectus is provided to the Agent by the Company for use in connection with the offering of the Shares that is not required to be filed by the Company pursuant to Rule 424(b) under the
        Securities Act, the term &#8220;<font style="font-weight: bold;">Prospectus</font>&#8221; shall refer to such revised prospectus from and after the time it is first provided to the Agent for such use. The Registration Statement at the time it originally became
        effective is herein called the &#8220;<font style="font-weight: bold;">Original Registration Statement</font>.&#8221; As used in this Agreement, the terms &#8220;amendment&#8221; or &#8220;supplement&#8221; when applied to the Registration Statement or the Prospectus shall be deemed
        to include the filing by the Company with the Commission of any document under the Exchange Act after the date hereof that is or is deemed to be incorporated therein by reference.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">All references in this Agreement to financial statements and schedules and other information which is &#8220;contained,&#8221;
      &#8220;included&#8221; or &#8220;stated&#8221; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed to be
      incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of any specified date; and all</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">references in this Agreement to amendments or supplements to the Registration Statement or the Prospectus shall be deemed to mean and
      include, without limitation, the filing of any document under the Exchange Act which is or is deemed to be incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the
      Prospectus, as the case may be, as of any specified date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">At the time the Registration Statement was or will be originally declared effective and at the time the Company&#8217;s most
      recent annual report on Form 20-F was filed with the Commission, if later, the Company met the then-applicable requirements for use of Form F-3 under the Securities Act. During the Agency Period, each time the Company files an annual report on Form
      20-F the Company will meet the then-applicable requirements for use of Form F-3 under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Original Registration Statement and any Rule 462(b) Registration Statement have been declared effective by the Commission under the Securities
        Act. If the Registration Statement, as last amended or supplemented, is on Form F-3ASR under the Securities Act, at the time such Registration Statement was originally filed by the Commission, as well as at the time the Company or any person acting
        on its behalf (within the meaning, for this clause only, of Rule 163(c) under the Securities Act) made any offer relating to the Shares in reliance on the exemption of Rule 163 under the Securities Act, the Company was a &#8220;well-known seasoned
        issuer&#8221; as defined in Rule 405 under the Securities Act, the Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule 405 under the Securities Act, and the Company has not received from the Commission any notice
        pursuant to Rule 401(g)(2) under the Securities Act objecting to the Company&#8217;s use of the automatic shelf registration form. The Company has complied to the Commission&#8217;s satisfaction with all requests of the Commission for additional or
        supplemental information. No stop order suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best
        knowledge of the Company, are contemplated or threatened by the Commission The Prospectus when filed complied in all material respects with the Securities Act and, if filed with the Commission through its Electronic Data Gathering, Analysis and
        Retrieval system (&#8220;<font style="font-weight: bold;">EDGAR</font>&#8221;) (except as may be permitted by Regulation S-T under the Securities Act), was identical to the copy thereof delivered to the Agent for use in connection with the issuance and sale of
        the Shares. Each of the Registration Statement, any Rule 462(b) Registration Statement and any post-effective amendment thereto, at the time it became effective and at all subsequent times, complied and will comply in all material respects with the
        Securities Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. As of the date of this Agreement, the
        Prospectus and any Free Writing Prospectus (as defined below) considered together (collectively, the &#8220;<font style="font-weight: bold;">Time of Sale Information</font>&#8221;) did not contain any untrue statement of a material fact or omit to state a
        material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Prospectus, as amended or supplemented, as of its date and at all subsequent times, did not and will not
        contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set
        forth in the three immediately</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">preceding sentences do not apply to statements in or omissions from the Registration Statement, any Rule 462(b) Registration Statement, or
      any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to the Agent furnished to the Company in writing by the Agent expressly for use
      therein, it being understood and agreed that the only such information furnished by the Agent to the Company consists of the information described in Section 6 below. There are no contracts or other documents required to be described in the
      Prospectus or to be filed as exhibits to the Registration Statement which have not been described or filed as required. The Registration Statement and the offer and sale of the Shares as contemplated hereby meet the requirements of Rule 415 under the
      Securities Act and comply in all material respects with said rule.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">This Agreement conforms in all material respects to the description thereof contained in the Registration Statement and the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Registration Statement has become effective under the Securities Act and no stop order suspending the effectiveness of the Registration
        Statement or no order preventing or suspending the use of the Prospectus or any Free Writing Prospectus has been issued, and no proceedings for such purpose or pursuant to Section 8A of the Securities Act have been taken or are, to his or her
        knowledge, contemplated or threatened by the Commission</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i) At the earliest time after the filing the Registration Statement that the Company or another offering participant made a bona fide offer (within
        the meaning of Rule 164(h)(2) under the Securities Act) of the Shares and (ii) as of the date hereof (with such date being used as the determination date for purposes of this clause (ii)), the Company was not and is not an &#8220;ineligible issuer&#8221; (as
        defined in Rule 405 under the Securities Act, without taking into account any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an ineligible issuer), including,
        without limitation, for purposes of Rules 164 and 433 under the Securities Act with respect to the offering of the Shares as contemplated by the Registration Statement. The Shares are an &#8220;actively-traded security&#8221; as such term is defined in
        Regulation M.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Commission has not issued an order preventing or suspending the use of the Prospectus or any Free Writing Prospectus relating to the proposed
        offering of the Shares, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission. The Registration Statement contains and the Prospectus and
        any amendments or supplements thereto will contain, all statements which are required to be stated therein by, and will conform in all material respects to, the requirements of the Securities Act and the Rules and Regulations. The documents
        incorporated, or to be incorporated, by reference in the Final Prospectus, at the time filed or furnished with the Commission conformed or will conform, in all material respects to the requirements of the Exchange Act, or the Securities Act, as
        applicable, and the rules and regulations of the Commission thereunder.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Each Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Shares or
        until any earlier date that the Company notified or notifies the Agent, did not, does not and will not include any information</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any
      document incorporated by reference therein and any prospectus supplement deemed to be a part thereof that has not been superseded or modified.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(h)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company has not, directly or indirectly, distributed, and will not distribute, any offering materials in connection with the offering and sale
        of the Shares other than the Prospectus, and other materials, if any, permitted under the Securities Act. The Company will file with the Commission all Free Writing Prospectuses, as applicable, in the time and manner required under Rule 433(d)
        under the Securities Act.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">There are no franchises, contracts, indentures, mortgages, loan agreements, notes, leases or other instruments required to be described in the
        Registration Statement or the Prospectus, or to be filed as an exhibit thereto, which are not described or filed as required; and any statements in the Registration Statement and the Prospectus under the captions &#8220;Material United States Federal
        Income Tax Considerations&#8221; and &#8220;Marshall Islands Tax Considerations,&#8221; &#8220;Major Shareholders and Related Party Transactions&#8221; and &#8220;Financial Information-Consolidated statements and other financial information-Legal Proceedings,&#8221; insofar as they purport
        to summarize provisions of law, rules, regulations, documents or legal, regulatory or governmental proceedings, provide accurate summaries thereof in all material respects.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(j)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The statistical, industry-related and market-related data included or incorporated by reference in the Registration Statement and the Prospectus are
        based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(k)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company has established and maintains &#8220;disclosure controls and procedures&#8221; (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act);
        the Company&#8217;s &#8220;disclosure controls and procedures&#8221; are reasonably designed to ensure that all information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and
        reported within the time periods specified in the rules and regulations of the Exchange Act, and that all such information is accumulated and communicated to the Company&#8217;s management, including its Chief Executive Officer and Co-Chief Financial
        Officers, as appropriate to allow timely decisions regarding required disclosure and to make the certifications of the Chief Executive Officer and Co-Chief Financial Officers of the Company required under the Exchange Act with respect to such
        reports. Since the end of the Company&#8217;s most recent audited fiscal year, there has been (i) no material weakness in the Company&#8217;s internal control over financial reporting (whether or not remediated) and (ii) no change in the Company&#8217;s internal
        control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(l)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The execution and delivery of, and the performance by the Company of its obligations under, this Agreement have been duly authorized by all
        necessary corporate action on the part of the Company, and this Agreement has been duly executed and delivered by the Company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(m)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The outstanding Common Shares of the Company have been duly authorized and validly issued and are fully paid and nonassessable; and no preemptive
        rights of shareholders</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">exist with respect to any of the Common Shares or sale thereof. Neither the filing of the Registration Statement nor the offering or sale of
      the Shares as contemplated by this Agreement gives rise to any rights, other than those which have been waived or satisfied, for or relating to the registration of any Common Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(n)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Since the respective dates as of which information is given in the Registration Statement and the Prospectus, as each may be amended or
        supplemented, there has not been any material adverse change or any development involving a prospective material adverse change in or affecting the earnings, business, management, properties, assets, rights, operations, condition (financial or
        otherwise), or prospects of the Company and the Subsidiaries taken as a whole, whether or not occurring in the ordinary course of business, and there has not been any material transaction entered into or any material transaction that is probable of
        being entered into by the Company or the Subsidiaries, other than transactions in the ordinary course of business and changes and transactions described in the Registration Statement and the Prospectus, as each may be amended or supplemented. The
        Company and the Subsidiaries have no material contingent obligations which are not disclosed in the Company&#8217;s financial statements which are included in the Registration Statement and the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(o)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Deloitte Certified Public Accountants S.A., which has audited or performed review procedures on certain of the financial statements of the Company
        and the Subsidiaries filed with or furnished to the Commission, as part of, or incorporated by reference in, the Registration Statement and the Prospectus is an independent registered public accounting firm with respect to the Company and its
        Subsidiaries within the meaning of the Securities Act and the applicable Rules and Regulations and the Public Company Accounting Oversight Board (United States) (the &#8220;PCAOB&#8221;)</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(p)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The consolidated financial statements of the Company and the Subsidiaries, together with related notes and schedules as set forth or incorporated by
        reference in the Registration Statement and the Prospectus, present fairly in all material respects the financial position and the results of operations and cash flows of the Company and the consolidated Subsidiaries, at the indicated dates and for
        the indicated periods. Such financial statements and related schedules have been prepared in accordance with United States generally accepted principles of accounting (&#8220;GAAP&#8221;), consistently applied throughout the periods involved, except as
        disclosed therein, and all adjustments necessary for a fair presentation of results for such periods have been made. The summary historical financial, statistical data and operating information included or incorporated by reference in the
        Registration Statement and the Prospectus present fairly in all material respects the information shown therein, and such data has been compiled on a basis consistent with the financial statements presented therein and the books and records of the
        Company. All disclosures contained in the Registration Statement and the Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term is defined by the Rules and Regulations) comply, in all material respects, with Regulation G of the Exchange
        Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations or any
        &#8220;variable interest entities&#8221; within the meaning of Financial Accounting Standards Board Accounting Standards Codification 810-10), not disclosed in the Registration Statement and the Prospectus. There are no financial statements</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(historical or pro forma) that are required to be included in the Registration Statement or the Prospectus that are not included as required.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(q)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company and each of its subsidiaries make and keep accurate books and records and maintain a system of internal accounting controls sufficient
        to provide reasonable assurance that: (i) transactions are executed in accordance with management&#8217;s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
        generally accepted accounting principles as applied in the United States and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (iv) the recorded
        accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(r)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the Marshall Islands, with corporate
        power and authority to own or lease, as the case may be, its properties and conduct its business as described in the Registration Statement and the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(s)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Each of the subsidiaries of the Company is listed in Exhibit B-I hereto collectively, the &#8220;<u>Subsidiaries</u>&#8221;). Each of the &#8220;significant
        subsidiaries&#8221; of the Company, as such term is defined in Rule 1-02 of Regulation S-X, listed in Exhibit B-II hereto (collectively, the &#8220;Significant Subsidiaries&#8221;), has been duly organized and is validly existing as a corporation or limited
        liability company, as the case may be, in good standing (where such concept is legally relevant) under the laws of the jurisdiction of its incorporation, with corporate power and authority to own or lease its properties and conduct its business as
        described in the Registration Statement, and the Prospectus, except where the failure to have been duly organized, to be validly existing, to be in good standing or to have such power and authority would not be reasonably expected to (i) have a
        material adverse effect on the earnings, business, management, properties, assets, rights, operations, condition (financial or otherwise) or prospects of the Company and of the Subsidiaries taken as a whole or (ii) prevent the consummation of the
        transactions contemplated hereby (the occurrence of any such effect or any such prevention described in the foregoing clauses (i) and (ii) being referred to as a &#8220;Material Adverse Effect&#8221;). The Subsidiaries are the only subsidiaries, direct or
        indirect, of the Company. The Company and each of its Significant Subsidiaries are duly qualified to transact business in all jurisdictions in which the conduct of their business requires such qualification. The outstanding shares of capital stock
        or membership interests, as applicable, of each of the Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable and are owned by the Company or another Subsidiary free and clear of all liens, encumbrances and
        equities and claims (other than any liens, encumbrances, and equities and claims described in the Registration Statement and the Prospectus), and no options, warrants or other rights to purchase, agreements or other obligations to issue or other
        rights to convert any obligations into shares of capital stock or ownership interests in the Subsidiaries are outstanding (other than as described in the Registration Statement and the Prospectus).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(t)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The information set forth under the caption &#8220;Capitalization&#8221; in the Registration Statement and the Prospectus is true and correct in all material
        respects or, to the extent that it is based upon assumptions or projections, is based upon assumptions or projections that the</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Company has determined in good faith. All of the Common Shares conform in all material respects to the description thereof contained in the
      Registration Statement and the Prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(u)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Common Shares are listed on the NASDAQ Global Select Market. Except as set forth in the Registration Statement and the Prospectus, the Company
        has taken no action designed to cause, or likely to have the effect of, de-listing its Common Shares from the NASDAQ Global Select Market, nor has the Company received any notification that the NASDAQ Global Select Market is contemplating
        terminating such listing.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(v)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Neither the Company nor any of the Subsidiaries is, or with the giving of notice or lapse of time or both, will be, (i) in violation of its
        certificate or articles of incorporation, by-laws, certificate of formation, limited liability agreement, partnership agreement or other organizational documents or (ii) in violation of or in default under any agreement, lease, contract, indenture
        or other instrument or obligation to which it is a party or by which it, or any of its properties, is bound and, solely with respect to this clause (ii), which violation or default would be reasonably expected to have a Material Adverse Effect. The
        execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein and the fulfillment of the terms hereof will not conflict with, result in a breach or violation of any of the terms or provisions of,
        result in the imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its Subsidiaries pursuant to, or constitute a default under, (i) any indenture, mortgage, deed of trust or other agreement or
        instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary or any of their respective properties is bound, or (ii) the certificate or articles of incorporation or by-laws of the Company or (iii) any law,
        order, rule or regulation, judgment, order, writ or decree applicable to the Company or any Subsidiary of any court or of any government, regulatory body or administrative agency or other governmental body having jurisdiction, except, with respect
        to clauses (i) or (iii), for such conflicts, breaches, violations or defaults as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(w)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">There is no action, suit, claim or proceeding pending or, to the knowledge of the Company, threatened against the Company or any of the Subsidiaries
        before any court or administrative agency or otherwise which would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect, except as set forth in the Registration Statement and the Prospectus There are no
        existing or, to the knowledge of the Company, threatened labor disputes with the employees of the Company or the Subsidiaries which are likely to have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(x)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and each of the
        Subsidiaries hold all material licenses, certificates and permits from governmental authorities which are necessary to the conduct of their businesses.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(y)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as described in the Registration Statement and the Prospectus, the Company and the Subsidiaries have good and marketable title to all of the
        properties and assets reflected in the consolidated financial statements hereinabove described or described in the Registration Statement and the Prospectus, subject to no lien, mortgage, pledge, charge or encumbrance of any kind except those
        reflected in such financial statements or which would not</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">be reasonably expected to have a Material Adverse Effect. The Company and the Subsidiaries occupy their leased properties under valid and
      binding leases conforming in all material respects to the descriptions thereof set forth in the Registration Statement and the Prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(z)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company and the Subsidiaries have filed all material U.S. federal, state, local and foreign tax returns which have been required to be filed and
        have paid all material taxes indicated by such returns and all assessments received by them to the extent that such taxes or assessments have become due and are not being contested in good faith and for which an adequate reserve for accrual has
        been established in accordance with GAAP. All material tax liabilities have been adequately provided for in the financial statements of the Company, and the Company does not know of any actual or proposed additional material tax assessments.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(aa) Neither the Company nor any Subsidiary is or, after giving effect to the offering and sale of the Shares contemplated
      hereunder and the application of the net proceeds from such sale as described in the Registration Statement and the Prospectus, will be required to register as an &#8220;investment company&#8221; within the meaning of such term under the Investment Company Act
      of 1940 as amended (the &#8220;1940 Act&#8221;), and the rules and regulations of the Commission thereunder. Insurance. The Company and the Subsidiaries carry, or are covered by, insurance (which term shall include membership in Protection and Indemnity clubs)
      in such amounts and covering such risks as is prudent, reasonable and customary for companies engaged in similar businesses in similar industries; neither the Company nor any of its Subsidiaries has received notice from any insurer or agent of such
      insurer that substantial capital improvements or other expenditures will have to be made in order to continue such insurance; all such insurance is outstanding and in full force and effect and neither the Company nor any Subsidiary has received any
      notice of cancellation or proposed cancellation relating to such insurance.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(bb) Neither the Company nor, to the Company&#8217;s knowledge, any of its shareholders, has taken or may take, directly or
      indirectly, any action designed to cause or result in, or which has constituted or which might be reasonably expected to constitute, the stabilization or manipulation of the prices of the Common Shares to facilitate the sale or resale of the Common
      Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(cc) There are no relationships or related party transactions involving the Company or any of the Subsidiaries or any
      other person required to be described in the Registration Statement and the Prospectus which have not been described as required.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(dd) Each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory,
      administrative or other governmental body necessary in connection with the execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated hereby and by the Prospectus (except such additional
      steps as may be required by the Commission, the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) or such additional steps as may be necessary to qualify the Shares for public offering by the Agent under state securities or Blue Sky laws) has been
      obtained or made and is in full force and effect other than (i) filings with the Commission pursuant to Rule 424(b) under the Securities Act, (ii) filings with the Commission on Form 6-K with respect to this Agreement or the transactions contemplated
      hereby, or (iii) such as shall have been obtained or made prior to the time of purchase. Neither the Company nor any of the Subsidiaries (i) is</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through
      one or more intermediaries, controls or is a &#8220;person associated with a FINRA member&#8221; or &#8220;associated person of a FINRA member&#8221; (within the meaning of Article I of the Bylaws of the FINRA).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(ee) Except as disclosed in the Registration Statement and the Prospectus and other than the Subsidiaries, the Company
      does not own directly or indirectly, any equity or long-term debt securities of any corporation, partnership, limited liability company, joint venture, association or other entity.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(ff) Neither the Company nor any of its properties or assets has any immunity from the jurisdiction of any court or from
      any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the United States, the Marshall Islands, the Republic of Liberia or Greece, or any political
      subdivisions thereof (gg) To the knowledge of the Company, neither the Company nor any of the Subsidiaries has made any contribution or other payment to any official of, or candidate for, any federal, state or foreign office in violation of any law
      which violation is required to be disclosed in the Registration Statement and the Prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(hh) Each vessel described in the Registration Statement and the Prospectus, except for the vessels which the Company or a
      Subsidiary has entered into a bareboat charter (in which case the applicable Subsidiary is the disponent owner), is owned directly by one of the Subsidiaries; each of the vessels listed on Exhibit B hereto and specified as being owned (the &#8220;Owned
      Vessels&#8221;) by a Subsidiary has been duly registered as a vessel under the laws and regulations and flag of the jurisdiction set forth opposite its name on Exhibit B in the sole ownership of the Subsidiary set forth opposite its name on Exhibit B,
      except as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; each such Subsidiary has good title to the applicable Owned Vessel, free and clear of all mortgages, pledges, liens, security interests
      and claims and all defects of the title of record other than as disclosed in the Registration Statement and the Prospectus and no other action is necessary to establish and perfect such entity&#8217;s title to and interest in such vessel as against any
      charterer or third party, except as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; and each such Owned Vessel is in good standing with respect to the payment of past and current taxes, fees and
      other amounts payable under the laws of the jurisdiction where it is registered as would affect its registry with the ship registry of such jurisdiction except for failures to be in good standing which would not, in the aggregate, be reasonably
      expected to have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Each Owned Vessel is operated in compliance with the rules, codes of practice, conventions, protocols, guidelines or similar requirements or
        restrictions imposed, published or promulgated by any governmental authority, classification society or insurer applicable to the respective vessel (collectively, &#8220;Maritime Guidelines&#8221;) and all applicable international, national, state and local
        conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental Laws (as defined below)), except where such failure to be in compliance would not, individually or in the
        aggregate, be reasonably</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">expected to have a Material Adverse Effect. The Company and each applicable Subsidiary are qualified to own or lease, as the case may be, and
      operate such vessels under all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental Laws) and Maritime Guidelines,
      including the laws, regulations and orders of each such vessel&#8217;s flag state, except where such failure to be so qualified would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(jj) Each Owned Vessel is classed by a classification society which is a full member of the International Association of
      Classification Societies and is in class with valid class and trading certificates, without any overdue recommendations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(kk) Except as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, (i)
      neither the Company nor any of its Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including
      any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health (as it relates to exposure to Hazardous Materials (as defined below)), the environment (including, without limitation, ambient air,
      surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous
      substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, &#8220;Hazardous Materials&#8221;), or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials
      (collectively, &#8220;Environmental Laws&#8221;), (ii) the Company and each of its Subsidiaries has all permits, authorizations and approvals required under any applicable Environmental Laws and is in compliance with its requirements, (iii) there are no pending
      or, to the knowledge of the Company, threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law
      against the Company or any of its Subsidiaries, (iv) to the knowledge of the Company, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding
      by any private party or governmental body or agency, against or affecting the Company or any of its Subsidiaries, relating to Hazardous Materials or any Environmental Laws, (v) neither the Company nor any of its Subsidiaries has been named as a
      &#8220;potentially responsible party&#8221; under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, (vi) there has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission or
      other release of any Hazardous Materials by, due to, or caused by the Company or any of its Subsidiaries (or, to the Company&#8217;s knowledge, by any other entity for whose acts or omissions the Company is or may liable) upon any other property now or
      previously owned or leased by the Company or any of its Subsidiaries, or upon any other property, which would be a violation of or give rise to any liability under any applicable law, rule, regulation, order, judgment, decree or permit (including any
      applicable regulations and standards adopted by the International Maritime Organization) relating to pollution or protection of human health (as it relates to exposure to Hazardous Materials) and the environment, (vii) there has been no disposal,
      discharge, emission or other release of any kind onto such property or into the environment surrounding such property, of any toxic or other wastes or other hazardous</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">substances with respect to which the Company has knowledge and (viii) neither the Company nor any of its Subsidiaries has agreed to assume,
      undertake or provide indemnification for any liability or any other person under any Environmental Law, including any obligation for cleanup or remedial action, other than by operation of law or due to the Company&#8217;s or any of its Subsidiaries,
      membership in any mutual protection and indemnity association.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ll)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">In the ordinary course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties
        of the Company and its Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or
        compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review, the Company has reasonably concluded that such
        associated costs and liabilities would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect and for the avoidance of doubt neither the Company nor any of its Subsidiaries is aware of any legal proceedings
        that are pending or known to be contemplated against any of them under any Environmental Laws in which a governmental entity is also a party (other than such proceedings regarding which the Company and the affected Subsidiaries reasonably believe
        no monetary sanctions of $100,000 or more will be imposed on them) or has estimated incurring material capital expenditures to comply with any Environmental Laws, except for such costs and liabilities, proceedings and capital expenditures as set
        forth in the Registration Statement and the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(mm) (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of
      1974, as amended (&#8220;ERISA&#8221;), for which the Company or any member of its &#8220;Controlled Group&#8221; (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the United States Internal Revenue
      Code of 1986, as amended (the &#8220;Code&#8221;)) would have any liability (each, a &#8220;Plan&#8221;) has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and
      the Code, except for noncompliance that could not reasonably be expected to result in material liability to the Company or its subsidiaries; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has
      occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption that could reasonably be expected to result in a material liability to the Company or its subsidiaries; (iii) for each Plan that is
      subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, the minimum funding standard of Section 412 of the Code or Section 302 of ERISA, as applicable, has been satisfied (without taking into account any waiver thereof or
      extension of any amortization period) and is reasonably expected to be satisfied in the future (without taking into account any waiver thereof or extension of any amortization period); (iv) the fair market value of the assets of each Plan exceeds the
      present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (v) no &#8220;reportable event&#8221; (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur that
      either has resulted, or could reasonably be expected to result, in material liability to the Company or its subsidiaries; (vi) neither the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability
      under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">ordinary course and without default) in respect of a Plan (including a &#8220;multiemployer plan&#8221;, within the meaning of Section 4001(a)(3) of
      ERISA); and (vii) there is no pending audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other governmental agency or any foreign regulatory agency with respect to any
      Plan that could reasonably be expected to result in material liability to the Company or its subsidiaries. None of the following events has occurred or is reasonably likely to occur: (x) a material increase in the aggregate amount of contributions
      required to be made to all Plans by the Company or its subsidiaries in the current fiscal year of the Company and its subsidiaries compared to the amount of such contributions made in the Company and its subsidiaries&#8217; most recently completed fiscal
      year; or (y) a material increase in the Company and its subsidiaries&#8217; &#8220;accumulated post-retirement benefit obligations&#8221; (within the meaning of Statement of Financial Accounting Standards 106) compared to the amount of such obligations in the Company
      and its subsidiaries&#8217; most recently completed fiscal year.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(nn) Other than pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for
      any finder&#8217;s or broker&#8217;s fee or agent&#8217;s commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or by the Prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(oo) The Company and its Subsidiaries have not violated and are in compliance with all laws, statutes, ordinances,
      regulations, rules and orders of each foreign, federal, state or local government and any other governmental department or agency having jurisdiction over the Company and any Subsidiary, and any judgment, decision, decree or order of any court or
      governmental agency, department or authority having jurisdiction over the Company and any Subsidiary, except for those violations that would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(pp) Except as set forth in the Registration Statement, the and the Prospectus, the Company is not prohibited, directly or
      indirectly, from paying any dividends, from making any other distribution, from repaying any loans or advances or from transferring any of its property or assets. All dividends and other distributions declared and payable on the shares of capital
      stock of the Company may, under the current laws and regulations of the Marshall Islands and any political subdivisions thereof, be paid in United States dollars and may be freely transferred out of the Marshall Islands, and all such dividends and
      other distributions will not be subject to withholding or other taxes under the laws and regulations of the Marshall Islands and are otherwise free and clear of any other tax, withholding or deduction and without the necessity of obtaining any
      consents, approvals, authorizations, orders, licenses, registrations, clearances and qualifications of or with any court or governmental agency or body in the Marshall Islands.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(qq) Except as set forth in the Registration Statement and the Prospectus or as provided by the laws of its jurisdiction
      of organization with respect to permissible sources of funds from which dividends may be paid, no Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution
      on such Subsidiary&#8217;s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary&#8217;s property or assets to the Company or any other Subsidiary of the Company.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(rr)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Assuming payment for the Shares as contemplated by this Agreement, there are no restrictions on subsequent transfers of the Shares by the Agent
        under the laws of the Marshall Islands except as may be provided by law with respect to insolvency or bankruptcy of the Agent.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(ss) No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
      Act) contained in the Registration Statement or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(tt)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company believes that it is not currently a passive foreign investment company (&#8220;<font style="font-weight: bold;">PFIC</font>&#8221;) within the
        meaning of Section 1297(a) of the Code and does not currently intend to take any action that is likely to result in it becoming a PFIC.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(uu) The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the
      Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(vv) Except as described in the Registration Statement or the Prospectus and except as would not be reasonably expected to
      have a Material Adverse Effect, neither the Company nor any Subsidiary has sent or received any communication regarding termination of, or intent not to renew, any of the contracts, charters or agreements referred to or described in the Registration
      Statement or the Prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Company or any Subsidiary or, to the Company&#8217;s knowledge, any other
      party to any such contract or agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(ww) (i) None of the Company or any of its Subsidiaries or affiliates, or any director, officer, or employee thereof, or,
      to the Company&#8217;s knowledge, any agent or representative of the Company or of any of its Subsidiaries or affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment,
      giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any government official (including any officer or employee of a government or government owned or controlled entity or of a public international
      organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) (&#8220;Government Official&#8221;) in order to influence official action, or to any
      person in violation of any applicable anticorruption laws; (ii) the Company and each of its Subsidiaries and affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained and will
      continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; and (iii) neither the Company nor any of its Subsidiaries will use,
      directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption
      laws.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(xx) The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with all
      applicable financial recordkeeping and reporting requirements,</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools
      Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its Subsidiaries conduct business, the rules and regulations thereunder and any
      related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;Anti-Money Laundering Laws&#8221;), and no action, suit or proceeding by or before any court or governmental agency,
      authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(yy) (A) None of the Company, any of its Subsidiaries, or any director, officer, or employee thereof, or, to the Company&#8217;s
      knowledge, any agent, affiliate or representative of the Company or any of its Subsidiaries, is an individual or entity (&#8220;Person&#8221;) that is, or is owned or controlled by one or more Persons that are:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(1)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">the subject of any sanctions administered or enforced by the U.S. Department of the
        Treasury&#8217;s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty&#8217;s Treasury, or other relevant sanctions authority (collectively, &#8220;<font style="font-weight: bold;">Sanctions</font>&#8221;), or</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(2)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">located, organized or resident in a country or territory that is the subject of
        Sanctions (including, without limitation, the Crimea region of Ukraine, Cuba, the so-called Donetsk People&#8217;s Republic, Iran, the so-called Luhansk People&#8217;s Republic, North Korea and Syria).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">(B) The Company will not, directly or indirectly, use the proceeds
      of the offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(1)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">to fund or facilitate any activities or business of or with any Person or in any
        country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(2)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">in any other manner that will result in a violation of Sanctions by any Person
        (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">(C) The Company and each of its Subsidiaries have not knowingly
      engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions, except as permitted
      by Sanctions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(zz) Except as described in the Registration Statement and the Prospectus, no holders of any securities of the Company or
      of any options, warrants or other convertible or exchangeable securities of the Company have the right to include any securities issued by the Company in the Registration Statement or any registration statement to be filed by the Company</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">or to require the Company to file a registration statement under the Securities Act, other than those holders who have waived such rights.
      Except as described in the Prospectus, any Free Writing Prospectus and the Prospectus, no holder of any securities of the Company or any other person has the right, contractual or otherwise, which has not</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(aaa) been satisfied or effectively waived, to cause the Company to sell or otherwise issue to them, or permit them to
      underwrite the sale of, any of the Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">(bbb) The Company is a &#8220;foreign private issuer&#8221; as defined in Rule 405 of the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">(ccc) (i) Except as disclosed in the Registration Statement and the Prospectus, or as would not,
      individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and its Subsidiaries own or have a valid license to all patents, inventions, copyrights, know how (including trade secrets and other unpatented
      and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks and trade names (collectively, &#8220;Intellectual Property Rights&#8221;) used in or reasonably necessary to the conduct of their businesses; (ii) the
      Intellectual Property Rights owned by the Company and its Subsidiaries and, to the Company&#8217;s knowledge, the Intellectual Property Rights licensed to the Company and its Subsidiaries, are valid, subsisting and enforceable, and there is no pending or,
      to the Company&#8217;s knowledge, threatened action, suit, proceeding or claim by others challenging the validity, scope or enforceability of any such Intellectual Property Rights; (iii) neither the Company nor any of its Subsidiaries has received any
      notice alleging any infringement, misappropriation or other violation of Intellectual Property Rights which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect on the Company
      and its Subsidiaries, taken as a whole; (iv) to the Company&#8217;s knowledge, no third party is infringing, misappropriating or otherwise violating, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights owned by the
      Company; (v) neither the Company nor any of its Subsidiaries infringes, misappropriates or otherwise violates, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">(ddd) Solely to the extent that the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations
      promulgated by the Commission and the NASDAQ Global Select Market thereunder (the &#8220;Sarbanes-Oxley Act&#8221;) have been applicable to the Company, there is and has been no failure on the part of the Company to comply in all material respects with any
      provision of the Sarbanes-Oxley Act. The Company has taken all necessary actions to ensure that it is in compliance in all material respects with all provisions of the Sarbanes-Oxley Act that are in effect and with which the Company is required to
      comply and is actively taking steps to ensure that it will be in compliance with other provisions of the Sarbanes-Oxley Act not currently in effect or which will become applicable to the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">(eee) There are no material capital gains, income, withholding, documentary, stamp or other taxes or
      duties or similar fees or charges under U.S. federal law or the laws of any U.S. state, the Republic of the Marshall Islands or the Republic of Liberia or any political subdivision of any thereof, required to be paid by the Company or the Agent in
      connection with the execution and delivery of this Agreement, or the sale and delivery by the Company of the Shares</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">to or for the respective accounts of the Agent or the sale and delivery by the Agent of the Shares to initial purchasers thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(fff) (i) The Company and its Subsidiaries use and have used any and all software and other materials distributed under a
      &#8220;free,&#8221; &#8220;open source,&#8221; or similar licensing model (including but not limited to the MIT License, Apache License, GNU General Public License, GNU Lesser General Public License and GNU Affero General Public License) (&#8220;Open Source Software&#8221;) in
      compliance with all license terms applicable to such Open Source Software; and (ii) neither the Company nor any of its Subsidiaries uses or distributes or has used or distributed any Open Source Software in any manner that requires or has required
      (A) the Company or any of its Subsidiaries to permit reverse engineering of any software code or other technology owned by the Company or any of its Subsidiaries or (B) any software code or other technology owned by the Company or any of its
      Subsidiaries to be (1) disclosed or distributed in source code form, (2) licensed for the purpose of making derivative works or (3) redistributed at no charge.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(ggg) (i) To the Company&#8217;s knowledge, the Company and each of its Subsidiaries have complied and are presently in
      compliance with all internal and external privacy policies, contractual obligations, industry standards, applicable laws, statutes, judgments, orders, rules and regulations of any court or arbitrator or other governmental or regulatory authority and
      any other legal obligations, in each case, relating to the collection, use, transfer, import, export, storage, protection, disposal and disclosure by the Company or any of its Subsidiaries of personal, personally identifiable, household, sensitive,
      confidential or regulated data (&#8220;Data Security Obligations&#8221;, and such data, &#8220;Data&#8221;); (ii) the Company has not received any notification of or complaint regarding and is unaware of any other facts that, individually or in the aggregate, would
      reasonably indicate non-compliance with any Data Security Obligation; and (iii) of there is no action, suit or proceeding by or before any court or governmental agency, authority or body pending or threatened alleging non-compliance with any Data
      Security Obligation.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(hhh) Except as disclosed in the Registration Statement and the Prospectus, or as would not, individually or in the
      aggregate, reasonably be expected to have a Material Adverse Effect, the Company and each of its Subsidiaries have taken all technical and organizational measures reasonably necessary to protect the information technology systems and Data used in
      connection with the operation of the Company&#8217;s and its Subsidiaries&#8217; businesses. Without limiting the foregoing, the Company and its Subsidiaries have used reasonable efforts to establish and maintain, and have established, maintained, implemented
      and complied with, reasonable information technology, information security, cyber security and data protection controls, policies and procedures, including oversight, access controls, encryption, technological and physical safeguards and business
      continuity/disaster recovery and security plans that are designed to protect against and prevent breach, destruction, loss, unauthorized distribution, use, access, disablement, misappropriation or modification, or other compromise or misuse of or
      relating to any information technology system or Data used in connection with the operation of the Company&#8217;s and its Subsidiaries&#8217; businesses (&#8220;Breach&#8221;). The Company and its Subsidiaries have not been notified of and have no knowledge of any event or
      condition that would reasonably be expected to result in, any such Breach.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(iii) (i) The courts of the Marshall Islands would recognize as a valid judgment any final monetary judgment obtained
      against the Company in the courts of the State of New York;</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(ii) this Agreement is in proper form under the laws of the Marshall Islands for the enforcement thereof against the Company, and to ensure
      the legality, validity, enforceability or admissibility into evidence in Marshall Islands of this Agreement; and (iii) it is not necessary under the laws of the Marshall Islands (a) to enable the Agent to enforce its rights under this Agreement,
      provided that they are not otherwise engaged in business in the Marshall Islands, or (b) solely by reason of the execution, delivery or consummation of this Agreement, for the Agent to be qualified or entitled to carry out business in the Marshall
      Islands.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Any certificate signed by any officer or representative of the Company or any of its subsidiaries and delivered to the
      Agent or counsel for the Agent in connection with an issuance of Shares shall be deemed a representation and warranty by the Company to the Agent as to the matters covered thereby on the date of such certificate and not a representation or warranty
      in an individual capacity.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company acknowledges that the Agent and, for purposes of the opinions to be delivered pursuant to Section 4(o) hereof,
      counsel to the Company and counsel to the Agent, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</div>
    <div style="margin-right: 3.6pt; margin-left: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 3. ISSUANCE AND SALE OF SHARES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Sale of Securities</u>. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions
        herein set forth, the Company and the Agent agree that the Company may from time to time seek to sell Shares through the Agent, acting as sales agent, or directly to the Agent, acting as principal, as follows, with an aggregate Sales Price of up to
        the Maximum Program Amount, based on and in accordance with Issuance Notices as the Company may deliver, during the Agency Period.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Mechanics of Issuances</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>Issuance Notice</u>. Upon the terms and subject to the conditions set forth
        herein, on any Trading Day during the Agency Period on which the conditions set forth in <u>Section 5(a)</u> and <u>Section 5(b)</u> shall have been satisfied, the Company may exercise its right to request an issuance of Shares by delivering to
        the Agent an Issuance Notice; <font style="font-style: italic;">provided, however</font>, that (A) in no event may the Company deliver an Issuance Notice to the extent that (I) the sum of (x) the aggregate Sales Price of the requested Issuance
        Amount, plus (y) the aggregate Sales Price of all Shares issued under all previous Issuance Notices effected pursuant to this Agreement, would exceed the Maximum Program Amount; and (B) prior to delivery of any Issuance Notice, the period set forth
        for any previous Issuance Notice shall have expired or been terminated. An Issuance Notice shall be considered delivered on the Trading Day that it is received by e-mail to the persons set forth in Schedule A hereto and confirmed by the Company by
        telephone (including a voicemail message to the persons so identified), with the understanding that, with adequate prior written notice, the Agent may modify the list of such persons from time to time.</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>Agent Efforts</u>. Upon the terms and subject to the conditions set forth in this
        Agreement, upon the receipt of an Issuance Notice, the Agent will use its commercially reasonable efforts consistent with its normal sales and trading practices to place the Shares with respect to which the Agent has agreed to act as sales agent,
        subject to, and in accordance with the information specified in, the Issuance Notice, unless the sale of the Shares described therein has been suspended, cancelled or otherwise terminated in accordance with the terms of this Agreement. For the
        avoidance of doubt, the parties to this Agreement may modify an Issuance Notice at any time provided they both agree in writing to any such modification.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(iii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>Method of Offer and Sale</u>. The Shares may be offered and sold (A) in privately
        negotiated transactions with the consent of the Company; (B) as block transactions; or (C) by any other method permitted by law deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415(a)(4) under the Securities Act, including sales made
        directly on the Principal Market or sales made into any other existing trading market of the Common Shares. Nothing in this Agreement shall be deemed to require either party to agree to the method of offer and sale specified in the preceding
        sentence, and (except as specified in clauses (A) and (B) above) the method of placement of any Shares by the Agent shall be at the Agent&#8217;s discretion.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(iv)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>Confirmation to the Company</u>. If acting as sales agent hereunder, the Agent
        will provide written confirmation to the Company no later than the opening of the Trading Day next following the Trading Day on which it has placed Shares hereunder setting forth the number of shares sold on such Trading Day, the corresponding
        Sales Price and the Issuance Price payable to the Company in respect thereof.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(v)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>Settlement</u>. Each issuance of Shares will be settled on the applicable
        Settlement Date for such issuance of Shares and, subject to the provisions of <u>Section 5</u>, on or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Shares being sold by crediting
        the Agent or its designee&#8217;s account at The Depository Trust Company through its Deposit/Withdrawal At Custodian (DWAC) System, or by such other means of delivery as may be mutually agreed upon by the parties hereto and, upon receipt of such Shares,
        which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, the Agent will deliver, by wire transfer of immediately available funds, the related Issuance Price in same day funds delivered to an account
        designated by the Company prior to the Settlement Date. The Company may sell Shares to the Agent as principal at a price agreed upon at each relevant time Shares are sold pursuant to this Agreement (each, a &#8220;<font style="font-weight: bold;">Time of
          Sale</font>&#8221;).</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(vi)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>Suspension or Termination of Sales</u>. Consistent with standard market settlement
        practices, the Company or the Agent may, upon notice to the other party hereto in writing or by telephone (confirmed immediately by verifiable email), suspend any sale of Shares, and the period set forth in an Issuance Notice shall immediately
        terminate; <font style="font-style: italic;">provided, however</font>, that (A) such suspension and termination shall not affect or impair either party&#8217;s obligations with respect to any Shares placed or sold hereunder prior to the receipt of such
        notice; (B) if the Company suspends or</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">terminates any sale of Shares after the Agent confirms such sale to the Company, the Company shall still
      be obligated to comply with <u>Section 3(b)(v)</u> with respect to such Shares; and (C) if the Company defaults in its obligation to deliver Shares on a Settlement Date, the Company agrees that it will hold the Agent harmless against any loss,
      claim, damage or expense (including, without limitation, penalties, interest and reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company. The parties hereto acknowledge and agree that, in
      performing its obligations under this Agreement, the Agent may borrow Common Shares from stock lenders in the event that the Company has not delivered Shares to settle sales as required by subsection (v) above, and may use the Shares to settle or
      close out such borrowings. The Company agrees that no such notice shall be effective against the Agent unless it is made to the persons identified in writing by the Agent pursuant to <u>Section 3(b)(i)</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(vii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>No Guarantee of Placement, Etc. The Company acknowledges and agrees that</u> (A)
        there can be no assurance that the Agent will be successful in placing Shares; (B) the Agent will incur no liability or obligation to the Company or any other Person if it does not sell Shares; and (C) the Agent shall be under no obligation to
        purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Agent and the Company.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(viii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>Material Non-Public Information.</u> Notwithstanding any other provision of this
        Agreement, the Company and the Agent agree that the Company shall not deliver any Issuance Notice to the Agent, and the Agent shall not be obligated to place any Shares, during any period in which the Company is in possession of material non-public
        information.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Fees</u>. As compensation for services rendered, the Company shall pay to the Agent, on the applicable Settlement Date, the Selling Commission
        for the applicable Issuance Amount (including with respect to any suspended or terminated sale pursuant to <u>Section 3(b)(vi)) </u>by the Agent deducting the Selling Commission from the applicable Issuance Amount.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Expenses</u>. The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its obligations hereunder and
        in connection with the transactions contemplated hereby, including without limitation (i) all expenses incident to the issuance and delivery of the Shares (including all printing and engraving costs); (ii) all fees and expenses of the registrar and
        transfer agent of the Shares; (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Shares; (iv) all fees and expenses of the Company&#8217;s counsel, independent public or certified public accountants
        and other advisors; (v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of
        experts), the Prospectus, any Free Writing Prospectus (as defined below) prepared by or on behalf of, used by, or referred to by the Company, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees, attorneys&#8217; fees and
        expenses incurred by the Company or the Agent in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Shares for offer and sale under the state securities or blue sky
        laws or the provincial securities laws of Canada, and, if requested by the Agent, preparing and printing a &#8220;<font style="font-weight: bold;">Blue Sky Survey</font>&#8221; or</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">memorandum and a &#8220;Canadian wrapper,, and any supplements thereto, advising the Agent of such qualifications, registrations, determinations
      and exemptions, not to exceed an aggregate of $5,000; (vii) the reasonable fees and disbursements of the Agent&#8217;s counsel, including the reasonable fees and expenses of counsel for the Agent in connection with, FINRA review, if any, and approval of
      the Agent&#8217;s participation in the offering and distribution of the Shares, such expenses in connection with FINRA review and approval not to exceed an aggregate of $7,500; (viii) the filing fees incident to FINRA review, if any; (ix) the costs and
      expenses of the Company relating to investor presentations on any &#8220;road show&#8221; undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any
      electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging
      expenses of the representatives, employees and officers of the Company and of the Agent and any such consultants, and the cost of any aircraft chartered in connection with the road show; and (x) the fees and expenses associated with listing the
      Shares on the Principal Market.</div>
    <div style="margin-right: 3.6pt; margin-left: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 4. ADDITIONAL COVENANTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company covenants and agrees with the Agent as follows, in addition to any other covenants and agreements made
      elsewhere in this Agreement:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Exchange Act Compliance</u>. During the Agency Period, the Company shall (i) file, on a timely basis, with the Commission all reports and
        documents required to be filed under Section 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act; and (ii) either (A) include on a current report on Form 6-K and/or its annual reports on Form
        20-F, as applicable, a summary detailing, for the relevant reporting period, (1) the number of Shares sold through the Agent pursuant to this Agreement and (2) the net proceeds received by the Company from such sales or (B) prepare a prospectus
        supplement containing, or include in such other filing permitted by the Securities Act or Exchange Act (each an &#8220;<font style="font-weight: bold;">Interim Prospectus Supplement&#8221;)</font>, such summary information and, at least once a quarter and
        subject to this Section 4, file such Interim Prospectus Supplement pursuant to Rule 424(b) under the Securities Act (and within the time periods required by Rule 424(b) and Rule 430B under the Securities Act)). The Company shall file with the
        Commission on Form 6-K, not later than 90 days following the end of each of the first three fiscal quarters of each fiscal year, the unaudited interim financial statements of each such quarter. Such interim financial statements shall have been
        reviewed by Deloitte Certified Public Accountants S.A. pursuant to PCAOB AS 4501.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Securities Act Compliance</u>. After the date of this Agreement, the Company shall promptly advise the Agent in writing (i) of the receipt of any
        comments of, or requests for additional or supplemental information from, the Commission; (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement, any Rule 462(b) Registration Statement or any amendment
        or supplement to the Prospectus, any Free Writing Prospectus; (iii) of the time and date that any post-effective amendment to the Registration Statement or any Rule 462(b) Registration Statement becomes effective; (iv) if the Registration Statement
        ceases to be available for use as a result of the Company no longer qualifying as a &#8220;well-known seasoned issuer&#8221; (as defined in Rule 405 under the Securities Act); and (v) of the</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
      thereto, any Rule 462(b) Registration Statement or any amendment or supplement to the Prospectus or of any order preventing or suspending the use of any Free Writing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate
      from listing or quotation the Common Shares from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the
      Commission shall enter any such stop order at any time, the Company will use its best efforts to obtain the lifting of such order as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rule 424(b) and
      Rule 433, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) or Rule 433 were received in a timely manner by the Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Amendments and Supplements to the Prospectus and Other Securities Act Matters</u>. If any event shall occur or condition exist as a result of
        which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
        circumstances when the Prospectus is delivered to a purchaser, not misleading, or if in the opinion of the Agent or counsel for the Agent it is otherwise necessary to amend or supplement the Prospectus to comply with applicable law, including the
        Securities Act, the Company agrees (subject to Section 4(d) and 4(f)) to promptly prepare, file with the Commission and furnish at its own expense to the Agent, amendments or supplements to the Prospectus so that the statements in the Prospectus as
        so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus is delivered to a
        purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law including the Securities Act. Neither the Agent&#8217;s consent to, or delivery of, any such amendment or supplement shall constitute a waiver
        of any of the Company&#8217;s obligations under Sections 4(d) and 4(f).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Agent&#8217;s Review of Proposed Amendments and Supplements</u>. Prior to amending or supplementing the Registration Statement (including any
        registration statement filed under Rule 462(b) under the Securities Act) or the Prospectus (excluding any amendment or supplement through incorporation of any report filed under the Exchange Act), the Company shall furnish to the Agent for review,
        a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each such proposed amendment or supplement, and the Company shall not file or use any such proposed amendment or supplement without the Agent&#8217;s prior
        consent, which shall not be unreasonably withheld, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Use of Free Writing Prospectus</u>. Neither the Company nor the Agent has prepared, used, referred to or distributed, or will prepare, use, refer
        to or distribute, without the other party&#8217;s prior written consent, which shall not be unreasonably withheld, any &#8220;written communication&#8221; that constitutes a &#8220;free writing prospectus&#8221; as such terms are defined in Rule 405 under the Securities Act
        with respect to the offering contemplated by this Agreement (any such free writing prospectus being referred to herein as a &#8220;<font style="font-weight: bold;">Free Writing Prospectus</font>&#8221;).</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Free Writing Prospectuses</u>. The Company shall furnish to the Agent for review, a reasonable amount of time prior to the proposed time of
        filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement thereto to be prepared by or on behalf of, used by, or referred to by the Company and the Company shall not file, use or refer to any proposed
        free writing prospectus or any amendment or supplement thereto without the Agent&#8217;s consent, which shall not be unreasonably withheld. The Company shall furnish to the Agent, without charge, as many copies of any free writing prospectus prepared by
        or on behalf of, or used by the Company, as the Agent may reasonably request. If at any time when a prospectus is required by the Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales of
        the Shares (but in any event if at any time through and including the date of this Agreement) there occurred or occurs an event or development as a result of which any free writing prospectus prepared by or on behalf of, used by, or referred to by
        the Company conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make
        the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company shall promptly amend or supplement such free writing prospectus to eliminate or correct such conflict or so that the
        statements in such free writing prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
        prevailing at such subsequent time, not misleading, as the case may be; <font style="font-style: italic;">provided, however</font>, that prior to amending or supplementing any such free writing prospectus, the Company shall furnish to the Agent
        for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of such proposed amended or supplemented free writing prospectus and the Company shall not file, use or refer to any such amended or supplemented
        free writing prospectus without the Agent&#8217;s consent, which shall not be unreasonably withheld.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Filing of Agent Free Writing Prospectuses</u>. The Company shall not to take any action that would result in the Agent or the Company being
        required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Agent that the Agent otherwise would not have been required to file thereunder.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(h)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Copies of Registration Statement and Prospectus</u>. After the date of this Agreement through the last time that a prospectus is required by the
        Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales of the Shares, the Company agrees to furnish the Agent with copies (which may be electronic copies) of the Registration Statement and
        each amendment thereto, and with copies of the Prospectus and each amendment or supplement thereto in the form in which it is filed with the Commission pursuant to the Securities Act or Rule 424(b) under the Securities Act, both in such quantities
        as the Agent may reasonably request from time to time; and, if the delivery of a prospectus is required under the Securities Act or under the blue sky or securities laws of any jurisdiction at any time on or prior to the applicable Settlement Date
        for any period set forth in an Issuance Notice in connection with the offering or sale of the Shares and if at such time any event has occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of
        a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or, if for any other reason it is
        necessary during such</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus
      in order to comply with the Securities Act or the Exchange Act, to notify the Agent and to request that the Agent suspend offers to sell Shares (and, if so notified, the Agent shall cease such offers as soon as practicable); and if the Company
      decides to amend or supplement the Registration Statement or the Prospectus as then amended or supplemented, to advise the Agent promptly by telephone (with confirmation in writing) and to prepare and cause to be filed promptly with the Commission an
      amendment or supplement to the Registration Statement or the Prospectus as then amended or supplemented that will correct such statement or omission or effect such compliance; provided, however, that if during such same period the Agent is required
      to deliver a prospectus in respect of transactions in the Shares, the Company shall promptly prepare and file with the Commission such an amendment or supplement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Blue Sky Compliance</u>. The Company shall cooperate with the Agent and counsel for the Agent to qualify or register the Shares for sale under
        (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial securities laws of those jurisdictions designated by the Agent, shall comply with such laws and shall continue such qualifications,
        registrations and exemptions in effect so long as required for the distribution of the Shares. The Company shall not be required to qualify as a foreign corporation or to take any action that would subject it to general service of process in any
        such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign corporation. The Company will advise the Agent promptly of the suspension of the qualification or registration of (or any such exemption
        relating to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption,
        the Company shall use its best efforts to obtain the withdrawal thereof as soon as practicable.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(j)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Earnings Statement</u>. As soon as practicable, the Company will make generally available to its security holders and to the Agent an earnings
        statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the
        Securities Act and Rule 158 under the Securities Act; provided that the Company will be deemed to have furnished such statement to its security holders and the Agent to the extent they are filed on EDGAR or any successor system.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(k)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Listing; Reservation of Shares</u>. (a) The Company will maintain the listing of the Shares on the Principal Market; and (b) the Company will
        reserve and keep available at all times, free of preemptive rights, Shares for the purpose of enabling the Company to satisfy its obligations under this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(l)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Transfer Agent</u>. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(m)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Due Diligence</u>. During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence review conducted by
        the Agent in connection with the transactions contemplated hereby, including, without limitation, providing information and</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">making available documents and senior corporate officers, during normal business hours and at the Company&#8217;s principal offices, as the Agent
      may reasonably request from time to time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(n)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Representations and Warranties</u>. The Company acknowledges that each delivery of an Issuance Notice and each delivery of Shares on a Settlement
        Date shall be deemed to be (i) an affirmation to the Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such Issuance Notice or of such Settlement
        Date, as the case may be, as though made at and as of each such date, except as may be disclosed in the Prospectus (including any documents incorporated by reference therein and any supplements thereto); and (ii) an undertaking that the Company
        will advise the Agent if any of such representations and warranties will not be true and correct as of the Settlement Date for the Shares relating to such Issuance Notice, as though made at and as of each such date (except that such representations
        and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(o)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Deliverables at Triggering Event Dates; Certificates.</u> The Company agrees that on or prior to the date of the first Issuance Notice and,
        during the term of this Agreement after the date of the first Issuance Notice, upon:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(A)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">the filing of the Prospectus or the amendment or supplement of any Registration
        Statement or Prospectus (other than a prospectus supplement relating solely to an offering of securities other than the Shares or a prospectus filed pursuant to <u>Section 4(a)(ii)(B))</u>, by means of a post-effective amendment, sticker or
        supplement, but not by means of incorporation of documents by reference into the Registration Statement or Prospectus;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(B)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">the filing with the Commission of an annual report on Form 20-F (including any Form
        20-F/A containing amended financial information or a material amendment to the previously filed annual report on Form 20-F), in each case, of the Company; or</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(C)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">the filing with the Commission of a current report on Form 6-K of the Company
        containing the unaudited interim financial statements or amended financial information (other than information &#8220;furnished&#8221; and not deemed to be &#8220;filed&#8221; for the purposes of Section 18 of the Securities Act) that is material to the offering of
        securities of the Company in the Agent&#8217;s reasonable discretion;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(any such event, a &#8220;<font style="font-weight: bold;">Triggering Event Date</font>&#8221;), the Company shall furnish the Agent (but in the case of
      clause (C) above only if the Agent reasonably determines that the information contained in such current report on Form 6-K of the Company is material) with a certificate as of the Triggering Event Date, in the form and substance satisfactory to the
      Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented, (A) confirming that the
      representations and warranties of the Company contained in this Agreement are true and correct, (B) that the Company has performed all of its obligations hereunder to be performed on or prior to the date of such certificate and as to the matters set</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">forth in <u>Section 5(a)(iii)</u> hereof, and (C) containing any other certification that the Agent shall reasonably request. The
      requirement to provide a certificate under this <u>Section 4(o)</u> shall be waived for any Triggering Event Date occurring at a time when no Issuance Notice is pending or a suspension is in effect, which waiver shall continue until the earlier to
      occur of the date the Company delivers instructions for the sale of Shares hereunder (which for such calendar quarter shall be considered a Triggering Event Date) and the next occurring Triggering Event Date. Notwithstanding the foregoing, if the
      Company subsequently decides to sell Shares following a Triggering Event Date when a suspension was in effect and did not provide the Agent with a certificate under this <u>Section 4(o)</u>, then before the Company delivers the instructions for the
      sale of Shares or the Agent sells any Shares pursuant to such instructions, the Company shall provide the Agent with a certificate in conformity with this <u>Section 4(o)</u> dated as of the date that the instructions for the sale of Shares are
      issued.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(p)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Legal Opinions.</u> On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect to which the
        Company is obligated to deliver a certificate pursuant to <u>Section 4(o)</u> for which no waiver is applicable and excluding the date of this Agreement, a negative assurances letter and the written legal opinion of Seward &amp; Kissel LLP,
        counsel to the Company with respect to matters of U.S. law and Marshall Islands law, as customary and substantially similar to the form attached hereto as Exhibits C-1 and C-2, respectively; Souzana Manaka, counsel to the Company with respect to
        matters of Greek law, as customary and substantially similar to the form attached hereto as Exhibits C-3; Georgia Mastagaki, Co-General Counsel of the Company, as customary and substantially similar to the form attached hereto as Exhibit C-4 and
        Sidley Austin LLP, counsel to the Agent with respect to such matters as may be requested by the Agent, each dated the date of delivery, in form and substance reasonably satisfactory to Agent and its counsel, substantially similar to the form
        previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented. In lieu of such opinions for subsequent periodic filings, in the discretion of the
        Agent, the Company may furnish a reliance letter from such counsel to the Agent, permitting the Agent to rely on a previously delivered opinion letter, modified as appropriate for any passage of time or Triggering Event Date (except that statements
        in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of such Triggering Event Date).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(q)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Comfort Letter</u>. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect to which the
        Company is obligated to deliver a certificate pursuant to <u>Section 4(o)</u> for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause Deloitte Certified Public Accountants S.A., the independent
        registered public accounting firm who has audited the financial statements included or incorporated by reference in the Registration Statement, to furnish the Agent a comfort letter, dated the date of delivery, in form and substance reasonably
        satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel; provided, however, that any such comfort letter will only be required on the Triggering Event Date specified to the
        extent that it contains financial statements filed with the Commission under the Exchange Act and incorporated or deemed to be incorporated by reference into a Prospectus. If requested by the Agent, the Company shall also cause a comfort letter to
        be furnished to the Agent within ten (10) Trading Days of the date of occurrence of any material transaction or event requiring the filing of a current report on Form 6-K containing material amended financial information of the Company, including
        the restatement of the Company&#8217;s financial statements.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company shall be required to furnish no more than one comfort letter hereunder per calendar quarter.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(r)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Secretary&#8217;s Certificate</u>. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date, the Company
        shall furnish the Agent a certificate executed by the Secretary of the Company, signing in such capacity, dated the date of delivery (i) certifying that attached thereto are true and complete copies of the resolutions duly adopted by the Board of
        Directors of the Company authorizing the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby (including, without limitation, the issuance of the Shares pursuant to this Agreement), which
        authorization shall be in full force and effect on and as of the date of such certificate, (ii) certifying and attesting to the office, incumbency, due authority and specimen signatures of each Person who executed this Agreement for or on behalf of
        the Company, and (iii) containing any other certification that the Agent shall reasonably request.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(s)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Agent&#8217;s Own Account; Clients&#8217; Account</u>. The Company consents to the Agent trading, in compliance with applicable law, in the Common Shares for
        the Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(t)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Investment Limitation</u>. The Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Shares in
        such a manner as would require the Company or any of its subsidiaries to register as an investment company under the Investment Company Act.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(u)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Market Activities</u>. The Company will not take, directly or indirectly, any action designed to or that might be reasonably expected to cause or
        result in stabilization or manipulation of the price of the Shares or any other reference security, whether to facilitate the sale or resale of the Shares or otherwise, and the Company will, and shall cause each of its affiliates to, comply with
        all applicable provisions of Regulation M. If the limitations of Rule 102 of Regulation M (&#8220;<font style="font-weight: bold;">Rule 102</font>&#8221;) do not apply with respect to the Shares or any other reference security pursuant to any exception set
        forth in Section (d) of Rule 102, then promptly upon notice from the Agent (or, if later, at the time stated in the notice), the Company will, and shall cause each of its affiliates to, comply with Rule 102 as though such exception were not
        available but the other provisions of Rule 102 (as interpreted by the Commission) did apply. The Company shall promptly notify the Agent if it no longer meets the requirements set forth in Section (d) of Rule 102.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(v)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Notice of Other Sale</u>. Without the written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract
        to sell, grant any option to sell or otherwise dispose of any Common Shares or securities convertible into or exchangeable for Common Shares (other than Shares hereunder), warrants or any rights to purchase or acquire Common Shares, during the
        period beginning on the third Trading Day immediately prior to the date on which any Issuance Notice is delivered to the Agent hereunder and ending on the third Trading Day immediately following the Settlement Date with respect to Shares sold
        pursuant to such Issuance Notice; and will not directly or indirectly enter into any other &#8220;at the market&#8221; or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">otherwise dispose of any Common Shares (other than the Shares offered pursuant to this Agreement) or securities convertible into or
      exchangeable for Common Shares, warrants or any rights to purchase or acquire, Shares prior to the termination of this Agreement; provided, however, that such restrictions will not apply to the Company&#8217;s (i) issuance or sale of Common Shares pursuant
      to the amended and restated at-the-market sales agreement dated the date hereof with Jefferies LLC, as agent, (ii) issuance or sale of Common Shares, options to purchase Common Shares or Common Shares issuable upon the exercise of options or other
      equity awards pursuant to any employee or director share option, incentive or benefit plan, share purchase or ownership plan, long-term incentive plan, dividend reinvestment plan, inducement award under Nasdaq rules or other compensation plan of the
      Company or its subsidiaries, as in effect on the date of this Agreement, (ii) issuance or sale of Common Shares issuable upon exchange, conversion or redemption of securities or the exercise or vesting of warrants, options or other equity awards
      outstanding at the date of this Agreement, (iii) modification of any outstanding options, warrants of any rights to purchase or acquire Common Shares and (iv) issuance or sale of Common Shares or securities convertible into or exchangeable for Common
      Shares as consideration for mergers, acquisitions, other business combinations, joint ventures or strategic alliances occurring after the date of this Agreement, which are not used for capital raising purposes, provided that the aggregate number of
      Common Shares pursuant to this clause (iv) shall not exceed ten percent (10%) of the total number of outstanding Common Shares as of the date of the issuance and sale.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(w)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Sale By Other Agents</u>. The Company agrees that any sales of Shares under this Agreement shall only be effected by the Agent on a day in which
        the Company has not instructed any other agent to sell Common Shares.</font></div>
    <div style="margin-right: 57.6pt; margin-left: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 5. CONDITIONS TO DELIVERY OF ISSUANCE NOTICES AND TO SETTLEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Conditions Precedent to the Right of the Company to Deliver an Issuance Notice and the Obligation of the Agent to Sell Shares</u>. The right of
        the Company to deliver an Issuance Notice hereunder is subject to the satisfaction, on the date of delivery of such Issuance Notice, and the obligation of the Agent to use its commercially reasonable efforts to place Shares during the applicable
        period set forth in the Issuance Notice is subject to the satisfaction, on each Trading Day during the applicable period set forth in the Issuance, of each of the following conditions:</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>Accuracy of the Company&#8217;s Representations and Warranties;&#160; Performance by the
          Company</u>. The Company shall have delivered the certificate required to be delivered pursuant to <u>Section 4(o)</u> on or before the date on which delivery of such certificate is required pursuant to <u>Section 4(o)</u>. The Company shall
        have performed, satisfied and complied with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to such date, including, but not limited to, the covenants
        contained in <u>Section 4(p)</u>, <u>Section 4(q)</u> and <u>Section 4(r)</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>No Injunction</u>. No statute, rule, regulation, executive order, decree, ruling
        or injunction shall have been enacted, entered, promulgated or endorsed by any</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">court or governmental authority of competent jurisdiction or any self-regulatory organization having
      authority over the matters contemplated hereby that prohibits or directly and materially adversely affects any of the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the effect of prohibiting or
      materially adversely affecting any of the transactions contemplated by this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(iii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>Material Adverse Changes</u>. Except as disclosed in the Prospectus and the Time
        of Sale Information, (a) in the judgment of the Agent there shall not have occurred any Material Adverse Change; and (b) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or
        of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities of the Company or any of its subsidiaries by any &#8220;nationally recognized statistical rating organization&#8221; as such
        term is defined for purposes of Section 3(a)(62) of the Exchange Act.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(iv)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><u>No Suspension of Trading in or Delisting of Common Shares;&#160; Other Events</u>. The
        trading of the Common Shares (including without limitation the Common Shares) shall not have been suspended by the Commission, the Principal Market or FINRA and the Common Shares (including without limitation the Shares) shall have been approved
        for listing or quotation on and shall not have been delisted from the Nasdaq Stock Market, the New York Stock Exchange or any of their constituent markets. There shall not have occurred (and be continuing in the case of occurrences under clauses
        (i) and (ii) below) any of the following: (i) trading or quotation in any of the Company&#8217;s securities shall have been suspended or limited by the Commission or by the Principal Market or trading in securities generally on either the Principal
        Market shall have been suspended or limited, or minimum or maximum prices shall have been generally established on any of such stock exchanges by the Commission or the FINRA; (ii) a general banking moratorium shall have been declared by any of
        federal or New York, authorities; or (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any
        substantial change or development involving a prospective substantial change in United States&#8217; or international political, financial or economic conditions, as in the judgment of the Agent is material and adverse and makes it impracticable to
        market the Shares in the manner and on the terms described in the Prospectus or to enforce contracts for the sale of securities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Documents Required to be Delivered on each Issuance Notice Date</u>. The Agent&#8217;s obligation to use its commercially reasonable efforts to place
        Shares hereunder shall additionally be conditioned upon the delivery to the Agent on or before the Issuance Notice Date of a certificate in form and substance reasonably satisfactory to the Agent, executed by the Chief Executive Officer, President
        or Chief Financial Officer of the Company, to the effect that all conditions to the delivery of such Issuance Notice shall have been satisfied as at the date of such certificate (which certificate shall not be required if the foregoing
        representations shall be set forth in the Issuance Notice).</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>No Misstatement or Material Omission</u>. Agent shall not have advised the Company that the Registration Statement, the Prospectus or the Times
        of Sales Information, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&#8217;s reasonable opinion is material, or omits to state a fact that in the Agent&#8217;s reasonable opinion is material and is required to be
        stated therein or is necessary to make the statements therein not misleading.</font></div>
    <div style="margin-right: 3.6pt; margin-left: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 6. INDEMNIFICATION AND CONTRIBUTION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Indemnification of the Agent</u>. The Company agrees to indemnify and hold harmless the Agent, its officers and employees, and each person, if
        any, who controls the Agent within the meaning of the Securities Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to which the Agent or such officer, employee or controlling person may become subject,
        under the Securities Act, the Exchange Act, other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have been offered or sold or at common law or otherwise (including in settlement of any
        litigation), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the
        Registration Statement, or any amendment thereto, including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated therein
        or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Free Writing Prospectus that the Company has used, referred to or filed, or is required to
        file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided, however, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon
        any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use in the Registration Statement, any such Free
        Writing Prospectus or the Prospectus (or any amendment or supplement thereto), it being understood and agreed that the only such information furnished by the Agent to the Company consists of the name of the Agent. The indemnity agreement set forth
        in this <u>Section 6(a)</u> shall be in addition to any liabilities that the Company may otherwise have.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Notifications and Other Indemnification Procedures</u>. Promptly after receipt by an indemnified party under this <u>Section 6</u> of notice of
        the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this <u>Section 6</u>, notify the indemnifying party in writing of the commencement thereof, but the
        omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise than under the indemnity agreement contained in this <u>Section 6</u> or to the extent it
        is not prejudiced as a proximate result of such failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be
        entitled to participate in, and, to the extent that it shall elect, jointly</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving the
      aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the
      indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal
      defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal
      defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party&#8217;s election so to assume the
      defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this <u>Section 6</u> for any legal or other expenses subsequently incurred by such indemnified party
      in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for
      the fees and expenses of more than one separate counsel (together with local counsel), representing the indemnified parties who are parties to such action), which counsel (together with any local counsel) for the indemnified parties shall be selected
      by the Agent (in the case of counsel for the indemnified parties referred to in <u>Section 6(a)</u> above), (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a
      reasonable time after notice of commencement of the action or (iii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party, in each of which cases the fees and
      expenses of counsel shall be at the expense of the indemnifying party and shall be paid as they are incurred.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Settlements</u>. The indemnifying party under this <u>Section 6</u> shall not be liable for any settlement of any proceeding effected without
        its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such
        settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by <u>Section 6(b)</u>
        hereof, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the
        aforesaid request; and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the
        indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have
        been sought hereunder by such indemnified party, unless such settlement, compromise or consent includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding.</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Contribution</u>. If the indemnification provided for in this <u>Section 6</u> is for any reason held to be unavailable to or otherwise
        insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified
        party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Agent, on the
        other hand, from the offering of the Shares pursuant to this Agreement; or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
        referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Agent, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses,
        as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Agent, on the other hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be
        in the same respective proportions as the total gross proceeds from the offering of the Shares (before deducting expenses) received by the Company bear to the total commissions received by the Agent. The relative fault of the Company, on the one
        hand, and the Agent, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
        supplied by the Company, on the one hand, or the Agent, on the other hand, and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to
      above shall be deemed to include, subject to the limitations set forth in <u>Section 6(b)</u>, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions
      set forth in <u>Section 6(b)</u> with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this <u>Section 6(d)</u>; <font style="font-style: italic;">provided, however, </font>that no
      additional notice shall be required with respect to any action for which notice has been given under <u>Section 6(b) </u>for purposes of indemnification.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company and the Agent agree that it would not be just and equitable if contribution pursuant to this <u>Section 6(d)</u>
      were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this <u>Section 6(d)</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Notwithstanding the provisions of this <u>Section 6(d)</u>, the Agent shall not be required to contribute any amount in
      excess of the agent fees received by the Agent in connection with the offering contemplated hereby. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
      any person who was not guilty of such fraudulent misrepresentation. For purposes of this <u>Section 6(d)</u>, each officer and employee of the Agent and each person, if any, who controls the Agent within the meaning of the Securities Act or the
      Exchange Act shall have the same rights to contribution as the Agent, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company with the meaning of</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">the Securities Act and the Exchange Act shall have the same rights to contribution as the Company.</div>
    <div style="margin-right: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 7. TERMINATION &amp; SURVIVAL</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Term</u>. Subject to the provisions of this <u>Section 7</u>, the term of this Agreement shall continue from the date of this Agreement until
        the end of the Agency Period, unless earlier terminated by the parties to this Agreement pursuant to this <u>Section 7</u>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Termination; Survival Following Termination</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Either party may terminate this Agreement prior to the end of the Agency Period, by
        giving written notice as required by this Agreement, upon three (3) Trading Days&#8217; notice to the other party; provided that, (A) if the Company terminates this Agreement after the Agent confirms to the Company any sale of Shares, the Company shall
        remain obligated to comply with <u>Section 3(b)(v)</u> with respect to such Shares and (B) <u>Section 2</u>, <u>Section 6</u>, <u>Section 7</u> and <u>Section 8</u> shall survive termination of this Agreement. If termination shall occur prior
        to the Settlement Date for any sale of Shares, such sale shall nevertheless settle in accordance with the terms of this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">In addition to the survival provision of <u>Section 7(b)(i)</u>, the respective
        indemnities, agreements, representations, warranties and other statements of the Company, of its officers and of the Agent set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by
        or on behalf of the Agent or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and, anything herein to the contrary notwithstanding, will survive delivery of and payment for the Shares
        sold hereunder and any termination of this Agreement.</font></div>
    <div style="margin-right: 3.6pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 8. MISCELLANEOUS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Press Releases and Disclosure</u>. The Company may issue a press release describing the material terms of the transactions contemplated hereby as
        soon as practicable following the date of this Agreement, and may file with the Commission a Current Report on Form 6-K, with this Agreement attached as an exhibit thereto, describing the material terms of the transactions contemplated hereby, and
        the Company shall consult with the Agent prior to making such disclosures, and the parties hereto shall use all commercially reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all
        parties hereto. No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement
        or any of the transactions contemplated hereby without the prior written approval of the other party hereto, except as may be necessary or appropriate in the reasonable opinion of the party seeking to make disclosure to comply with the requirements
        of applicable law or stock exchange rules. If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all
        commercially reasonable</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>No Advisory or Fiduciary Relationship</u>. The Company acknowledges and agrees that (i) the transactions contemplated by this Agreement,
        including the determination of any fees, are arm&#8217;s-length commercial transactions between the Company and the Agent and does not constitute a recommendation, investment advice, or solicitation of any action by the Agent, (ii) when acting as a
        principal under this Agreement, the Agent is and has been acting solely as a principal is not the agent or fiduciary of the Company, or its stockholders, creditors, employees or any other party, (iii) the Agent has not assumed nor will assume an
        advisory or fiduciary responsibility in favor of the Company with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Agent has advised or is currently advising the Company on other matters)
        and the Agent does not have any obligation to the Company with respect to the transactions contemplated hereby except the obligations expressly set forth in this Agreement, (iv) the Agent and its respective affiliates may be engaged in a broad
        range of transactions that involve interests that differ from those of the Company, (v) the Agent has not provided any legal, accounting, regulatory, investment or tax advice with respect to the transactions contemplated hereby and the Company has
        consulted its own legal, accounting, financial, regulatory and tax advisors to the extent it deemed appropriate and (vi) none of the activities of the Agent in connection with the transactions contemplated herein constitutes a recommendation,
        investment advice or solicitation of any action by the Agent with respect to any entity or natural person.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Research Analyst Independence</u>. The Company acknowledges that the Agent&#8217;s research analysts and research departments are required to and
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        publish research reports with respect to the Company or the offering that differ from the views of their respective investment banking divisions. The Company understands that the Agent is a full service securities firm and as such from time to
        time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions
        contemplated by this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Notices</u>. All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties
        hereto as follows:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">If to the Agent:</div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Deutsche Bank Securities Inc.<br>
      1 Columbus Circle<br>
      New York, New York 10019,<br>
      Attention: Equity Capital Markets &#8211; Syndicate Desk with a copy to General Counsel<br>
      Fax: (646) 374-1071</div>
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    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Sidley Austin LLP<br>
      787 7th Avenue<br>
      New York, New York 10019<br>
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      Attention: Johnny Skumpija Esq.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">If to the Company:</div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk Carriers Corp., c/o Star Bulk Management Inc.<br>
      40 Agiou Konstantinou Street,<br>
      15124 Maroussi, Athens, Greece,<br>
      Fax no. 011 30 210 617 8378;<br>
      Attention: Spyros Capralos</div>
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      One Battery Park Plaza<br>
      New York, New York 10004<br>
      Fax no. (212) 480-8421<br>
      Attention: Keith Billotti</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Any party hereto may change the address for receipt of communications by giving written notice to the others in accordance with this <u>Section
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        and directors and controlling persons referred to in <u>Section 6</u>, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term &#8220;successors&#8221; shall not include any purchaser of the
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        affect the validity or enforceability of any other Article, Section, paragraph or provision hereof. If any Article, Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed
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        may be instituted in the federal courts of the United States of America located in the Borough of Manhattan in the City of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of New York
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a
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      action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an
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        and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the
        signatures thereto and hereto were upon the same instrument, and may be delivered by facsimile transmission or by electronic delivery of a portable document format (PDF) file. This Agreement may not be amended or modified unless in writing by all
        of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Article and Section headings herein are for the convenience of the parties only and
        shall not affect the construction or interpretation of this Agreement. The words &#8220;execution,&#8221; &#8220;execute&#8221;, &#8220;signed,&#8221; &#8220;signature,&#8221; and words of like import in or related to any document to be signed in connection with this Agreement and the
        transactions contemplated hereby (including without limitation assignment and assumptions, amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on
        electronic platforms approved by the Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system,
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    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-style: italic;">[Signature Page Immediately Follows]</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">DEUTSCHE BANK SECURITIES INC.</div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
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    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">[<font style="font-style: italic;">SBLK Amended &amp; Restated ATM Sales Agreement - Signature Page</font>]</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">EXHIBIT A</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ISSUANCE NOTICE</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">[Date]</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Deutsche Bank Securities Inc.<br>
      1 Columbus Circle<br>
      New York, New York 10019</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Attn: [____________]</div>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <td style="width: 39.42%; vertical-align: top;">&#160;</td>
          <td style="width: 35.58%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <td style="width: 35.58%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <td style="width: 39.42%; vertical-align: top;">&#160;</td>
          <td style="width: 35.58%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <td style="width: 39.42%; vertical-align: top;">&#160;</td>
          <td style="width: 35.58%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <td style="width: 35.58%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 39.42%; vertical-align: top;">&#160;</td>
          <td style="width: 35.58%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <td style="width: 39.42%; vertical-align: top;">&#160;</td>
          <td style="width: 35.58%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.42%; vertical-align: top;">&#160;</td>
          <td style="width: 35.58%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.42%; vertical-align: top;">&#160;</td>
          <td style="width: 35.58%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
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      Agent&#8217;s sole discretion): $ ____ per share</div>
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          <td style="width: 47.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.65%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 46.7%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 47.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.65%; vertical-align: top;">&#160;</td>
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          <td style="width: 40.93%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
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        <tr>
          <td style="width: 47.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.77%; vertical-align: top;">&#160;</td>
          <td style="width: 40.93%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Name:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.77%; vertical-align: top;">&#160;</td>
          <td style="width: 40.93%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Title:</div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">EXHIBIT B-I</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>SUBSIDIARIES OF STAR BULK CARRIERS CORP.</u></div>
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        <tr>
          <td style="width: 42.95%; vertical-align: middle; padding-bottom: 2px; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Name</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 30pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Organization</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Ownership percentage</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk Management Inc.</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Starbulk S.A.</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Liberia</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk (USA) LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Delaware</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-right: 32.4pt; margin-left: 5.4pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk Shipmanagement Company (Cyprus) Limited</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Cyprus</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-right: 34.2pt; margin-left: 5.4pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Candia Shipping Limited (ex Optima Shipping Limited)</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Logistics LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Oceanbulk Carriers LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Oceanbulk Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk Norway AS</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Norway</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Omas LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Synergy LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Unity Holding LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Gamma LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Delta LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Epsilon LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Zeta LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Theta LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Kappa LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Omicron LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Cosmo LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Aurora LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Borealis LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Polaris LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk Manning LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Challenger I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Challenger II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Vega LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Sirius LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Castle I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Castle II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Ennea LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Asia I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Asia II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Axe I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.1pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>

    </table>
    <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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zbedfcc017a1b4a7c85ee83aa8b420894">

        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Axe II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Seeker LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Breezer LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Elpis LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Liberia</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Gaia LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Liberia</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Mare LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star New Era LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Thor LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Uranus LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Ventures LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star ABY LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Cape Horizon Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Cape Ocean Maritime LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Grain Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Glory Supra Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Global Cape Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Sky Cape Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Pacific Cape Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Sea Cape Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Coral Cape Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Aurelia Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Pearl Shiptrade LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Rainbow Maritime LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Sea Diamond Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Majestic Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Nautical Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Mineral Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Clearwater Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Domus Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Festive Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Alta I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Alta II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Orion Maritime LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Primavera Shipping LLC (ex Spring Shipping LLC)</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Success Maritime LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Ultra Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Blooming Navigation LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Jasmine Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>

    </table>
    <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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zbbb965130a874d9fadc15dd73c30704a">

        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident V LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident VI LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident VII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident VIII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident IX LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident X LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XI LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XIII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XIV LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XV LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XVI LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XVII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XVIII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XIX LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident III LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XX LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Trident XXV LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Liberia</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor III LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor IV LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor V LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor VI LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor VII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor VIII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor IX LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor X LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor XI LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor XII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor XIII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor XIV LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Nor XV LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY III LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY IV LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>

    </table>
    <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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="margin-bottom: 10pt;"><br>
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    <div><br>
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    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="ze85dc2cf89944741a14417ce94b78725">

        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Sandra Shipco LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Christine Shipco LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABM One Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY Three Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY Five Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY Seven Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY Fourteen Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY Fifteen Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Augustea Bulk Carrier Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY Nine Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY Ten Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY Eleven Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Waterfront Two Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">ABY Group Holding Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">New Era I Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">New Era II Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">New Era III Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Regina LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Regg I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Regg II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Regg III LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Regg IV LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Regg V LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Regg VI LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Regg VII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Sege Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Malta</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida I Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida II Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida III Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida IV Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida V Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida VI Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida VII Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida VIII Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida IX Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida X Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Lida XI Shipping LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk (Singapore) Pte. Ltd</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Singapore</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.8pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk Germany GmbH</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Germany</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>

    </table>
    <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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z72a7a5dd59464584adb62d1e14bd0673">

        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Zeus LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Zeus I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Zeus II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Zeus III LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Zeus IV LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Zeus V LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Zeus VI LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Liberia</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Zeus VII LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Liberia</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Sun I LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Liberia</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Sun II LLC</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Liberia</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.95%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk Finance (Cyprus) Limited</div>
          </td>
          <td style="width: 21.89%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Cyprus</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">EXHIBIT B-II</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>SIGNIFICANT SUBSIDIARIES OF STAR BULK CARRIERS CORP.</u></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zbf8d82c00552426fb02313a4933526c3">

        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-style: italic; font-weight: bold;">Name</div>
          </td>
          <td style="width: 33.34%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-style: italic; font-weight: bold;">Organization</div>
          </td>
          <td style="width: 33.34%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-style: italic; font-weight: bold;">Ownership <u>percentage</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Oceanbulk Shipping LLC</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Oceanbulk Carriers LLC</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Unity Holding LLC</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Synergy LLC</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Star Omas LLC</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>

    </table>
    <br>
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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>d9450684_ex1-2.htm
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold; font-size: 12pt;">Exhibit 1.2</font><br>
  </div>
  <div><br>
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  <div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>AMENDED AND RESTATED AT-THE-MARKET SALES AGREEMENT</u></div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 12pt;">April 8, 2022</div>
          </td>
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    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Jefferies LLC<br>
      520 Madison Avenue<br>
      New York, New York 10022</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Reference is made to that certain At-the-Market Sales Agreement dated as of July 1, 2021 (the "<font style="font-weight: bold;">Original Agreement</font>"), by and between Star Bulk Carriers Corp., a corporation incorporated under the laws of the Republic of the Marshall Islands (the "<font style="font-weight: bold;">Company</font>") and Jefferies
      LLC, as sales agent and/or principal (the "<font style="font-weight: bold;">Agent</font>"). The Company and the Agent intend to enter into this Amended and Restated At-the-Market Sales Agreement (this "<font style="font-weight: bold;">Agreement</font>")
      to amend, restate and replace the terms of the Original Agreement in full. The parties hereto acknowledge and agree that the Original Agreement has been terminated pursuant to Section 7 thereof and is superseded in its entirety by this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">The Company proposes, subject to the terms and conditions stated herein, to issue and sell
        from time to time through the Agent, as sales agent and/or principal (the "</font><font style="font-weight: bold; color: #000000;">Agent</font><font style="color: #000000;">"), shares of the Company's common shares, par value $0.01 per share (the "</font><font style="font-weight: bold; color: #000000;">Common Shares</font><font style="color: #000000;">"), having an aggregate offering price of up to $75,000,000 on the terms set forth in this Agreement</font>.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 1.&#160; DEFINITIONS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;"> (a)<font style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; display: inline-block;"> </font>Certain Definitions</u>.&#160; For purposes of this Agreement, capitalized terms used herein and not otherwise defined shall have the following respective meanings:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Affiliate</font>" of a Person means another Person that directly or indirectly, through
      one or more intermediaries, controls, is controlled by, or is under common control with, such first- mentioned Person. The term "control" (including the terms "controlling," "controlled by" and "under common control with") means the possession,
      direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Agency Period</font>" means the period commencing on the date of this Agreement and
      expiring on the earliest to occur of (x) the date on which the Agent shall have placed the Maximum Program Amount pursuant to this Agreement and (y) the date this Agreement is terminated pursuant to <u>Section 7</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Commission</font>" means the U.S. Securities and Exchange Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Exchange Act</font>" means the Securities Exchange Act of 1934, as amended, and the
      rules and regulations of the Commission thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Floor Price</font>" means the minimum price set by the Company in the Issuance Notice
      below which the Agent shall not sell Shares during the applicable <font style="color: #000000;">period set forth in the Issuance</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">Notice</font>, which may be adjusted by the Company at any time <font style="color: #000000;">during the
        period set forth in the Issuance Notice</font> by delivering written notice of such change to the Agent and which in no event shall be less than $1.00 without the prior written consent of the Agent, which may be withheld in the Agent's sole
      discretion.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Issuance Amount</font>" means the aggregate Sales Price of the Shares to be sold by the
      Agent pursuant to any Issuance Notice.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Issuance Notice</font>" means a written notice delivered to the Agent by the Company in
      accordance with this Agreement in the form attached hereto as <u>Exhibit A</u> that is executed by its Chief Executive Officer, President or Chief Financial Officer.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Issuance Notice Date</font>" means any Trading Day during the Agency Period that an
      Issuance Notice is delivered pursuant to <u>Section 3(b)(i)</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;"<font style="font-weight: bold;">Issuance Price</font>" means the Sales Price less the Selling Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Maximum Program Amount</font>" means Common Shares with an aggregate Sales Price of the
      lesser of (a) the number or dollar amount of Common Shares registered under the effective Registration Statement (defined below) pursuant to which the offering is being made, (b) the number of authorized but unissued Common Shares (less Common Shares
      issuable upon exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company's authorized capital stock), (c) the number or dollar amount of Common Shares permitted to be sold under Form F-3, or
      (d) the number or dollar amount of Common Shares for which the Company has filed a Prospectus (defined below).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Person</font>" means an individual or a corporation, partnership, limited liability
      company, trust, incorporated or unincorporated association, joint venture, joint stock company, governmental authority or other entity of any kind.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Principal Market</font>" means the NASDAQ Global Select Market or such other national
      securities exchange on which the Common Shares, including any Shares, are then listed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Sales Price</font>" means the actual sale execution price of each Share placed by the
      Agent pursuant to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Securities Act</font>" means the Securities Act of 1933, as amended, and the rules and
      regulations of the Commission thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Selling Commission</font>" means two percent (2%) of the gross proceeds of Shares sold
      pursuant to this Agreement, or as otherwise agreed between the Company and the Agent with respect to any Shares sold pursuant to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;"<font style="font-weight: bold;">Settlement Date</font>" means the second business day following each Trading Day during
      the <font style="color: #000000;">period set forth in the Issuance Notice</font> on which Shares are sold pursuant to this Agreement, when the Company shall deliver to the Agent the amount of Shares sold on such Trading Day and the Agent shall
      deliver to the Company the Issuance Price received on such sales.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Shares</font>" shall mean the Company's Common Shares issued or issuable pursuant to
      this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">"<font style="font-weight: bold;">Trading Day</font>" means any day on which the Principal Market is open for trading.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 2.&#160; REPRESENTATIONS AND WARRANTIES OF THE COMPANY</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company represents and warrants to, and agrees with, the Agent that as of (1) the date of this Agreement, (2) each
      Issuance Notice Date, (3) each Settlement Date, (4) each Triggering Event Date and (5) as of each Time of Sale (each of the times referenced above is referred to herein as a "<font style="font-weight: bold;">Representation Date</font>"), except as
      may be disclosed in the Prospectus (including any documents incorporated by reference therein and any supplements thereto) on or before a Representation Date:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company has prepared and filed with the Commission an "automatic shelf registration statement" as defined under Rule 405 of the Securities Act
        on Form F-3 (File No. 333-264226) that contains a base prospectus (the "<font style="font-weight: bold;">Base Prospectus</font>").&#160; Such registration statement registers the issuance and sale by the Company of the Shares under the Securities Act.&#160;
        The Company may file one or more additional registration statements from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable, with respect to the Shares. Except where the context otherwise
        requires, such registration statement(s), including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, including all financial statements, exhibits and schedules thereto and all documents incorporated or
        deemed to be incorporated therein by reference pursuant to Item 6 of Form F-3 under the Securities Act as from time to time amended or supplemented, is herein referred to as the "<font style="font-weight: bold;">Registration Statement</font>," and
        the prospectus constituting a part of such registration statement(s), together with any prospectus supplement filed with the Commission pursuant to Rule 424(b) under the Securities Act relating to a particular issuance of the Shares, including all
        documents incorporated or deemed to be incorporated therein by reference pursuant to Item 6 of Form F-3 under the Securities Act, in each case, as from time to time amended or supplemented, is referred to herein as the "<font style="font-weight: bold;">Prospectus</font>," except that if any revised prospectus is provided to the Agent by the Company for use in connection with the offering of the Shares that is not required to be filed by the Company pursuant to Rule 424(b) under the
        Securities Act, the term "<font style="font-weight: bold;">Prospectus</font>" shall refer to such revised prospectus from and after the time it is first provided to the Agent for such use.&#160; The Registration Statement at the time it originally
        became effective is herein called the "<font style="font-weight: bold;">Original Registration Statement</font>."&#160; As used in this Agreement, the terms "amendment" or "supplement" when applied to the Registration Statement or the Prospectus shall be
        deemed to include the filing by the Company with the Commission of any document under the Exchange Act after the date hereof that is or is deemed to be incorporated therein by reference.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">All references in this Agreement to financial statements and schedules and other information which is "contained,"
      "included" or "stated" in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed to be
      incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of any specified date; and all</div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">references in this Agreement to amendments or supplements to the Registration Statement or the Prospectus shall be deemed to mean and
      include, without limitation, the filing of any document under the Exchange Act which is or is deemed to be incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the
      Prospectus, as the case may be, as of any specified date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">At the time the Registration Statement was or will be originally declared effective and at the time the Company's most
      recent annual report on Form 20-F was filed with the Commission, if later, the Company met the then-applicable requirements for use of Form F-3 under the Securities Act. During the Agency Period, each time the Company files an annual report on Form
      20-F the Company will meet the then-applicable requirements for use of Form F-3 under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Original Registration Statement and any Rule 462(b) Registration Statement have been declared effective by the Commission under the Securities
        Act.&#160; If the Registration Statement, as last amended or supplemented, is on Form F-3ASR under the Securities Act, at the time such Registration Statement was originally filed by the Commission, as well as at the time the Company or any person
        acting on its behalf (within the meaning, for this clause only, of Rule 163(c) under the Securities Act) made any offer relating to the Shares in reliance on the exemption of Rule 163 under the Securities Act, the Company was a "well-known seasoned
        issuer" as defined in Rule 405 under the Securities Act, the Registration Statement is an "automatic shelf registration statement," as defined in Rule 405 under the Securities Act, and the Company has not received from the Commission any notice
        pursuant to Rule 401(g)(2) under the Securities Act objecting to the Company's use of the automatic shelf registration form. The Company has complied to the Commission's satisfaction with all requests of the Commission for additional or
        supplemental information. No stop order suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best
        knowledge of the Company, are contemplated or threatened by the Commission</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Prospectus when filed complied in all material respects with the Securities Act and, if filed with the Commission
      through its Electronic Data Gathering, Analysis and Retrieval system ("<font style="font-weight: bold;">EDGAR</font>") (except as may be permitted by Regulation S-T under the Securities Act), was identical to the copy thereof delivered to the Agent
      for use in connection with the issuance and sale of the Shares.&#160; Each of the Registration Statement, any Rule 462(b) Registration Statement and any post-effective amendment thereto, at the time it became effective and at all subsequent times,
      complied and will comply in all material respects with the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
      therein not misleading.&#160; As of the date of this Agreement, the Prospectus and any Free Writing Prospectus (as defined below) considered together (collectively, the "<font style="font-weight: bold;">Time of Sale Information</font>") did not contain
      any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.&#160; The Prospectus, as amended or supplemented, as of its
      date and at all subsequent times, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
      not misleading.&#160; The representations and warranties set forth in the three immediately</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">preceding sentences do not apply to statements in or omissions from the Registration Statement, any Rule 462(b) Registration Statement, or
      any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to the Agent furnished to the Company in writing by the Agent expressly for use
      therein, it being understood and agreed that the only suc<font style="font-family: 'Times New Roman (Hebrew)', serif;">h information furnished by the Agent to the Company consists of the information described in Section 6&#160; below.&#160; There are no
        contracts or other documents required</font> to be described in the Prospectus or to be filed as exhibits to the Registration Statement which have not been described or filed as required. The Registration Statement and the offer and sale of the
      Shares as contemplated hereby meet the requirements of Rule 415 under the Securities Act and comply in all material respects with said rule.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">This Agreement conforms in all material respects to the description thereof contained in the Registration Statement and the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Registration Statement has become effective under the Securities Act and no stop order suspending the effectiveness of the Registration
        Statement or no order preventing or suspending the use of the Prospectus or any Free Writing Prospectus has been issued, and no proceedings for such purpose or pursuant to Section 8A of the Securities Act have been taken or are, to his or her
        knowledge, contemplated or threatened by the Commission</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i) At the earliest time after the filing the Registration Statement that the Company or another offering participant made a bona fide offer (within
        the meaning of Rule 164(h)(2) under the Securities Act) of the Shares and (ii) as of the date hereof (with such date being used as the determination date for purposes of this clause (ii)), the Company was not and is not an "ineligible issuer" (as
        defined in Rule 405 under the Securities Act, without taking into account any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an ineligible issuer), including,
        without limitation, for purposes of Rules 164 and 433 under the Securities Act with respect to the offering of the Shares as contemplated by the Registration Statement. The Shares are an "actively-traded security" as such term is defined in
        Regulation M.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Commission has not issued an order preventing or suspending the use of the Prospectus or any Free Writing Prospectus relating to the proposed
        offering of the Shares, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act has been instituted or, to the Company's knowledge, threatened by the Commission. The Registration Statement contains and the Prospectus and
        any amendments or supplements thereto will contain, all statements which are required to be stated therein by, and will conform in all material respects to, the requirements of the Securities Act and the Rules and Regulations. The documents
        incorporated, or to be incorporated, by reference in the Final Prospectus, at the time filed or furnished with the Commission conformed or will conform, in all material respects to the requirements of the Exchange Act, or the Securities Act, as
        applicable, and the rules and regulations of the Commission thereunder.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Each Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Shares or
        until any earlier date that the Company notified or notifies the Agent, did not, does not and will not include any information</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any
      document incorporated by reference therein and any prospectus supplement deemed to be a part thereof that has not been superseded or modified.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(h)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company has not, directly or indirectly, distributed, and will not distribute, any offering materials in connection with the offering and sale
        of the Shares other than the Prospectus, and other materials, if any, permitted under the Securities Act.&#160; The Company will file with the Commission all Free Writing Prospectuses, as applicable, in the time and manner required under Rule 433(d)
        under the Securities Act.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">There are no franchises, contracts, indentures, mortgages, loan agreements, notes, leases or other instruments required to be described in the
        Registration Statement or the Prospectus, or to be filed as an exhibit thereto, which are not described or filed as required; and any statements in the Registration Statement and the Prospectus under the captions "Material United States Federal
        Income Tax Considerations" and "Marshall Islands Tax Considerations," "Major Shareholders and Related Party Transactions" and "Financial Information-Consolidated statements and other financial information-Legal Proceedings," insofar as they purport
        to summarize provisions of law, rules, regulations, documents or legal, regulatory or governmental proceedings, provide accurate summaries thereof in all material respects.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(j)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The statistical, industry-related and market-related data included or incorporated by reference in the Registration Statement and the Prospectus are
        based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(k)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company has established and maintains "disclosure controls and procedures" (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act);
        the Company's "disclosure controls and procedures" are reasonably designed to ensure that all information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and
        reported within the time periods specified in the rules and regulations of the Exchange Act, and that all such information is accumulated and communicated to the Company's management, including its Chief Executive Officer and Co-Chief Financial
        Officers, as appropriate to allow timely decisions regarding required disclosure and to make the certifications of the Chief Executive Officer and Co-Chief Financial Officers of the Company required under the Exchange Act with respect to such
        reports. Since the end of the Company's most recent audited fiscal year, there has been (i) no material weakness in the Company's internal control over financial reporting (whether or not remediated) and (ii) no change in the Company's internal
        control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(l)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The execution and delivery of, and the performance by the Company of its obligations under, this Agreement have been duly authorized by all
        necessary corporate action on the part of the Company, and this Agreement has been duly executed and delivered by the Company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(m)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The outstanding Common Shares of the Company have been duly authorized and validly issued and are fully paid and nonassessable; and no preemptive
        rights of shareholders</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">exist with respect to any of the Common Shares or sale thereof. Neither the filing of the Registration Statement nor the offering or sale of
      the Shares as contemplated by this Agreement gives rise to any rights, other than those which have been waived or satisfied, for or relating to the registration of any Common Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(n)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Since the respective dates as of which information is given in the Registration Statement and the Prospectus, as each may be amended or
        supplemented, there has not been any material adverse change or any development involving a prospective material adverse change in or affecting the earnings, business, management, properties, assets, rights, operations, condition (financial or
        otherwise), or prospects of the Company and the Subsidiaries taken as a whole, whether or not occurring in the ordinary course of business, and there has not been any material transaction entered into or any material transaction that is probable of
        being entered into by the Company or the Subsidiaries, other than transactions in the ordinary course of business and changes and transactions described in the Registration Statement and the Prospectus, as each may be amended or supplemented. The
        Company and the Subsidiaries have no material contingent obligations which are not disclosed in the Company's financial statements which are included in the Registration Statement and the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(o)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Deloitte Certified Public Accountants S.A., which has audited or performed review procedures on certain of the financial statements of the Company
        and the Subsidiaries filed with or furnished to the Commission, as part of, or incorporated by reference in, the Registration Statement and the Prospectus is an independent registered public accounting firm with respect to the Company and its
        Subsidiaries within the meaning of the Securities Act and the applicable Rules and Regulations and the Public Company Accounting Oversight Board (United States) (the "PCAOB")</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(p)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The consolidated financial statements of the Company and the Subsidiaries, together with related notes and schedules as set forth or incorporated by
        reference in the Registration Statement and the Prospectus, present fairly in all material respects the financial position and the results of operations and cash flows of the Company and the consolidated Subsidiaries, at the indicated dates and for
        the indicated periods. Such financial statements and related schedules have been prepared in accordance with United States generally accepted principles of accounting ("GAAP"), consistently applied throughout the periods involved, except as
        disclosed therein, and all adjustments necessary for a fair presentation of results for such periods have been made. The summary historical financial, statistical data and operating information included or incorporated by reference in the
        Registration Statement and the Prospectus present fairly in all material respects the information shown therein, and such data has been compiled on a basis consistent with the financial statements presented therein and the books and records of the
        Company. All disclosures contained in the Registration Statement and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the Rules and Regulations) comply, in all material respects, with Regulation G of the Exchange
        Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations or any
        "variable interest entities" within the meaning of Financial Accounting Standards Board Accounting Standards Codification 810-10), not disclosed in the Registration Statement and the Prospectus. There are no financial statements</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(historical or pro forma) that are required to be included in the Registration Statement or the Prospectus that are not included as required.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(q)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company and each of its subsidiaries make and keep accurate books and records and maintain a system of internal accounting controls sufficient
        to provide reasonable assurance that:&#160; (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
        generally accepted accounting principles as applied in the United States and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded
        accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(r)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the Marshall Islands, with corporate
        power and authority to own or lease, as the case may be, its properties and conduct its business as described in the Registration Statement and the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(s)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Each of the subsidiaries of the Company is listed in Exhibit B-I hereto&#160; collectively, the "<u>Subsidiaries</u>"). Each of the "significant
        subsidiaries" of the Company, as such term is defined in Rule 1-02 of Regulation S-X, listed in Exhibit B-II hereto (collectively, the "Significant Subsidiaries"), has been duly organized and is validly existing as a corporation or limited
        liability company, as the case may be, in good standing (where such concept is legally relevant) under the laws of the jurisdiction of its incorporation, with corporate power and authority to own or lease its properties and conduct its business as
        described in the Registration Statement, and the Prospectus, except where the failure to have been duly organized, to be validly existing, to be in good standing or to have such power and authority would not be reasonably expected to (i) have a
        material adverse effect on the earnings, business, management, properties, assets, rights, operations, condition (financial or otherwise) or prospects of the Company and of the Subsidiaries taken as a whole or (ii) prevent the consummation of the
        transactions contemplated hereby (the occurrence of any such effect or any such prevention described in the foregoing clauses (i) and (ii) being referred to as a "Material Adverse Effect"). The Subsidiaries are the only subsidiaries, direct or
        indirect, of the Company. The Company and each of its Significant Subsidiaries are duly qualified to transact business in all jurisdictions in which the conduct of their business requires such qualification. The outstanding shares of capital stock
        or membership interests, as applicable, of each of the Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable and are owned by the Company or another Subsidiary free and clear of all liens, encumbrances and
        equities and claims (other than any liens, encumbrances, and equities and claims described in the Registration Statement and the Prospectus), and no options, warrants or other rights to purchase, agreements or other obligations to issue or other
        rights to convert any obligations into shares of capital stock or ownership interests in the Subsidiaries are outstanding (other than as described in the Registration Statement and the Prospectus).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(t)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The information set forth under the caption "Capitalization" in the Registration Statement and the Prospectus is true and correct in all material
        respects or, to the extent that it is based upon assumptions or projections, is based upon assumptions or projections that the</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Company has determined in good faith. All of the Common Shares conform in all material respects to the description thereof contained in the
      Registration Statement and the Prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(u)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Common Shares are listed on the NASDAQ Global Select Market. Except as set forth in the Registration Statement and the Prospectus, the Company
        has taken no action designed to cause, or likely to have the effect of, de-listing its Common Shares from the NASDAQ Global Select Market, nor has the Company received any notification that the NASDAQ Global Select Market is contemplating
        terminating such listing.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(v)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Neither the Company nor any of the Subsidiaries is, or with the giving of notice or lapse of time or both, will be, (i) in violation of its
        certificate or articles of incorporation, by-laws, certificate of formation, limited liability agreement, partnership agreement or other organizational documents or (ii) in violation of or in default under any agreement, lease, contract, indenture
        or other instrument or obligation to which it is a party or by which it, or any of its properties, is bound and, solely with respect to this clause (ii), which violation or default would be reasonably expected to have a Material Adverse Effect. The
        execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein and the fulfillment of the terms hereof will not conflict with, result in a breach or violation of any of the terms or provisions of,
        result in the imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its Subsidiaries pursuant to, or constitute a default under, (i) any indenture, mortgage, deed of trust or other agreement or
        instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary or any of their respective properties is bound, or (ii) the certificate or articles of incorporation or by-laws of the Company or (iii) any law,
        order, rule or regulation, judgment, order, writ or decree applicable to the Company or any Subsidiary of any court or of any government, regulatory body or administrative agency or other governmental body having jurisdiction, except, with respect
        to clauses (i) or (iii), for such conflicts, breaches, violations or defaults as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(w)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">There is no action, suit, claim or proceeding pending or, to the knowledge of the Company, threatened against the Company or any of the Subsidiaries
        before any court or administrative agency or otherwise which would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect, except as set forth in the Registration Statement and the Prospectus There are no
        existing or, to the knowledge of the Company, threatened labor disputes with the employees of the Company or the Subsidiaries which are likely to have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(x)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and each of the
        Subsidiaries hold all material licenses, certificates and permits from governmental authorities which are necessary to the conduct of their businesses.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(y)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as described in the Registration Statement and the Prospectus, the Company and the Subsidiaries have good and marketable title to all of the
        properties and assets reflected in the consolidated financial statements hereinabove described or described in the Registration Statement and the Prospectus, subject to no lien, mortgage, pledge, charge or encumbrance of any kind except those
        reflected in such financial statements or which would not</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">be reasonably expected to have a Material Adverse Effect. The Company and the Subsidiaries occupy their leased properties under valid and
      binding leases conforming in all material respects to the descriptions thereof set forth in the Registration Statement and the Prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(z)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company and the Subsidiaries have filed all material U.S. federal, state, local and foreign tax returns which have been required to be filed and
        have paid all material taxes indicated by such returns and all assessments received by them to the extent that such taxes or assessments have become due and are not being contested in good faith and for which an adequate reserve for accrual has
        been established in accordance with GAAP. All material tax liabilities have been adequately provided for in the financial statements of the Company, and the Company does not know of any actual or proposed additional material tax assessments.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(aa)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Neither the Company nor any Subsidiary is or, after giving effect to the offering and sale of the Shares contemplated hereunder and the application
        of the net proceeds from such sale as described in the Registration Statement and the Prospectus, will be required to register as an "investment company" within the meaning of such term under the Investment Company Act of 1940 as amended (the "1940
        Act"), and the rules and regulations of the Commission thereunder. Insurance.&#160; The Company and the Subsidiaries carry, or are covered by, insurance (which term shall include membership in Protection and Indemnity clubs) in such amounts and covering
        such risks as is prudent, reasonable and customary for companies engaged in similar businesses in similar industries; neither the Company nor any of its Subsidiaries has received notice from any insurer or agent of such insurer that substantial
        capital improvements or other expenditures will have to be made in order to continue such insurance; all such insurance is outstanding and in full force and effect and neither the Company nor any Subsidiary has received any notice of cancellation
        or proposed cancellation relating to such insurance.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(bb)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Neither the Company nor, to the Company's knowledge, any of its shareholders, has taken or may take, directly or indirectly, any action designed to
        cause or result in, or which has constituted or which might be reasonably expected to constitute, the stabilization or manipulation of the prices of the Common Shares to facilitate the sale or resale of the Common Shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(cc)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">There are no relationships or related party transactions involving the Company or any of the Subsidiaries or any other person required to be
        described in the Registration Statement and the Prospectus which have not been described as required.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(dd)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other governmental
        body necessary in connection with the execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated hereby and by the Prospectus (except such additional steps as may be required by the
        Commission, the Financial Industry Regulatory Authority ("FINRA") or such additional steps as may be necessary to qualify the Shares for public offering by the Agent under state securities or Blue Sky laws) has been obtained or made and is in full
        force and effect other than (i) filings with the Commission pursuant to Rule 424(b) under the Securities Act, (ii) filings with the Commission on Form 6-K with respect to this Agreement or the transactions contemplated hereby, or (iii) such as
        shall have been obtained or made prior to the time of purchase. Neither the Company nor any of the Subsidiaries (i) is</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">required to register as a "broker" or "dealer" in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through
      one or more intermediaries, controls or is a "person associated with a FINRA member" or "associated person of a FINRA member" (within the meaning of Article I of the Bylaws of the FINRA).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ee)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as disclosed in the Registration Statement and the Prospectus and other than the Subsidiaries, the Company does not own directly or
        indirectly, any equity or long-term debt securities of any corporation, partnership, limited liability company, joint venture, association or other entity.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ff)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Neither the Company nor any of its properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether
        through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the United States, the Marshall Islands, the Republic of Liberia or Greece, or any political subdivisions thereof</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(gg)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">To the knowledge of the Company, neither the Company nor any of the Subsidiaries has made any contribution or other payment to any official of, or
        candidate for, any federal, state or foreign office in violation of any law which violation is required to be disclosed in the Registration Statement and the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(hh)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Each vessel described in the Registration Statement and the Prospectus, except for the vessels which the Company or a Subsidiary has entered into a
        bareboat charter (in which case the applicable Subsidiary is the disponent owner), is owned directly by one of the Subsidiaries; each of the vessels listed on Exhibit B hereto and specified as being owned (the "Owned Vessels") by a Subsidiary has
        been duly registered as a vessel under the laws and regulations and flag of the jurisdiction set forth opposite its name on Exhibit B in the sole ownership of the Subsidiary set forth opposite its name on Exhibit B, except as would not,
        individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; each such Subsidiary has good title to the applicable Owned Vessel, free and clear of all mortgages, pledges, liens, security interests and claims and all
        defects of the title of record other than as disclosed in the Registration Statement and the Prospectus and no other action is necessary to establish and perfect such entity's title to and interest in such vessel as against any charterer or third
        party, except as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; and each such Owned Vessel is in good standing with respect to the payment of past and current taxes, fees and other amounts
        payable under the laws of the jurisdiction where it is registered as would affect its registry with the ship registry of such jurisdiction except for failures to be in good standing which would not, in the aggregate, be reasonably expected to have
        a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Each Owned Vessel is operated in compliance with the rules, codes of practice, conventions, protocols, guidelines or similar requirements or
        restrictions imposed, published or promulgated by any governmental authority, classification society or insurer applicable to the respective vessel (collectively, "Maritime Guidelines") and all applicable international, national, state and local
        conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental Laws (as defined below)), except where such failure to be in compliance would not, individually or in the
        aggregate, be reasonably</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">expected to have a Material Adverse Effect. The Company and each applicable Subsidiary are qualified to own or lease, as the case may be, and
      operate such vessels under all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental Laws) and Maritime Guidelines,
      including the laws, regulations and orders of each such vessel's flag state, except where such failure to be so qualified would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(jj)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Each Owned Vessel is classed by a classification society which is a full member of the International Association of Classification Societies and is
        in class with valid class and trading certificates, without any overdue recommendations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(kk)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, (i) neither the Company nor any of
        its Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or
        administrative order, consent, decree or judgment, relating to pollution or protection of human health (as it relates to exposure to Hazardous Materials (as defined below)), the environment (including, without limitation, ambient air, surface
        water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous
        substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, "Hazardous Materials"), or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous
        Materials (collectively, "Environmental Laws"), (ii) the Company and each of its Subsidiaries has all permits, authorizations and approvals required under any applicable Environmental Laws and is in compliance with its requirements, (iii) there are
        no pending or, to the knowledge of the Company, threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any
        Environmental Law against the Company or any of its Subsidiaries, (iv) to the knowledge of the Company, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action,
        suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its Subsidiaries, relating to Hazardous Materials or any Environmental Laws, (v) neither the Company nor any of its Subsidiaries has
        been named as a "potentially responsible party" under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, (vi) there has been no storage, generation, transportation, handling, treatment, disposal,
        discharge, emission or other release of any Hazardous Materials by, due to, or caused by the Company or any of its Subsidiaries (or, to the Company's knowledge, by any other entity for whose acts or omissions the Company is or may liable) upon any
        other property now or previously owned or leased by the Company or any of its Subsidiaries, or upon any other property, which would be a violation of or give rise to any liability under any applicable law, rule, regulation, order, judgment, decree
        or permit (including any applicable regulations and standards adopted by the International Maritime Organization) relating to pollution or protection of human health (as it relates to exposure to Hazardous Materials) and the environment, (vii)
        there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property, of any toxic or other wastes or other hazardous</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">substances with respect to which the Company has knowledge and (viii) neither the Company nor any of its Subsidiaries has agreed to assume,
      undertake or provide indemnification for any liability or any other person under any Environmental Law, including any obligation for cleanup or remedial action, other than by operation of law or due to the Company's or any of its Subsidiaries,
      membership in any mutual protection and indemnity association.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ll)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">In the ordinary course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties
        of the Company and its Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or
        compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review, the Company has reasonably concluded that such
        associated costs and liabilities would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect and for the avoidance of doubt neither the Company nor any of its Subsidiaries is aware of any legal proceedings
        that are pending or known to be contemplated against any of them under any Environmental Laws in which a governmental entity is also a party (other than such proceedings regarding which the Company and the affected Subsidiaries reasonably believe
        no monetary sanctions of $100,000 or more will be imposed on them) or has estimated incurring material capital expenditures to comply with any Environmental Laws, except for such costs and liabilities, proceedings and capital expenditures as set
        forth in the Registration Statement and the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(mm)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), for
        which the Company or any member of its "Controlled Group" (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the United States Internal Revenue Code of 1986, as amended (the
        "Code")) would have any liability (each, a "Plan") has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code, except for
        noncompliance that could not reasonably be expected to result in material liability to the Company or its subsidiaries; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with
        respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption that could reasonably be expected to result in a material liability to the Company or its subsidiaries; (iii) for each Plan that is subject to
        the funding rules of Section 412 of the Code or Section 302 of ERISA, the minimum funding standard of Section 412 of the Code or Section 302 of ERISA, as applicable, has been satisfied (without taking into account any waiver thereof or extension of
        any amortization period) and is reasonably expected to be satisfied in the future (without taking into account any waiver thereof or extension of any amortization period); (iv) the fair market value of the assets of each Plan exceeds the present
        value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (v) no "reportable event" (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur that either has
        resulted, or could reasonably be expected to result, in material liability to the Company or its subsidiaries; (vi) neither the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title
        IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">ordinary course and without default) in respect of a Plan (including a "multiemployer plan", within the meaning of Section 4001(a)(3) of
      ERISA); and (vii) there is no pending audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other governmental agency or any foreign regulatory agency with respect to any
      Plan that could reasonably be expected to result in material liability to the Company or its subsidiaries. None of the following events has occurred or is reasonably likely to occur: (x) a material increase in the aggregate amount of contributions
      required to be made to all Plans by the Company or its subsidiaries in the current fiscal year of the Company and its subsidiaries compared to the amount of such contributions made in the Company and its subsidiaries' most recently completed fiscal
      year; or (y) a material increase in the Company and its subsidiaries' "accumulated post-retirement benefit obligations" (within the meaning of Statement of Financial Accounting Standards 106) compared to the amount of such obligations in the Company
      and its subsidiaries' most recently completed fiscal year.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(nn)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Other than pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for any finder's or broker's fee
        or agent's commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or by the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(oo)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company and its Subsidiaries have not violated and are in compliance with all laws, statutes, ordinances, regulations, rules and orders of each
        foreign, federal, state or local government and any other governmental department or agency having jurisdiction over the Company and any Subsidiary, and any judgment, decision, decree or order of any court or governmental agency, department or
        authority having jurisdiction over the Company and any Subsidiary, except for those violations that would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(pp)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as set forth in the Registration Statement, the and the Prospectus, the Company is not prohibited, directly or indirectly, from paying any
        dividends, from making any other distribution, from repaying any loans or advances or from transferring any of its property or assets. All dividends and other distributions declared and payable on the shares of capital stock of the Company may,
        under the current laws and regulations of the Marshall Islands and any political subdivisions thereof, be paid in United States dollars and may be freely transferred out of the Marshall Islands, and all such dividends and other distributions will
        not be subject to withholding or other taxes under the laws and regulations of the Marshall Islands and are otherwise free and clear of any other tax, withholding or deduction and without the necessity of obtaining any consents, approvals,
        authorizations, orders, licenses, registrations, clearances and qualifications of or with any court or governmental agency or body in the Marshall Islands.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(qq)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as set forth in the Registration Statement and the Prospectus or as provided by the laws of its jurisdiction of organization with respect to
        permissible sources of funds from which dividends may be paid, no Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's capital
        stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(rr)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Assuming payment for the Shares as contemplated by this Agreement, there are no restrictions on subsequent transfers of the Shares by the Agent
        under the laws of the Marshall Islands except as may be provided by law with respect to insolvency or bankruptcy of the Agent.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ss)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the
        Registration Statement or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(tt)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company believes that it is not currently a passive foreign investment company ("<font style="font-weight: bold;">PFIC</font>") within the
        meaning of Section 1297(a) of the Code and does not currently intend to take any action that is likely to result in it becoming a PFIC.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(uu)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents
        the information called for in all material respects and has been prepared in accordance with the Commission's rules and guidelines applicable thereto.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(vv)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as described in the Registration Statement or the Prospectus and except as would not be reasonably expected to have a Material Adverse
        Effect, neither the Company nor any Subsidiary has sent or received any communication regarding termination of, or intent not to renew, any of the contracts, charters or agreements referred to or described in the Registration Statement or the
        Prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Company or any Subsidiary or, to the Company's knowledge, any other party to any
        such contract or agreement.</font></div>
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        agent or representative of the Company or of any of its Subsidiaries or affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money,
        property, gifts or anything else of value, directly or indirectly, to any government official (including any officer or employee of a government or government owned or controlled entity or of a public international organization, or any person
        acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) ("Government Official") in order to influence official action, or to any person in violation of any
        applicable anticorruption laws; (ii) the Company and each of its Subsidiaries and affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained and will continue to maintain
        policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; and (iii) neither the Company nor any of its Subsidiaries will use, directly or indirectly,
        the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(xx)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with all applicable financial
        recordkeeping and reporting requirements,</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools
      Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its Subsidiaries conduct business, the rules and regulations thereunder and any
      related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "Anti-Money Laundering Laws"), and no action, suit or proceeding by or before any court or governmental agency,
      authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(yy)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(A) None of the Company, any of its Subsidiaries, or any director, officer, or employee thereof, or, to the Company's knowledge, any agent,
        affiliate or representative of the Company or any of its Subsidiaries, is an individual or entity ("Person") that is, or is owned or controlled by one or more Persons that are:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(1) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury's
      Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty's Treasury, or other relevant sanctions authority (collectively, "<font style="font-weight: bold;">Sanctions</font>"), or</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(2) located, organized or resident in a country or territory that is the subject of Sanctions
      (including, without limitation, the Crimea region of Ukraine, Cuba, the so-called Donetsk People's Republic, Iran, the so-called Luhansk People's Republic, North Korea and Syria).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(B) The Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute
      or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(1) to fund or facilitate any activities or business of or with any Person or in any country or
      territory that, at the time of such funding or facilitation, is the subject of Sanctions; or</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(2) in any other manner that will result in a violation of Sanctions by any Person (including any
      Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(C) The Company and each of its Subsidiaries have not knowingly engaged in, are not now knowingly
      engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions, except as permitted by Sanctions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(zz)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as described in the Registration Statement and the Prospectus, no holders of any securities of the Company or of any options, warrants or
        other convertible or exchangeable securities of the Company have the right to include any securities issued by the Company in the Registration Statement or any registration statement to be filed by the Company</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">or to require the Company to file a registration statement under the Securities Act, other than those holders who have waived such rights.&#160;
      Except as described in the Prospectus, any Free Writing Prospectus and the Prospectus, no holder of any securities of the Company or any other person has the right, contractual or otherwise, which has not</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(aaa)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">been satisfied or effectively waived, to cause the Company to sell or otherwise issue to them, or permit them to underwrite the sale of, any of the
        Shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(bbb)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Company is a "foreign private issuer" as defined in Rule 405 of the Securities Act.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ccc)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i) Except as disclosed in the Registration Statement and the Prospectus, or as would not, individually or in the aggregate, reasonably be expected
        to have a Material Adverse Effect, the Company and its Subsidiaries own or have a valid license to all patents, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential
        information, systems or procedures), trademarks, service marks and trade names (collectively, "Intellectual Property Rights") used in or reasonably necessary to the conduct of their businesses; (ii) the Intellectual Property Rights owned by the
        Company and its Subsidiaries and, to the Company's knowledge, the Intellectual Property Rights licensed to the Company and its Subsidiaries, are valid, subsisting and enforceable, and there is no pending or, to the Company's knowledge, threatened
        action, suit, proceeding or claim by others challenging the validity, scope or enforceability of any such Intellectual Property Rights; (iii) neither the Company nor any of its Subsidiaries has received any notice alleging any infringement,
        misappropriation or other violation of Intellectual Property Rights which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect on the Company and its Subsidiaries, taken as
        a whole; (iv) to the Company's knowledge, no third party is infringing, misappropriating or otherwise violating, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights owned by the Company; (v) neither the Company
        nor any of its Subsidiaries infringes, misappropriates or otherwise violates, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ddd)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Solely to the extent that the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated by the Commission and the NASDAQ
        Global Select Market thereunder (the "Sarbanes-Oxley Act") have been applicable to the Company, there is and has been no failure on the part of the Company to comply in all material respects with any provision of the Sarbanes-Oxley Act. The Company
        has taken all necessary actions to ensure that it is in compliance in all material respects with all provisions of the Sarbanes-Oxley Act that are in effect and with which the Company is required to comply and is actively taking steps to ensure
        that it will be in compliance with other provisions of the Sarbanes-Oxley Act not currently in effect or which will become applicable to the Company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(eee)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">There are no material capital gains, income, withholding, documentary, stamp or other taxes or duties or similar fees or charges under U.S. federal
        law or the laws of any U.S. state, the Republic of the Marshall Islands or the Republic of Liberia or any political subdivision of any thereof, required to be paid by the Company or the Agent in connection with the execution and delivery of this
        Agreement, or the sale and delivery by the Company of the Shares</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">to or for the respective accounts of the Agent or the sale and delivery by the Agent of the Shares to initial purchasers thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(fff)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i) The Company and its Subsidiaries use and have used any and all software and other materials distributed under a "free," "open source," or
        similar licensing model (including but not limited to the MIT License, Apache License, GNU General Public License, GNU Lesser General Public License and GNU Affero General Public License) ("Open Source Software") in compliance with all license
        terms applicable to such Open Source Software; and (ii) neither the Company nor any of its Subsidiaries uses or distributes or has used or distributed any Open Source Software in any manner that requires or has required (A) the Company or any of
        its Subsidiaries to permit reverse engineering of any software code or other technology owned by the Company or any of its Subsidiaries or (B) any software code or other technology owned by the Company or any of its Subsidiaries to be (1) disclosed
        or distributed in source code form, (2) licensed for the purpose of making derivative works or (3) redistributed at no charge.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ggg)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i) To the Company's knowledge, the Company and each of its Subsidiaries have complied and are presently in compliance with all internal and
        external privacy policies, contractual obligations, industry standards, applicable laws, statutes, judgments, orders, rules and regulations of any court or arbitrator or other governmental or regulatory authority and any other legal obligations, in
        each case, relating to the collection, use, transfer, import, export, storage, protection, disposal and disclosure by the Company or any of its Subsidiaries of personal, personally identifiable, household, sensitive, confidential or regulated data
        ("Data Security Obligations", and such data, "Data"); (ii) the Company has not received any notification of or complaint regarding and is unaware of any other facts that, individually or in the aggregate, would reasonably indicate non-compliance
        with any Data Security Obligation; and (iii) of there is no action, suit or proceeding by or before any court or governmental agency, authority or body pending or threatened alleging non-compliance with any Data Security Obligation.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(hhh)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Except as disclosed in the Registration Statement and the Prospectus, or as would not, individually or in the aggregate, reasonably be expected to
        have a Material Adverse Effect, the Company and each of its Subsidiaries have taken all technical and organizational measures reasonably necessary to protect the information technology systems and Data used in connection with the operation of the
        Company's and its Subsidiaries' businesses. Without limiting the foregoing, the Company and its Subsidiaries have used reasonable efforts to establish and maintain, and have established, maintained, implemented and complied with, reasonable
        information technology, information security, cyber security and data protection controls, policies and procedures, including oversight, access controls, encryption, technological and physical safeguards and business continuity/disaster recovery
        and security plans that are designed to protect against and prevent breach, destruction, loss, unauthorized distribution, use, access, disablement, misappropriation or modification, or other compromise or misuse of or relating to any information
        technology system or Data used in connection with the operation of the Company's and its Subsidiaries' businesses ("Breach"). The Company and its Subsidiaries have not been notified of and have no knowledge of any event or condition that would
        reasonably be expected to result in, any such Breach.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(iii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i) The courts of the Marshall Islands would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of
        the State of New York;</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(ii) this Agreement is in proper form under the laws of the Marshall Islands for the enforcement thereof against the Company, and to ensure
      the legality, validity, enforceability or admissibility into evidence in Marshall Islands of this Agreement; and (iii) it is not necessary under the laws of the Marshall Islands (a) to enable the Agent to enforce its rights under this Agreement,
      provided that they are not otherwise engaged in business in the Marshall Islands, or (b) solely by reason of the execution, delivery or consummation of this Agreement, for the Agent to be qualified or entitled to carry out business in the Marshall
      Islands.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Any certificate signed by any officer or representative of the Company or any of its subsidiaries and delivered to the
      Agent or counsel for the Agent in connection with an issuance of Shares shall be deemed a representation and warranty by the Company to the Agent as to the matters covered thereby on the date of such certificate and not a representation or warranty
      in an individual capacity.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company acknowledges that the Agent and, for purposes of the opinions to be delivered pursuant to Section 4(o) hereof,
      counsel to the Company and counsel to the Agent, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 3. ISSUANCE AND SALE OF SHARES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Sale of Securities</u>.&#160; On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions
        herein set forth, the Company and the Agent agree that the Company may from time to time seek to sell Shares through the Agent, acting as sales agent, or directly to the Agent, acting as principal, as follows, with an aggregate Sales Price of up to
        the Maximum Program Amount, based on and in accordance with Issuance Notices as the Company may deliver, during the Agency Period.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Mechanics of Issuances</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Issuance Notice</u>.&#160; Upon the terms and subject to the conditions set forth herein, on any Trading Day during the Agency Period on which
        the conditions set forth in <u>Section 5(a)</u> and <u>Section 5(b)</u> shall have been satisfied, the Company may exercise its right to request an issuance of Shares by delivering to the Agent an Issuance Notice; <font style="font-style: italic;">provided, however</font>, that (A) in no event may the Company deliver an Issuance Notice to the extent that (I) the sum of (x) the aggregate Sales Price of the requested Issuance Amount, plus (y) the aggregate Sales Price of all Shares
        issued under all previous Issuance Notices effected pursuant to this Agreement, would exceed the Maximum Program Amount; and (B) prior to delivery of any Issuance Notice, the period set forth for any previous Issuance Notice shall have expired or
        been terminated. An Issuance Notice shall be considered delivered on the Trading Day that it is received by e&#8209;mail to the persons set forth in Schedule A hereto and confirmed by the Company by telephone (including a voicemail message to the persons
        so identified), with the understanding that, with adequate prior written notice, the Agent may modify the list of such persons from time to time.</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Agent Efforts</u>.&#160; Upon the terms and subject to the conditions set forth in this Agreement, upon the receipt of an Issuance Notice, the
        Agent will use its commercially reasonable efforts consistent with its normal sales and trading practices to place the Shares with respect to which the Agent has agreed to act as sales agent, subject to, and in accordance with the information
        specified in, the Issuance Notice, unless the sale of the Shares described therein has been suspended, cancelled or otherwise terminated in accordance with the terms of this Agreement.&#160; For the avoidance of doubt, the parties to this Agreement may
        modify an Issuance Notice at any time provided they both agree in writing to any such modification.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(iii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Method of Offer and Sale</u>.&#160; The Shares may be offered and sold (A) in privately negotiated transactions with the consent of the Company;
        (B) as block transactions; or (C) by any other method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on the Principal Market or sales made into any
        other existing trading market of the Common Shares.&#160; Nothing in this Agreement shall be deemed to require either party to agree to the method of offer and sale specified in the preceding sentence, and (except as specified in clauses (A) and (B)
        above) the method of placement of any Shares by the Agent shall be at the Agent's discretion.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(iv)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Confirmation to the Company</u>.&#160; If acting as sales agent hereunder, the Agent will provide written confirmation to the Company no later
        than the opening of the Trading Day next following the Trading Day on which it has placed Shares hereunder setting forth the number of shares sold on such Trading Day, the corresponding Sales Price and the Issuance Price payable to the Company in
        respect thereof.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(v)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Settlement</u>.&#160; Each issuance of Shares will be settled on the applicable Settlement Date for such issuance of Shares and, subject to the
        provisions of <u>Section 5</u>, on or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Shares being sold by crediting the Agent or its designee's account at The Depository Trust
        Company through its Deposit/Withdrawal At Custodian (DWAC) System, or by such other means of delivery as may be mutually agreed upon by the parties hereto and, upon receipt of such Shares, which in all cases shall be freely tradable, transferable,
        registered shares in good deliverable form, the Agent will deliver, by wire transfer of immediately available funds, the related Issuance Price in same day funds delivered to an account designated by the Company prior to the Settlement Date.&#160; The
        Company may sell Shares to the Agent as principal at a price agreed upon at each relevant time Shares are sold pursuant to this Agreement (each, a "<font style="font-weight: bold;">Time of Sale</font>").</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(vi)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Suspension or Termination of Sales</u>.&#160; Consistent with standard market settlement practices, the Company or the Agent may, upon notice to
        the other party hereto in writing or by telephone (confirmed immediately by verifiable email), suspend any sale of Shares, and the period set forth in an Issuance Notice shall immediately terminate; <font style="font-style: italic;">provided,
          however</font>, that (A) such suspension and termination shall not affect or impair either party's obligations with respect to any Shares placed or sold hereunder prior to the receipt of such notice; (B) if the Company suspends or</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">terminates any sale of Shares after the Agent confirms such sale to the Company, the Company shall still be obligated to
      comply with <u>Section 3(b)(v)</u> with respect to such Shares; and (C) if the Company defaults in its obligation to deliver Shares on a Settlement Date, the Company agrees that it will hold the Agent harmless against any loss, claim, damage or
      expense (including, without limitation, penalties, interest and reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company. The parties hereto acknowledge and agree that, in performing its
      obligations under this Agreement, the Agent may borrow Common Shares from stock lenders in the event that the Company has not delivered Shares to settle sales as required by subsection (v) above, and may use the Shares to settle or close out such
      borrowings.&#160; The Company agrees that no such notice shall be effective against the Agent unless it is made to the persons identified in writing by the Agent pursuant to <u>Section 3(b)(i)</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(vii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>No Guarantee of Placement, Etc.&#160; The Company acknowledges and agrees that</u> (A) there can be no assurance that the Agent will be
        successful in placing Shares; (B) the Agent will incur no liability or obligation to the Company or any other Person if it does not sell Shares; and (C) the Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this
        Agreement, except as otherwise specifically agreed by the Agent and the Company.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(viii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Material Non-Public Information.</u>&#160; Notwithstanding any other provision of this Agreement, the Company and the Agent agree that the
        Company shall not deliver any Issuance Notice to the Agent, and the Agent shall not be obligated to place any Shares, during any period in which the Company is in possession of material non-public information.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Fees</u>.&#160; As compensation for services rendered, the Company shall pay to the Agent, on the applicable Settlement Date, the Selling Commission
        for the applicable Issuance Amount (including with respect to any suspended or terminated sale pursuant to <u>Section 3(b)(vi))</u> by the Agent deducting the Selling Commission from the applicable Issuance Amount.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Expenses</u>.&#160; The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its obligations hereunder
        and in connection with the transactions contemplated hereby, including without limitation (i) all expenses incident to the issuance and delivery of the Shares (including all printing and engraving costs); (ii) all fees and expenses of the registrar
        and transfer agent of the Shares; (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Shares; (iv) all fees and expenses of the Company's counsel, independent public or certified public
        accountants and other advisors; (v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and
        certificates of experts), the Prospectus, any Free Writing Prospectus (as defined below) prepared by or on behalf of, used by, or referred to by the Company, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees,
        attorneys' fees and expenses incurred by the Company or the Agent in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Shares for offer and sale under the state
        securities or blue sky laws or the provincial securities laws of Canada, and, if requested by the Agent, preparing and printing a "<font style="font-weight: bold;">Blue Sky Survey</font>" or</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">memorandum and a "Canadian wrapper,, and any supplements thereto, advising the Agent of such qualifications, registrations, determinations
      and exemptions, not to exceed an aggregate of $5,000; (vii) the reasonable fees and disbursements of the Agent's counsel, including the reasonable fees and expenses of counsel for the Agent in connection with, FINRA review, if any, and approval of
      the Agent's participation in the offering and distribution of the Shares, such expenses in connection with FINRA review and approval not to exceed an aggregate of $7,500; (viii) the filing fees incident to FINRA review, if any; (ix) the costs and
      expenses of the Company relating to investor presentations on any "road show" undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any
      electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging
      expenses of the representatives, employees and officers of the Company and of the Agent and any such consultants, and the cost of any aircraft chartered in connection with the road show; and (x) the fees and expenses associated with listing the
      Shares on the Principal Market.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 4.&#160; ADDITIONAL COVENANTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company covenants and agrees with the Agent as follows, in addition to any other covenants and agreements made
      elsewhere in this Agreement:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Exchange Act Compliance</u>.&#160; During the Agency Period, the Company shall (i) file, on a timely basis, with the Commission all reports and
        documents required to be filed under Section 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act; and (ii) either (A) include on a current report on Form 6-K and/or its annual reports on Form
        20-F, as applicable, a summary detailing, for the relevant reporting period, (1) the number of Shares sold through the Agent pursuant to this Agreement and (2) the net proceeds received by the Company from such sales or (B) prepare a prospectus
        supplement containing, or include in such other filing permitted by the Securities Act or Exchange Act (each an "<font style="font-weight: bold;">Interim Prospectus Supplement")</font>, such summary information and, at least once a quarter and
        subject to this Section 4, file such Interim Prospectus Supplement pursuant to Rule 424(b) under the Securities Act (and within the time periods required by Rule 424(b) and Rule 430B under the Securities Act)). The Company shall file with the
        Commission on Form 6-K, not later than 90 days following the end of each of the first three fiscal quarters of each fiscal year, the unaudited interim financial statements of each such quarter. Such interim financial statements shall have been
        reviewed by Deloitte Certified Public Accountants S.A. pursuant to PCAOB AS 4501.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Securities Act Compliance</u>.&#160; After the date of this Agreement, the Company shall promptly advise the Agent in writing (i) of the receipt of
        any comments of, or requests for additional or supplemental information from, the Commission; (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement, any Rule 462(b) Registration Statement or any
        amendment or supplement to the Prospectus, any Free Writing Prospectus; (iii) of the time and date that any post-effective amendment to the Registration Statement or any Rule 462(b) Registration Statement becomes effective; (iv) if the Registration
        Statement ceases to be available for use as a result of the Company no longer qualifying as a "well-known seasoned issuer" (as defined in Rule 405 under the Securities Act); and (v) of the</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
      thereto, any Rule 462(b) Registration Statement or any amendment or supplement to the Prospectus or of any order preventing or suspending the use of any Free Writing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate
      from listing or quotation the Common Shares from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes.&#160; If the
      Commission shall enter any such stop order at any time, the Company will use its best efforts to obtain the lifting of such order as soon as practicable.&#160; Additionally, the Company agrees that it shall comply with the provisions of Rule 424(b) and
      Rule 433, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) or Rule 433 were received in a timely manner by the Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Amendments and Supplements to the Prospectus and Other Securities Act Matters</u>.&#160; If any event shall occur or condition exist as a result of
        which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
        circumstances when the Prospectus is delivered to a purchaser, not misleading, or if in the opinion of the Agent or counsel for the Agent it is otherwise necessary to amend or supplement the Prospectus to comply with applicable law, including the
        Securities Act, the Company agrees (subject to Section 4(d) and 4(f)) to promptly prepare, file with the Commission and furnish at its own expense to the Agent, amendments or supplements to the Prospectus so that the statements in the Prospectus as
        so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus is delivered to a
        purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law including the Securities Act.&#160; Neither the Agent's consent to, or delivery of, any such amendment or supplement shall constitute a
        waiver of any of the Company's obligations under Sections 4(d) and 4(f).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Agent's Review of Proposed Amendments and Supplements</u>.<font style="font-style: italic;">&#160; </font>Prior to amending or supplementing the
        Registration Statement (including any registration statement filed under Rule 462(b) under the Securities Act) or the Prospectus (excluding any amendment or supplement through incorporation of any report filed under the Exchange Act), the Company
        shall furnish to the Agent for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each such proposed amendment or supplement, and the Company shall not file or use any such proposed amendment or
        supplement without the Agent's prior consent, which shall not be unreasonably withheld, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to
        such Rule.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Use of Free Writing Prospectus</u>. Neither the Company nor the Agent has prepared, used, referred to or distributed, or will prepare, use, refer
        to or distribute, without the other party's prior written consent, which shall not be unreasonably withheld, any "written communication" that constitutes a "free writing prospectus" as such terms are defined in Rule 405 under the Securities Act
        with respect to the offering contemplated by this Agreement (any such free writing prospectus being referred to herein as a "<font style="font-weight: bold;">Free Writing Prospectus</font>").</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Free Writing Prospectuses</u>.&#160; The Company shall furnish to the Agent for review, a reasonable amount of time prior to the proposed time of
        filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement thereto to be prepared by or on behalf of, used by, or referred to by the Company and the Company shall not file, use or refer to any proposed
        free writing prospectus or any amendment or supplement thereto without the Agent's consent, which shall not be unreasonably withheld.&#160; The Company shall furnish to the Agent, without charge, as many copies of any free writing prospectus prepared by
        or on behalf of, or used by the Company, as the Agent may reasonably request.&#160; If at any time when a prospectus is required by the Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales of
        the Shares (but in any event if at any time through and including the date of this Agreement) there occurred or occurs an event or development as a result of which any free writing prospectus prepared by or on behalf of, used by, or referred to by
        the Company conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make
        the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company shall promptly amend or supplement such free writing prospectus to eliminate or correct such conflict or so that the
        statements in such free writing prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
        prevailing at such subsequent time, not misleading, as the case may be; <font style="font-style: italic;">provided, however</font>, that prior to amending or supplementing any such free writing prospectus, the Company shall furnish to the Agent
        for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of such proposed amended or supplemented free writing prospectus and the Company shall not file, use or refer to any such amended or supplemented
        free writing prospectus without the Agent's consent, which shall not be unreasonably withheld.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Filing of Agent Free Writing Prospectuses</u>.&#160; The Company shall not to take any action that would result in the Agent or the Company being
        required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Agent that the Agent otherwise would not have been required to file thereunder.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(h)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Copies of Registration Statement and Prospectus</u>.&#160; After the date of this Agreement through the last time that a prospectus is required by the
        Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales of the Shares, the Company agrees to furnish the Agent with copies (which may be electronic copies) of the Registration Statement and
        each amendment thereto, and with copies of the Prospectus and each amendment or supplement thereto in the form in which it is filed with the Commission pursuant to the Securities Act or Rule 424(b) under the Securities Act, both in such quantities
        as the Agent may reasonably request from time to time; and, if the delivery of a prospectus is required under the Securities Act or under the blue sky or securities laws of any jurisdiction at any time on or prior to the applicable Settlement Date
        for any period set forth in an Issuance Notice in connection with the offering or sale of the Shares and if at such time any event has occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of
        a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or, if for any other reason it is
        necessary during such</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus
      in order to comply with the Securities Act or the Exchange Act, to notify the Agent and to request that the Agent suspend offers to sell Shares (and, if so notified, the Agent shall cease such offers as soon as practicable); and if the Company
      decides to amend or supplement the Registration Statement or the Prospectus as then amended or supplemented, to advise the Agent promptly by telephone (with confirmation in writing) and to prepare and cause to be filed promptly with the Commission an
      amendment or supplement to the Registration Statement or the Prospectus as then amended or supplemented that will correct such statement or omission or effect such compliance; provided, however, that if during such same period the Agent is required
      to deliver a prospectus in respect of transactions in the Shares, the Company shall promptly prepare and file with the Commission such an amendment or supplement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Blue Sky Compliance</u>.&#160; The Company shall cooperate with the Agent and counsel for the Agent to qualify or register the Shares for sale under
        (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial securities laws of those jurisdictions designated by the Agent, shall comply with such laws and shall continue such qualifications,
        registrations and exemptions in effect so long as required for the distribution of the Shares.&#160; The Company shall not be required to qualify as a foreign corporation or to take any action that would subject it to general service of process in any
        such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign corporation.&#160; The Company will advise the Agent promptly of the suspension of the qualification or registration of (or any such exemption
        relating to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption,
        the Company shall use its best efforts to obtain the withdrawal thereof as soon as practicable.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(j)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Earnings Statement</u>.&#160; As soon as practicable, the Company will make generally available to its security holders and to the Agent an earnings
        statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the
        Securities Act and Rule 158 under the Securities Act&#894; provided that the Company will be deemed to have furnished such statement to its security holders and the Agent to the extent they are filed on EDGAR or any successor system.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(k)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Listing; Reservation of Shares</u>.&#160; (a)&#160; The Company will maintain the listing of the Shares on the Principal Market; and (b) the Company will
        reserve and keep available at all times, free of preemptive rights, Shares for the purpose of enabling the Company to satisfy its obligations under this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(l)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Transfer Agent</u>.&#160; The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(m)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Due Diligence</u>.&#160; During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence review conducted
        by the Agent in connection with the transactions contemplated hereby, including, without limitation, providing information and</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">making available documents and senior corporate officers, during normal business hours and at the Company's principal offices, as the Agent
      may reasonably request from time to time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(n)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Representations and Warranties</u>.&#160; The Company acknowledges that each delivery of an Issuance Notice and each delivery of Shares on a
        Settlement Date shall be deemed to be (i) an affirmation to the Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such Issuance Notice or of such
        Settlement Date, as the case may be, as though made at and as of each such date, except as may be disclosed in the Prospectus (including any documents incorporated by reference therein and any supplements thereto); and (ii) an undertaking that the
        Company will advise the Agent if any of such representations and warranties will not be true and correct as of the Settlement Date for the Shares relating to such Issuance Notice, as though made at and as of each such date (except that such
        representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(o)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Deliverables at Triggering Event Dates; Certificates.</u> The Company agrees that on or prior to the date of the first Issuance Notice and,
        during the term of this Agreement after the date of the first Issuance Notice, upon:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(A)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">the filing of the Prospectus or the amendment or supplement of any Registration Statement or Prospectus (other than a prospectus supplement
        relating solely to an offering of securities other than the Shares or a prospectus filed pursuant to <u>Section 4(a)(ii)(B))</u>, by means of a post-effective amendment, sticker or supplement, but not by means of incorporation of documents by
        reference into the Registration Statement or Prospectus;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(B)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">the filing with the Commission of an annual report on Form 20-F (including any Form 20-F/A containing amended financial information or a
        material amendment to the previously filed annual report on Form 20-F), in each case, of the Company; or</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(C)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">the filing with the Commission of a current report on Form 6-K of the Company containing the unaudited interim financial statements or amended
        financial information (other than information "furnished" and not deemed to be "filed" for the purposes of Section 18 of the Securities Act) that is material to the offering of securities of the Company in the Agent's reasonable discretion;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(any such event, a "<font style="font-weight: bold;">Triggering Event Date</font>"), the Company shall furnish the Agent (but in the case of
      clause (C) above only if the Agent reasonably determines that the information contained in such current report on Form 6-K of the Company is material) with a certificate as of the Triggering Event Date, in the form and substance satisfactory to the
      Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented, (A) confirming that the
      representations and warranties of the Company contained in this Agreement are true and correct, (B) that the Company has performed all of its obligations hereunder to be performed on or prior to the date of such certificate and as to the matters set</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">forth in <u>Section 5(a)(iii)</u> hereof, and (C) containing any other certification that the Agent shall reasonably request. The
      requirement to provide a certificate under this <u>Section 4(o)</u> shall be waived for any Triggering Event Date occurring at a time when no Issuance Notice is pending or a suspension is in effect, which waiver shall continue until the earlier to
      occur of the date the Company delivers instructions for the sale of Shares hereunder (which for such calendar quarter shall be considered a Triggering Event Date) and the next occurring Triggering Event Date. Notwithstanding the foregoing, if the
      Company subsequently decides to sell Shares following a Triggering Event Date when a suspension was in effect and did not provide the Agent with a certificate under this <u>Section 4(o)</u>, then before the Company delivers the instructions for the
      sale of Shares or the Agent sells any Shares pursuant to such instructions, the Company shall provide the Agent with a certificate in conformity with this <u>Section 4(o)</u> dated as of the date that the instructions for the sale of Shares are
      issued.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(p)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Legal Opinions.</u>&#160; On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect to which the
        Company is obligated to deliver a certificate pursuant to <u>Section 4(o)</u> for which no waiver is applicable and excluding the date of this Agreement, a negative assurances letter and the written legal opinion of Seward &amp; Kissel LLP,
        counsel to the Company with respect to matters of U.S. law and Marshall Islands law, as customary and substantially similar to the form attached hereto as Exhibits C-1 and C-2, respectively; Souzana Manaka, counsel to the Company with respect to
        matters of Greek law, as customary and substantially similar to the form attached hereto as Exhibits C-3; Georgia Mastagaki, Co-General Counsel of the Company, as customary and substantially similar to the form attached hereto as Exhibit C-4 and
        Sidley Austin LLP, counsel to the Agent with respect to such matters as may be requested by the Agent, each dated the date of delivery, in form and substance reasonably satisfactory to Agent and its counsel, substantially similar to the form
        previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented. In lieu of such opinions for subsequent periodic filings, in the discretion of the
        Agent, the Company may furnish a reliance letter from such counsel to the Agent, permitting the Agent to rely on a previously delivered opinion letter, modified as appropriate for any passage of time or Triggering Event Date (except that statements
        in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of such Triggering Event Date).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(q)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Comfort Letter</u>. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect to which the
        Company is obligated to deliver a certificate pursuant to <u>Section 4(o)</u> for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause Deloitte Certified Public Accountants S.A., the independent
        registered public accounting firm who has audited the financial statements included or incorporated by reference in the Registration Statement, to furnish the Agent a comfort letter, dated the date of delivery, in form and substance reasonably
        satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel; provided, however, that any such comfort letter will only be required on the Triggering Event Date specified to the
        extent that it contains financial statements filed with the Commission under the Exchange Act and incorporated or deemed to be incorporated by reference into a Prospectus.&#160; If requested by the Agent, the Company shall also cause a comfort letter to
        be furnished to the Agent within ten (10) Trading Days of the date of occurrence of any material transaction or event requiring the filing of a current report on Form 6-K containing material amended financial information of the Company, including
        the restatement of the Company's financial statements.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company shall be required to furnish no more than one comfort letter hereunder per calendar quarter.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(r)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Secretary's Certificate</u>. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date, the Company
        shall furnish the Agent a certificate executed by the Secretary of the Company, signing in such capacity, dated the date of delivery (i) certifying that attached thereto are true and complete copies of the resolutions duly adopted by the Board of
        Directors of the Company authorizing the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby (including, without limitation, the issuance of the Shares pursuant to this Agreement), which
        authorization shall be in full force and effect on and as of the date of such certificate, (ii) certifying and attesting to the office, incumbency, due authority and specimen signatures of each Person who executed this Agreement for or on behalf of
        the Company, and (iii) containing any other certification that the Agent shall reasonably request.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(s)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Agent's Own Account; Clients' Account</u>.&#160; The Company consents to the Agent trading, in compliance with applicable law, in the Common Shares
        for the Agent's own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(t)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Investment Limitation</u>.&#160; The Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Shares in
        such a manner as would require the Company or any of its subsidiaries to register as an investment company under the Investment Company Act.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(u)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Market Activities</u>.&#160; The Company will not take, directly or indirectly, any action designed to or that might be reasonably expected to cause
        or result in stabilization or manipulation of the price of the Shares or any other reference security, whether to facilitate the sale or resale of the Shares or otherwise, and the Company will, and shall cause each of its affiliates to, comply with
        all applicable provisions of Regulation M.&#160; If the limitations of Rule 102 of Regulation M ("<font style="font-weight: bold;">Rule 102</font>") do not apply with respect to the Shares or any other reference security pursuant to any exception set
        forth in Section (d) of Rule 102, then promptly upon notice from the Agent (or, if later, at the time stated in the notice), the Company will, and shall cause each of its affiliates to, comply with Rule 102 as though such exception were not
        available but the other provisions of Rule 102 (as interpreted by the Commission) did apply. The Company shall promptly notify the Agent if it no longer meets the requirements set forth in Section (d) of Rule 102. </font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(v)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Notice of Other Sale</u>.&#160; Without the written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract
        to sell, grant any option to sell or otherwise dispose of any Common Shares or securities convertible into or exchangeable for Common Shares (other than Shares hereunder), warrants or any rights to purchase or acquire Common Shares, during the
        period beginning on the third Trading Day immediately prior to the date on which any Issuance Notice is delivered to the Agent hereunder and ending on the third Trading Day immediately following the Settlement Date with respect to Shares sold
        pursuant to such Issuance Notice; and will not directly or indirectly enter into any other "at the market" or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">otherwise dispose of any Common Shares (other than the Shares offered pursuant to this Agreement) or securities convertible into or
      exchangeable for Common Shares, warrants or any rights to purchase or acquire, Shares prior to the termination of this Agreement; provided, however, that such restrictions will not apply to the Company's (i) issuance or sale of Common Shares pursuant
      to the amended and restated at-the-market sales agreement dated the date hereof with Deutsche Bank Securities Inc., as agent, (ii) issuance or sale of Common Shares, options to purchase Common Shares or Common Shares issuable upon the exercise of
      options or other equity awards pursuant to any employee or director share option, incentive or benefit plan, share purchase or ownership plan, long-term incentive plan, dividend reinvestment plan, inducement award under Nasdaq rules or other
      compensation plan of the Company or its subsidiaries, as in effect on the date of this Agreement, (ii) issuance or sale of Common Shares issuable upon exchange, conversion or redemption of securities or the exercise or vesting of warrants, options or
      other equity awards outstanding at the date of this Agreement, (iii) modification of any outstanding options, warrants of any rights to purchase or acquire Common Shares and (iv) issuance or sale of Common Shares or securities convertible into or
      exchangeable for Common Shares as consideration for mergers, acquisitions, other business combinations, joint ventures or strategic alliances occurring after the date of this Agreement, which are not used for capital raising purposes, provided that
      the aggregate number of Common Shares pursuant to this clause (iv) shall not exceed ten percent (10%) of the total number of outstanding Common Shares as of the date of the issuance and sale.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(w)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Sale By Other Agents</u>.&#160; The Company agrees that any sales of Shares under this Agreement shall only be effected by the Agent on a day in which
        the Company has not instructed any other agent to sell Common Shares.</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 5.&#160; &#160; CONDITIONS TO DELIVERY OF ISSUANCE NOTICES AND TO SETTLEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Conditions Precedent to the Right of the Company to Deliver an Issuance Notice and the Obligation of the Agent to Sell Shares</u>.&#160; The right of
        the Company to deliver an Issuance Notice hereunder is subject to the satisfaction, on the date of delivery of such Issuance Notice, and the obligation of the Agent to use its commercially reasonable efforts to place Shares during the applicable
        period set forth in the Issuance Notice is subject to the satisfaction, on each Trading Day during the applicable period set forth in the Issuance, of each of the following conditions:</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Accuracy of the Company's Representations and Warranties; Performance by the Company</u>.&#160; The Company shall have delivered the certificate
        required to be delivered pursuant to <u>Section 4(o)</u> on or before the date on which delivery of such certificate is required pursuant to <u>Section 4(o)</u>. The Company shall have performed, satisfied and complied with all covenants,
        agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to such date, including, but not limited to, the covenants contained in <u>Section 4(p)</u>, <u>Section 4(q)</u> and <u>Section
          4(r)</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>No Injunction</u>. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
        promulgated or endorsed by any</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the
      matters contemplated hereby that prohibits or directly and materially adversely affects any of the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the effect of prohibiting or materially
      adversely affecting any of the transactions contemplated by this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(iii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Material Adverse Changes</u>. Except as disclosed in the Prospectus and the Time of Sale Information, (a) in the judgment of the Agent
        there shall not have occurred any Material Adverse Change; and (b) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not
        indicate the direction of the possible change, in the rating accorded any securities of the Company or any of its subsidiaries by any "nationally recognized statistical rating organization" as such term is defined for purposes of Section 3(a)(62)
        of the Exchange Act.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(iv)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>No Suspension of Trading in or Delisting of Common Shares; Other Events</u>.&#160; The trading of the Common Shares (including without
        limitation the Common Shares) shall not have been suspended by the Commission, the Principal Market or FINRA and the Common Shares (including without limitation the Shares) shall have been approved for listing or quotation on and shall not have
        been delisted from the Nasdaq Stock Market, the New York Stock Exchange or any of their constituent markets.&#160; There shall not have occurred (and be continuing in the case of occurrences under clauses (i) and (ii) below) any of the following:&#160; (i)
        trading or quotation in any of the Company's securities shall have been suspended or limited by the Commission or by the Principal Market or trading in securities generally on either the Principal Market shall have been suspended or limited, or
        minimum or maximum prices shall have been generally established on any of such stock exchanges by the Commission or the FINRA; (ii) a general banking moratorium shall have been declared by any of federal or New York, authorities; or (iii) there
        shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a
        prospective substantial change in United States' or international political, financial or economic conditions, as in the judgment of the Agent is material and adverse and makes it impracticable to market the Shares in the manner and on the terms
        described in the Prospectus or to enforce contracts for the sale of securities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Documents Required to be Delivered on each Issuance Notice Date</u>.&#160; The Agent's obligation to use its commercially reasonable efforts to place
        Shares hereunder shall additionally be conditioned upon the delivery to the Agent on or before the Issuance Notice Date of a certificate in form and substance reasonably satisfactory to the Agent, executed by the Chief Executive Officer, President
        or Chief Financial Officer of the Company, to the effect that all conditions to the delivery of such Issuance Notice shall have been satisfied as at the date of such certificate (which certificate shall not be required if the foregoing
        representations shall be set forth in the Issuance Notice).</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>No Misstatement or Material Omission</u>. Agent shall not have advised the Company that the Registration Statement, the Prospectus or the Times
        of Sales Information, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent's reasonable opinion is material, or omits to state a fact that in the Agent's reasonable opinion is material and is required to be
        stated therein or is necessary to make the statements therein not misleading.</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">Section 6.</font>&#160; <font style="font-weight: bold;">INDEMNIFICATION AND CONTRIBUTION</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Indemnification of the Agent</u>.&#160; The Company agrees to indemnify and hold harmless the Agent, its officers and employees, and each person, if
        any, who controls the Agent within the meaning of the Securities Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to which the Agent or such officer, employee or controlling person may become subject,
        under the Securities Act, the Exchange Act, other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have been offered or sold or at common law or otherwise (including in settlement of any
        litigation), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the
        Registration Statement, or any amendment thereto, including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated therein
        or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Free Writing Prospectus that the Company has used, referred to or filed, or is required to
        file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided, however, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon
        any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use in the Registration Statement, any such Free
        Writing Prospectus or the Prospectus (or any amendment or supplement thereto), it being understood and agreed that the only such information furnished by the Agent to the Company consists of the name of the Agent.&#160; The indemnity agreement set forth
        in this <u>Section 6(a)</u>&#160; shall be in addition to any liabilities that the Company may otherwise have.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Notifications and Other Indemnification Procedures</u>.&#160; Promptly after receipt by an indemnified party under this <u>Section 6</u> of notice of
        the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this <u>Section 6</u>, notify the indemnifying party in writing of the commencement thereof, but the
        omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise than under the indemnity agreement contained in this <u>Section 6</u> or to the extent it
        is not prejudiced as a proximate result of such failure.&#160; In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be
        entitled to participate in, and, to the extent that it shall elect, jointly</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving the
      aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the
      indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal
      defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal
      defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties.&#160; Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party's election so to assume the
      defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this <u>Section 6</u> for any legal or other expenses subsequently incurred by such indemnified party
      in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for
      the fees and expenses of more than one separate counsel (together with local counsel), representing the indemnified parties who are parties to such action), which counsel (together with any local counsel) for the indemnified parties shall be selected
      by the Agent (in the case of counsel for the indemnified parties referred to in <u>Section 6(a)</u><font style="font-weight: bold;">&#160;</font>above), (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to
      represent the indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying
      party, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party and shall be paid as they are incurred.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Settlements</u>.&#160; The indemnifying party under this <u>Section 6</u> shall not be liable for any settlement of any proceeding effected without
        its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such
        settlement or judgment.&#160; Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by <u>Section 6(b)</u>
        hereof, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the
        aforesaid request; and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement.&#160; No indemnifying party shall, without the prior written consent of the
        indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have
        been sought hereunder by such indemnified party, unless such settlement, compromise or consent includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Contribution</u>.&#160; If the indemnification provided for in this <u>Section 6</u> is for any reason held to be unavailable to or otherwise
        insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified
        party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Agent, on the
        other hand, from the offering of the Shares pursuant to this Agreement; or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
        referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Agent, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses,
        as well as any other relevant equitable considerations.&#160; The relative benefits received by the Company, on the one hand, and the Agent, on the other hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to
        be in the same respective proportions as the total gross proceeds from the offering of the Shares (before deducting expenses) received by the Company bear to the total commissions received by the Agent.&#160; The relative fault of the Company, on the
        one hand, and the Agent, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to
        information supplied by the Company, on the one hand, or the Agent, on the other hand, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to
      above shall be deemed to include, subject to the limitations set forth in <u>Section 6(b)</u>, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim.&#160; The provisions
      set forth in <u>Section 6(b)</u> with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this <u>Section 6(d)</u>; <font style="font-style: italic;">provided, however,</font> that no
      additional notice shall be required with respect to any action for which notice has been given under <u>Section 6(b)</u> for purposes of indemnification.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Company and the Agent agree that it would not be just and equitable if contribution pursuant to this <u>Section 6(d)</u>
      were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this <u>Section 6(d)</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Notwithstanding the provisions of this <u>Section 6(d)</u>, the Agent shall not be required to contribute any amount in
      excess of the agent fees received by the Agent in connection with the offering contemplated hereby.&#160; No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
      any person who was not guilty of such fraudulent misrepresentation.&#160; For purposes of this <u>Section 6(d)</u>, each officer and employee of the Agent and each person, if any, who controls the Agent within the meaning of the Securities Act or the
      Exchange Act shall have the same rights to contribution as the Agent, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company with the meaning of</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">the Securities Act and the Exchange Act shall have the same rights to contribution as the Company.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 7.&#160; TERMINATION &amp; SURVIVAL</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Term</u>.&#160; Subject to the provisions of this <u>Section 7</u>, the term of this Agreement shall continue from the date of this Agreement until
        the end of the Agency Period, unless earlier terminated by the parties to this Agreement pursuant to this <u>Section 7</u>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Termination; Survival Following Termination</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">Either party may terminate this Agreement prior to the end of the Agency Period, by giving written notice as required by this Agreement, upon
        three (3) Trading Days' notice to the other party; provided that, (A) if the Company terminates this Agreement after the Agent confirms to the Company any sale of Shares, the Company shall remain obligated to comply with <u>Section 3(b)(v)</u>
        with respect to such Shares and (B) <u>Section 2</u>, <u>Section 6</u>, <u>Section 7</u> and <u>Section 8</u> shall survive termination of this Agreement.&#160; If termination shall occur prior to the Settlement Date for any sale of Shares, such
        sale shall nevertheless settle in accordance with the terms of this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">In addition to the survival provision of <u>Section 7(b)(i)</u>, the respective indemnities, agreements, representations, warranties and
        other statements of the Company, of its officers and of the Agent set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Agent or the Company or any of its
        or their partners, officers or directors or any controlling person, as the case may be, and, anything herein to the contrary notwithstanding, will survive delivery of and payment for the Shares sold hereunder and any termination of this Agreement.</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Section 8.&#160; MISCELLANEOUS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Press Releases and Disclosure</u>.&#160; The Company may issue a press release describing the material terms of the transactions contemplated hereby
        as soon as practicable following the date of this Agreement, and may file with the Commission a Current Report on Form 6&#8209;K, with this Agreement attached as an exhibit thereto, describing the material terms of the transactions contemplated hereby,
        and the Company shall consult with the Agent prior to making such disclosures, and the parties hereto shall use all commercially reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to
        all parties hereto. No party hereto shall issue thereafter any press release or like public statement (including, without limitation,&#160; any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this
        Agreement or any of the transactions contemplated hereby without the prior written approval of the other party hereto, except as may be necessary or appropriate in the reasonable opinion of the party seeking to make disclosure to comply with the
        requirements of applicable law or stock exchange rules. If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall
        use all commercially reasonable</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>No Advisory or Fiduciary Relationship</u>.<font style="font-weight: bold;">&#160; </font>The Company acknowledges and agrees that (i) the
        transactions contemplated by this Agreement, including the determination of any fees, are arm's-length commercial transactions between the Company and the Agent and does not constitute a recommendation, investment advice, or solicitation of any
        action by the Agent, (ii) when acting as a principal under this Agreement, the Agent is and has been acting solely as a principal is not the agent or fiduciary of the Company, or its stockholders, creditors, employees or any other party, (iii) the
        Agent has not assumed nor will assume an advisory or fiduciary responsibility in favor of the Company with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Agent has advised or is currently
        advising the Company on other matters) and the Agent does not have any obligation to the Company with respect to the transactions contemplated hereby except the obligations expressly set forth in this Agreement, (iv) the Agent and its respective
        affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company, (v) the Agent has not provided any legal, accounting, regulatory, investment or tax advice with respect to the transactions
        contemplated hereby and the Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent it deemed appropriate and (vi) none of the activities of the Agent in connection with the transactions contemplated
        herein constitutes a recommendation, investment advice or solicitation of any action by the Agent with respect to any entity or natural person.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Research Analyst Independence</u>.&#160; The Company acknowledges that the Agent's research analysts and research departments are required to and
        should be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and as such the Agent's research analysts may hold views and make statements or investment recommendations and/or
        publish research reports with respect to the Company or the offering that differ from the views of their respective investment banking divisions.&#160; The Company understands that the Agent is a full service securities firm and as such from time to
        time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions
        contemplated by this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Notices</u>.&#160; All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties
        hereto as follows:</font></div>
    <div style="text-indent: -36pt; margin-left: 54pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">If to the </font>Agent<font style="color: #000000;">:</font></div>
    <div style="text-indent: -36pt; margin-left: 54pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"><br>
        Jefferies LLC<br>
        520 Madison Avenue<br>
        New York, NY 10022<br>
        Attention: General Counsel<br>
      </font><br>
    </div>
    <div style="text-indent: -36pt; margin-left: 54pt;"><br>
      <font style="font-family: sans-serif; font-size: 12pt;"><br>
      </font><br>
    </div>
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    </div>
    <div style="text-indent: -36pt; margin-left: 54pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">with a copy (which shall not constitute notice) to:</div>
    <div style="text-indent: -36pt; margin-left: 54pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"><br>
      Sidley Austin LLP<br>
      787 7th Avenue</div>
    <div style="margin-left: 54pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">New York, New York 10019</font><br>
      <br>
      Attention: <font style="color: #000000;">Johnny Skumpija Esq.</font></div>
    <div><br>
    </div>
    <div style="text-indent: -36pt; margin-left: 54pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">If to the Company:<br>
      </font><br>
    </div>
    <div style="text-indent: 0pt; margin-left: 54pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">Star Bulk Carriers Corp., c/o Star Bulk Management Inc.</font><br>
      <font style="color: #000000;">40 Agiou Konstantinou Street,</font><br>
      <font style="color: #000000;">15124 Maroussi, Athens, Greece,</font><br>
      <font style="color: #000000;">Fax no. 011 30 210 617 8378;</font><br>
      Attention: Spyros Capralos</div>
    <div><br>
    </div>
    <div style="text-indent: -36pt; margin-left: 54pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">with a copy (which shall not constitute notice) to:</div>
    <div style="text-indent: -36pt; margin-left: 54pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><br>
      <font style="color: #000000;">Seward &amp; Kissel LLP</font><br>
      <font style="color: #000000;">One Battery Park Plaza</font><br>
      <font style="color: #000000;">New York, New York 10004</font><br>
      <font style="color: #000000;">Fax no. (212) 480-8421</font><br>
      Attention: <font style="color: #000000;">Keith Billotti</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Any party hereto may change the address for receipt of communications by giving written notice to the others in accordance with this <u>Section
        8(d)</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Successors</u>.&#160; This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of the employees,
        officers and directors and controlling persons referred to in <u>Section 6</u>, and in each case their respective successors, and no other person will have any right or obligation hereunder.&#160; The term "successors" shall not include any purchaser
        of the Shares as such from the Agent merely by reason of such purchase.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Partial Unenforceability</u>.&#160; The invalidity or unenforceability of any Article, Section, paragraph or provision of this Agreement shall not
        affect the validity or enforceability of any other Article, Section, paragraph or provision hereof.&#160; If any Article, Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be
        deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Governing Law Provisions</u>.&#160; This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York
        applicable to agreements made and to be performed in such state.&#160; Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby ("<font style="font-weight: bold;">Related Proceedings</font>")
        may be instituted in the federal courts of the United States of America located in the Borough of Manhattan in the City of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of New York
        (collectively, the "<font style="font-weight: bold;">Specified Courts</font>"),</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a
      judgment of any such court (a "<font style="font-weight: bold;">Related Judgment</font>"), as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding.&#160; Service of any process, summons, notice or document by
      mail to such party's address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court.&#160; The parties irrevocably and unconditionally waive any objection to the laying of venue of any
      suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an
      inconvenient forum.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(h)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>General Provisions</u>.&#160; This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or
        oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.&#160; This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if
        the signatures thereto and hereto were upon the same instrument, and may be delivered by facsimile transmission or by electronic delivery of a portable document format (PDF) file.&#160; This Agreement may not be amended or modified unless in writing by
        all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit.&#160; The Article and Section headings herein are for the convenience of the parties
        only and shall not affect the construction or interpretation of this Agreement. The words "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement and the
        transactions contemplated hereby (including without limitation assignment and assumptions, amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on
        electronic platforms approved by the Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system,
        as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
        based on the Uniform Electronic Transactions Act.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Recognition of the U.S. Special Resolution Regimes.</u></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(i) In the event that the Agent is a Covered Entity that becomes subject to a proceeding under a U.S.
      Special Resolution Regime, the transfer from the Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if
      this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (ii) In the event that the Agent is a Covered Entity or a BHC Act Affiliate of the Agent becomes subject to a
      proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
      Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</div>
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    <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Attn: [__________]</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">EXHIBIT B-I</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>SUBSIDIARIES OF STAR BULK CARRIERS CORP.</u></div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Bulk Management Inc.</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Starbulk S.A.</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Bulk Shipmanagement Company (Cyprus) Limited</div>
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        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Logistics LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Oceanbulk Carriers LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Oceanbulk Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Bulk Norway AS</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Norway</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Omas LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Synergy LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Unity Holding LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Gamma LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Delta LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Epsilon LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Zeta LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Theta LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Kappa LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Omicron LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Cosmo LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Aurora LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Borealis LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Polaris LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Bulk Manning LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Challenger I LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Challenger II LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Vega LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Sirius LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Castle I LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Castle II LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Ennea LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Asia I LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Asia II LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Mineral Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Clearwater Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Domus Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Festive Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Alta I LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Alta II LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Orion Maritime LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Primavera Shipping LLC (ex Spring Shipping LLC)</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Success Maritime LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Ultra Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Blooming Navigation LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Jasmine Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zc346a19acfed4b06966d2386c01ed890">

        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident V LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident VI LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident VII LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident I LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident VIII LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident IX LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident X LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XI LLC</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident II LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XII LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XIII LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XIV LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XV LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XVI LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XVII LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XVIII LLC</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XIX LLC</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
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        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident III LLC</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
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          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XX LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
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          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Trident XXV LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Liberia</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor I LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor II LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor III LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor IV LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor V LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor VI LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor VII LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor VIII LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor IX LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor X LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor XI LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor XII LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor XIII LLC</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor XIV LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Nor XV LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY I LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY II LLC</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY III LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY IV LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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          <td style="width: 35.16%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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        <tr>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Sandra Shipco LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Christine Shipco LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABM One Ltd</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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          <td style="width: 35.16%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY Three Ltd</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY Five Ltd</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY Seven Ltd</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY Fourteen Ltd</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY Fifteen Ltd</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Augustea Bulk Carrier Ltd</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY Nine Ltd</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY Ten Ltd</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY Eleven Ltd</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Waterfront Two Ltd</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">ABY Group Holding Ltd</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">New Era I Shipping LLC</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">New Era II Shipping LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">New Era III Shipping LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Regina LLC</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Regg I LLC</div>
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          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Regg II LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Regg III LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Regg IV LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Regg V LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Regg VI LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
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          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Regg VII LLC</div>
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          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Sege Ltd</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Malta</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida I Shipping LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida II Shipping LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida III Shipping LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida IV Shipping LLC</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida V Shipping LLC</div>
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          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida VI Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida VII Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida VIII Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida IX Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida X Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Lida XI Shipping LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Bulk (Singapore) Pte. Ltd</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Singapore</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Bulk Germany GmbH</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Germany</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z3adf3ecd8529435ea1b9f427ccee7f9b">

        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Zeus LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Zeus I LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Zeus II LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Zeus III LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Zeus IV LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Zeus V LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Marshall Islands</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Zeus VI LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Liberia</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Zeus VII LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Liberia</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Sun I LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Liberia</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Sun II LLC</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Liberia</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.91%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Star Bulk Finance (Cyprus) Limited</div>
          </td>
          <td style="width: 21.93%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Cyprus</div>
          </td>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: Calibri, sans-serif;">100%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">EXHIBIT B-II</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>SIGNIFICANT SUBSIDIARIES OF STAR BULK CARRIERS CORP.</u></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z36c5ad9dd8444fca89bb67dac21a3fb6">

        <tr>
          <td style="width: 51.93%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt; font-style: italic; font-weight: bold;">Name</div>
          </td>
          <td style="width: 24.06%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt; font-style: italic; font-weight: bold;">Organization</div>
          </td>
          <td style="width: 24.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-style: italic; font-weight: bold;">Ownership percentage</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.93%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Oceanbulk Shipping LLC</div>
          </td>
          <td style="width: 24.06%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 24.01%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.93%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Oceanbulk Carriers LLC</div>
          </td>
          <td style="width: 24.06%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 24.01%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.93%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Unity Holding LLC</div>
          </td>
          <td style="width: 24.06%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 24.01%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.93%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Star Synergy LLC</div>
          </td>
          <td style="width: 24.06%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 24.01%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.93%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Star Omas LLC</div>
          </td>
          <td style="width: 24.06%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td style="width: 24.01%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;">100%</div>
          </td>
        </tr>

    </table>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d9450688_ex5-1.htm
<TEXT>
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    <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Exhibit 5.1</div>
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                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 12pt; font-weight: bold;">SEWARD &amp; KISSEL LLP</font></div>
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              <td width="18%" valign="top"><font style="display: inline;">&#160; </font></td>
              <td width="48%" valign="top"><font style="display: inline;">&#160; </font></td>
              <td width="20%" valign="top"><font style="display: inline;">&#160; </font></td>
            </tr>
            <tr>
              <td width="18%" valign="top" align="left">
                <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">WRITER'S DIRECT DIAL</font></div>
                <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">&#160;&#160;&#160; </font></div>
              </td>
              <td width="48%" valign="top">
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">TELEPHONE:&#160;&#160;(212)&#160;&#160;574-1200</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">FACSIMILE:&#160;&#160;(212) 480-8421</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">WWW.SEWKIS.COM</font></div>
              </td>
              <td width="20%" valign="top">
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">901 K STREET, NW</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">WASHINGTON, D.C. 20001</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">TELEPHONE:&#160;&#160;(202) 737-8833</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">FACSIMILE:&#160;&#160;(202) 737-5184</font></div>
              </td>
            </tr>

        </table>
      </div>
      <br>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 288pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">April 8, 2022</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">Star Bulk Carriers Corp.</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">c/o Star Bulk Management Inc.<br>
      40 Agiou Konstantinou Street<br>
      15124 Maroussi, Athens, Greece</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11.5pt; font-weight: bold;">Re:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-family: 'Times New Roman', serif; font-size: 11.5pt;"><u>Star Bulk Carriers Corp.</u></font></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">We have acted as counsel to Star Bulk Carriers Corp. (the "<u>Company</u>")
      in connection with (i) the Company's at-the-market offering (the "<u>Offering</u>") of shares of its common stock, par value $0.01 per share, having an aggregate offering
      price of up to $63,084,580 (the "<u>Shares</u>"); (ii) the Amended and Restated At-The-Market Sales Agreement, dated April 8, 2022 (the "<u>Sales Agreement</u>"), between the Company and Deutsche Bank Securities Inc.&#160; as sales agent, including any amendments or supplements thereto, pursuant to which the Company may offer the Shares
      through the Agent, from time to time; (iii)&#160;the preparation of the Company's registration statement on Form F-3 (File No.333-264226), which was filed on April 8, 2022 with the Securities and Exchange Commission (the "<u>Commission</u>") (the "<u>Registration Statement</u>"), including a prospectus included therein (the "<u>Base Prospectus</u>") and a prospectus supplement dated April 8, 2022 (the "<u>Prospectus Supplement</u>"
      and together with the Base Prospectus, the "<u>Prospectus</u>").</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">We have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Sales Agreement, (ii) the
      Registration Statement, (iii) the Base Prospectus, (iv) the Prospectus Supplement and (vi) such corporate documents and records of the Company and such other instruments, certificates and documents as we have deemed necessary or appropriate as a
      basis for the opinions hereinafter expressed. In such examinations, we have assumed the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies or drafts of documents
      to be executed, the genuineness of all signatures and the legal competence or capacity of persons or entities to complete the execution of documents. As to various questions of fact that are material to the opinions hereinafter expressed, we have
      relied upon statements or certificates of public officials, directors of the Company and others.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">We have further assumed for the purposes of this opinion, without investigation, that (i) all documents contemplated by the Prospectus to be
      executed in connection with the Offering have been duly authorized, executed and delivered by each of the parties thereto other than the Company, and (ii) the terms of the Offering comply in all respects with the terms, conditions and restrictions
      set forth in the Prospectus and all of the instruments, agreements and other documents relating thereto or executed in connection therewith.</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: 10pt;">
      <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk Carriers Corp.</div>
      <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">April 8, 2022</div>
      <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Page 2 of 2<br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">In connection with our opinion expressed below, we have assumed that, at or prior to the time of the delivery of any of the Shares, there
      will not have occurred any change in the law or the facts affecting the validity of the Shares.</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11.5pt;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">With respect to the Shares, we have assumed that, as of each and every time any of the Shares are issued in accordance with the Sales
      Agreement, the Company will have a sufficient number of authorized and unissued Shares available for issuance under its Fourth Amended and Restated Articles of Incorporation, as amended.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">Based upon and subject to the foregoing, and having regard to such other legal considerations which we deem relevant, we are of the opinion
      that:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze624c170482c41fcbaa36eafd14b8869" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40.5pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-size: 11.5pt;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">The Shares have been duly authorized by the Company.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8f0500f511424981a55dea8f4938e1b1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40.5pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-size: 11.5pt;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">The Shares, when issued, sold and paid for as contemplated in the Prospectus and Sales Agreement, will be validly issued, fully paid and non-assessable.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">The foregoing opinions are subject in each case to applicable insolvency, bankruptcy, reorganization, moratorium, fraudulent transfer,
      fraudulent conveyance or other similar laws affecting generally the enforceability of creditors' rights from time to time in effect and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law,
      including application of principles of good faith, fair dealing, commercial reasonableness, materiality, unconscionability and conflict with public policy and other similar principles.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">This opinion is limited to the laws of the State of New York, the federal laws of the United States of America, and the laws of the Republic
      of the Marshall Islands as in effect on the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">We hereby consent to the filing of this opinion as an exhibit to the Company's Report on Form 6-K <font style="color: #000000;">to be filed with the Commission on or about the date hereof, </font>and to each reference to us and the discussions of advice provided by us under the headings "Legal Matters" in the Prospectus,
      without admitting we are "experts" within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission promulgated thereunder with respect to any part of the Registration Statement or Prospectus.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 288pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">Very truly yours,</div>
    <div><br>
    </div>
    <div style="margin-left: 288pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">/s/ Seward &amp; Kissel LLP</div>
    <div><br>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>d9450687_ex5-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 8.2.0.0
         Copyright 1995 - 2022 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Exhibit 5.2</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <br>
      <div>
        <table width="100%" cellspacing="0" cellpadding="0" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">

            <tr>
              <td width="18%" valign="top"><font style="display: inline;">&#160; </font></td>
              <td width="48%" valign="top">
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 12pt; font-weight: bold;">SEWARD &amp; KISSEL LLP</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">ONE BATTERY PARK PLAZA</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">NEW YORK, NEW YORK&#160;&#160;10004</font></div>
              </td>
              <td width="20%" valign="top"><font style="display: inline;">&#160; </font></td>
            </tr>
            <tr>
              <td width="18%" valign="top"><font style="display: inline;">&#160; </font></td>
              <td width="48%" valign="top"><font style="display: inline;">&#160; </font></td>
              <td width="20%" valign="top"><font style="display: inline;">&#160; </font></td>
            </tr>
            <tr>
              <td width="18%" valign="top" align="left">
                <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">WRITER'S DIRECT DIAL</font></div>
                <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">&#160;&#160;&#160; </font></div>
              </td>
              <td width="48%" valign="top">
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">TELEPHONE:&#160;&#160;(212)&#160;&#160;574-1200</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">FACSIMILE:&#160;&#160;(212) 480-8421</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline;">WWW.SEWKIS.COM</font></div>
              </td>
              <td width="20%" valign="top">
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">901 K STREET, NW</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">WASHINGTON, D.C. 20001</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">TELEPHONE:&#160;&#160;(202) 737-8833</font></div>
                <div align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="display: inline; font-size: 8pt;">FACSIMILE:&#160;&#160;(202) 737-5184</font></div>
              </td>
            </tr>

        </table>
      </div>
      <br>
      <br>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 288pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">April 8, 2022</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">Star Bulk Carriers Corp.</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">c/o Star Bulk Management Inc.<br>
      40 Agiou Konstantinou Street<br>
      15124 Maroussi, Athens, Greece</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11.5pt; font-weight: bold;">Re:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-family: 'Times New Roman', serif; font-size: 11.5pt;"><u>Star Bulk Carriers Corp.</u></font></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">We have acted as counsel to Star Bulk Carriers Corp. (the "<u>Company</u>")
      in connection with (i) the Company's at-the-market offering (the "<u>Offering</u>") of shares of its common stock, par value $0.01 per share, having an aggregate offering
      price of up to $75,000,000 (the "<u>Shares</u>"); (ii) the Amended and Restated At-The-Market Sales Agreement, dated April 8, 2022 (the "<u>Sales Agreement</u>"), between the Company and Jefferies LLC as sales agent, including any amendments or supplements thereto, pursuant to which the Company may offer the Shares through the Agent,
      from time to time; (iii)&#160;the preparation of the Company's registration statement on Form F-3 (File No.333-264226), which was filed on April 8, 2022 with the Securities and Exchange Commission (the "<u>Commission</u>") (the "<u>Registration Statement</u>"), including a prospectus included therein (the "<u>Base Prospectus</u>") and a prospectus supplement dated April 8, 2022 (the "<u>Prospectus Supplement</u>" and together with
      the Base Prospectus, the "<u>Prospectus</u>").</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">We have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Sales Agreement, (ii) the
      Registration Statement, (iii) the Base Prospectus, (iv) the Prospectus Supplement and (vi) such corporate documents and records of the Company and such other instruments, certificates and documents as we have deemed necessary or appropriate as a
      basis for the opinions hereinafter expressed. In such examinations, we have assumed the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies or drafts of documents
      to be executed, the genuineness of all signatures and the legal competence or capacity of persons or entities to complete the execution of documents. As to various questions of fact that are material to the opinions hereinafter expressed, we have
      relied upon statements or certificates of public officials, directors of the Company and others.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">We have further assumed for the purposes of this opinion, without investigation, that (i) all documents contemplated by the Prospectus to be
      executed in connection with the Offering have been duly authorized, executed and delivered by each of the parties thereto other than the Company, and (ii) the terms of the Offering comply in all respects with the terms, conditions and restrictions
      set forth in the Prospectus and all of the instruments, agreements and other documents relating thereto or executed in connection therewith.</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: 10pt;">
      <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Star Bulk Carriers Corp.</div>
      <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">April 8, 2022</div>
      <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Page 2 of 2<br>
      </div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">In connection with our opinion expressed below, we have assumed that, at or prior to the time of the delivery of any of the Shares, there
      will not have occurred any change in the law or the facts affecting the validity of the Shares.</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11.5pt;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">With respect to the Shares, we have assumed that, as of each and every time any of the Shares are issued in accordance with the Sales
      Agreement, the Company will have a sufficient number of authorized and unissued Shares available for issuance under its Fourth Amended and Restated Articles of Incorporation, as amended.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">Based upon and subject to the foregoing, and having regard to such other legal considerations which we deem relevant, we are of the opinion
      that:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc17015525ab74cb2bc7d0e0692902cb2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40.5pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-size: 11.5pt;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">The Shares have been duly authorized by the Company.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd0d09c63751348389b21a1cabdfa437a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40.5pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-size: 11.5pt;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11.5pt;">The Shares, when issued, sold and paid for as contemplated in the Prospectus and Sales Agreement, will be validly issued, fully paid and non-assessable.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">The foregoing opinions are subject in each case to applicable insolvency, bankruptcy, reorganization, moratorium, fraudulent transfer,
      fraudulent conveyance or other similar laws affecting generally the enforceability of creditors' rights from time to time in effect and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law,
      including application of principles of good faith, fair dealing, commercial reasonableness, materiality, unconscionability and conflict with public policy and other similar principles.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">This opinion is limited to the laws of the State of New York, the federal laws of the United States of America, and the laws of the Republic
      of the Marshall Islands as in effect on the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">We hereby consent to the filing of this opinion as an exhibit to the Company's Report on Form 6-K <font style="color: #000000;">to be filed with the Commission on or about the date hereof, </font>and to each reference to us and the discussions of advice provided by us under the headings "Legal Matters" in the Prospectus,
      without admitting we are "experts" within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission promulgated thereunder with respect to any part of the Registration Statement or Prospectus.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 288pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">Very truly yours,</div>
    <div><br>
    </div>
    <div style="margin-left: 288pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">/s/ Seward &amp; Kissel LLP</div>
    <div><br>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>d9450684_ex99-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 8.2.0.0
         Copyright 1995 - 2022 Broadridge -->
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  <div style="text-align: right;"><font style="font-weight: bold; font-size: 12pt;">Exhibit 99.1</font><br>
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      <div style="text-align: justify; margin-top: 1.35pt; color: #000000; font-family: Calibri, sans-serif; font-size: 12pt; font-weight: bold;">STAR BULK CARRIERS CORP. ANNOUNCES REPLACEMENT OF EXPIRING REGISTRATION STATEMENT</div>
      <div style="text-align: justify; margin-top: 28.75pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt;"><font style="font-weight: bold;">ATHENS, GREECE, April 11, 2022 </font>&#8211;
        Star Bulk (the "Company") has today filed a new automatic shelf registration on Form F-3 in order to replace the existing shelf registration statement which would have expired on April 11, 2022. In connection with the filing of the new registration
        statement, the Company has entered into Amended and Restated ATM Sales Agreements with each of Deutsche Bank Securities Inc. and Jefferies LLC (&#8220;Jefferies&#8221;), each with substantially similar terms as the prior ATM Sales Agreements, which have been
        terminated. The filings being made today (the &#8220;Replacement Filings&#8221;) are solely due to the passage of time, and do not reflect any policy or strategy changes at Star Bulk.</div>
      <div style="text-align: justify; margin-top: 13.4pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt;">Due to technical difficulties with the Securities and Exchange Commission&#8217;s Electronic Data Gathering and Analysis and Retrieval
        system (&#8220;EDGAR&#8221;), the prospectus supplement that relates to the Company&#8217;s Amended and Restated ATM Sales Agreement with Jefferies was filed on EDGAR twice. The duplicative filing does not increase the size of the offerings, update, amend or modify
        any information, statement or disclosure contained in the Replacement Filings.</div>
      <div style="margin-top: 27.6pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">About Star Bulk</div>
      <div style="text-align: justify; text-indent: 36pt; margin-top: 9.6pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt;">Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk
        sector. Star Bulk&#8217;s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and
        maintains executive offices in Athens, Oslo, New York, Limassol and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol &#8220;SBLK&#8221;. Star Bulk operates a fleet of 128 vessels, with an aggregate capacity of 14.1 million
        dwt, consisting of 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax and 17 Supramax vessels with carrying capacities between 52,425 dwt and 209,537 dwt.</div>
      <div style="margin-top: 14.1pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Forward-Looking Statements</div>
      <div style="text-align: justify; text-indent: 36pt; margin-top: 9.25pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt;">Matters discussed in this press release may constitute forward looking statements. The Private Securities
        Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans,
        objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-top: 10pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt;">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform
        Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intends,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;pending&#8221; and
        similar expressions identify forward-looking statements.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-top: 10.2pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt;">The forward-looking statements in this press release are based upon various assumptions, many of which are
        based, in turn, upon further assumptions, including without limitation, examination by the</div>
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        <div style="text-align: justify; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt;">Company&#8217;s management of historical operating trends, data contained in its records and other data available from third parties. Although the
          Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company&#8217;s control,
          the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.</div>
        <div style="text-align: justify; margin-top: 10.6pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt;">In addition to these important factors, other important factors that, in the Company&#8217;s view, could cause actual results to
          differ materially from those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values; the strength of world economies; the stability of Europe
          and the Euro; fluctuations in interest rates and foreign exchange rates; changes in demand in the dry bulk shipping industry, including the market for our vessels; changes in our operating expenses, including bunker prices, dry docking and
          insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general domestic and international political conditions; potential disruption of
          shipping routes due to accidents or political events; the availability of financing and refinancing; our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business; the impact of
          the level of our indebtedness and the restrictions in our debt agreements; vessel breakdowns and instances of off<font style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</font>hire; risks associated with vessel construction;
          potential exposure or loss from investment in derivative instruments; potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management and our ability to complete acquisition
          transactions as planned. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the
          Company disclaims any intention or obligation to update any forward<font style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</font>looking statements as a result of developments occurring after the date of this communication.</div>
        <div style="margin-top: 11.95pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Contacts</div>
        <div style="margin-left: 14.4pt; margin-top: 9.5pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Company:</div>
        <div style="margin-left: 14.4pt; color: #000000; font-family: Calibri, sans-serif; font-size: 11pt;">Simos Spyrou, Christos Begleris<br>
          Co <font style="font-family: Tahoma, sans-serif; font-size: 10pt;">- </font>Chief Financial Officers<br>
          Star Bulk Carriers Corp.</div>
        <div style="margin-left: 14.4pt; font-family: Calibri, sans-serif; font-size: 11.5pt;"><font style="font-size: 11pt; color: #000000;">c/o Star Bulk Management Inc.</font><br>
          <font style="font-size: 11pt; color: #000000;">40 Ag. Konstantinou Av.</font><br>
          <font style="font-size: 11pt; color: #000000;">Maroussi 15124</font><br>
          <font style="font-size: 11pt; color: #000000;">Athens, Greece</font><br>
          <font style="font-size: 11pt;">Email: info@starbulk.com</font><br>
          <u><font style="font-family: Calibri,sans-serif; color: rgb(0, 0, 255);">www.starbulk.com</font></u></div>
        <div style="margin-left: 14.4pt; margin-top: 31.9pt; font-family: Calibri, sans-serif; font-size: 11.5pt;"><font style="font-size: 11pt; font-weight: bold; color: #000000;">Investor Relations /
            Financial Media:</font><br>
          <font style="font-size: 11pt; color: #000000;">Nicolas Bornozis</font><br>
          <font style="font-size: 11pt; color: #000000;">President</font><br>
          <font style="font-size: 11pt; color: #000000;">Capital Link, Inc.</font><br>
          <font style="font-size: 11pt; color: #000000;">230 Park Avenue, Suite 1536</font><br>
          <font style="font-size: 11pt; color: #000000;">New York, NY 10169</font><br>
          <font style="font-size: 11pt; color: #000000;">Tel. (212) 661</font><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">-</font><font style="font-size: 11pt; color: #000000;">7566</font><br>
          <font style="font-family: Calibri,sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">E</font><font style="font-family: 'Times New Roman',serif; font-size: 10pt; color: rgb(0, 0, 0);">-</font><font style="font-family: Calibri,sans-serif; font-size: 11pt; color: rgb(0, 0, 0);">mail</font><font style="color: #0000FF;"><font style="color: rgb(0, 0, 0);">: </font><u>starbulk@capitallink.com</u></font><br>
          <font style="color: rgb(0, 0, 255);"><u>www.capitallink.com</u></font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
