<SEC-DOCUMENT>0000919574-22-003623.txt : 20220525
<SEC-HEADER>0000919574-22-003623.hdr.sgml : 20220525
<ACCEPTANCE-DATETIME>20220524181754
ACCESSION NUMBER:		0000919574-22-003623
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220531
FILED AS OF DATE:		20220525
DATE AS OF CHANGE:		20220524

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:		22958400

	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>d9515366_6-k.htm
<TEXT>
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    UNITED STATES</div>
  <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-align: center; font-size: 12pt;">For the month of May 2022</div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-align: center; font-size: 12pt;">Commission File Number: 001-33869</div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-align: center; font-size: 24pt; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
  <div style="text-align: center; font-size: 12pt;">(Translation of registrant's name into English)</div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">Star Bulk Carriers Corp.</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">c/o Star Bulk Management Inc.</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">40 Agiou Konstantinou Street,</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">15124 Maroussi,</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">Athens, Greece</div>
  <div style="text-align: center; font-size: 12pt;">(Address of principal executive offices)</div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-align: center; font-size: 12pt;">Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> Form 40-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
  <div style="text-indent: 36pt; font-size: 12pt;"><font style="font-family: 'Segoe UI Symbol', sans-serif;"> <br>
    </font></div>
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    <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"><font style="font-family: 'Segoe UI Symbol', sans-serif;"> </font></div>
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  <div style="text-align: center; margin-top: 10pt; margin-bottom: 10pt; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
  <div style="text-align: justify; margin-bottom: 12pt;">Attached as Exhibit 99.1 to this Form 6-K is a Management's Discussion and Analysis of Financial Condition and Results of Operations and the unaudited interim condensed consolidated financial
    statements of Star Bulk Carriers Corp. (the "Company") as of and for the three months ended March 31, 2021 and 2022.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">Attached as Exhibit 99.2 to this Form 6-K is a copy of the Company's press release (the "Press Release") announcing its unaudited financial and operating results for the Company's first quarter of
    2022, which was issued on May 24, 2022.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">The information contained in Exhibit 99.1 of this Form 6-K 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 style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</div>
  <div style="text-align: justify; margin-bottom: 12pt;">This Form 6-K, and the documents to which the Company refers in this Form 6-K, as well as information included in oral statements or other written statements made or to be made by the Company,
    contain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act, with respect to our financial condition, results of operations and business
    and our expectations or beliefs concerning future events. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "projects," "likely," "would," "could" and similar expressions or phrases may
    identify forward-looking statements.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">All forward-looking statements involve risks and uncertainties. The occurrence of the events described, and the achievement of the expected results, depend on many events, some or all of which are
    not predictable or within our control. Actual results may differ materially from expected results.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">In addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:</div>
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          <div>general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values;</div>
        </td>
      </tr>

  </table>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the strength of world economies;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z14239aa4a64f42619050459a4f7c56fe">

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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>the stability of Europe and the Euro;</div>
        </td>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>fluctuations in currencies, interest rates and foreign exchange rates, and the impact of the discontinuance of the London Interbank Offered Rate for US Dollars, or LIBOR, after June 30, 2023 on any of our debt referencing LIBOR in the
            interest rate;</div>
        </td>
      </tr>

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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>business disruptions due to natural and other disasters or otherwise, such as the ongoing novel coronavirus ("COVID-19") pandemic;</div>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>the length and severity of epidemics and pandemics, including COVID-19 and its impact on the demand for seaborne transportation in the dry bulk sector;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z058808457f3240fb8b951d58bb773774">

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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction;</div>
        </td>
      </tr>

  </table>
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          <div>the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom;</div>
        </td>
      </tr>

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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>changes in our operating expenses, including bunker prices, dry docking, crewing and insurance costs;</div>
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          <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
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          <div>potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;</div>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance ("ESG") practices;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7f0c85dddcc417189d0749365de0e4a">

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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets including as set forth under Item 4. Information on the Company&#8212;B. Business Overview&#8212;Our ESG Performance in the Company's annual report on Form 20-F for
            the fiscal year ended 2021&#894;</div>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or regional/national imposed by regional authorities such as the European Union or individual countries;</div>
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      </tr>

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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>potential cyber-attacks which may disrupt our business operations;</div>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>general domestic and international political conditions or events, including "trade wars" and the recent conflicts between Russia and Ukraine;</div>
        </td>
      </tr>

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

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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>our ability to successfully compete for, enter into and deliver our vessels under time charters or other employment arrangements for our existing vessels after our current charters expire and our ability to earn income in the spot market;</div>
        </td>
      </tr>

  </table>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political events, public health threats, international hostilities and instability, piracy or acts by terrorists;</div>
        </td>
      </tr>

  </table>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>the availability of financing and refinancing;</div>
        </td>
      </tr>

  </table>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>the failure of our contract counterparties to meet their obligations;</div>
        </td>
      </tr>

  </table>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>our ability to meet requirements for additional capital and financing to grow our business;</div>
        </td>
      </tr>

  </table>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the impact of our indebtedness and the compliance with the covenants included in our debt agreements;</div>
        </td>
      </tr>

  </table>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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          <div>vessel breakdowns and instances of off-hire;</div>
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          <div>potential exposure or loss from investment in derivative instruments;</div>
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  </table>
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          <div>potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management;</div>
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          <div>our ability to complete acquisition transactions as and when planned and upon the expected terms;</div>
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          <div>the impact of port or canal congestion or disruptions; and</div>
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  </table>
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          <div>the risk factors and other factors referred to in the Company's reports filed with or furnished to the U.S. Securities and Exchange Commission ("SEC").</div>
        </td>
      </tr>

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  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">Consequently, all of the forward-looking statements we make in this document are qualified by the information contained or referred to herein, including, but not limited to, (i) the information
    contained under this heading and (ii) the information disclosed in the Company's annual report on Form 20-F for the fiscal year ended 2021, filed with the SEC on March 15, 2022.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">You should carefully consider the cautionary statements contained or referred to in this section in connection with any subsequent written or oral forward-looking statements that may be issued by us
    or persons acting on our behalf. Except as required by law, the Company undertakes no obligation to update any of these forward-looking statements.</div>
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  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SIGNATURE</div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
  <div style="margin-bottom: 12pt;">Dated: May 24, 2022</div>
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        <td style="width: 49.82%; vertical-align: bottom;">&#160;</td>
        <td style="width: 4.82%; vertical-align: bottom;">&#160;</td>
        <td style="width: 5.71%; vertical-align: bottom;">&#160;</td>
        <td style="width: 26.2%; vertical-align: top;">&#160;</td>
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          <div>By:</div>
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          <div>/s/ Simos Spyrou</div>
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          <div>Co-Chief Financial Officer</div>
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  <div> <br>
  </div>
  <div style="margin-top: 10pt; margin-bottom: 10pt;"><br>
  </div>
  <div><br>
    <font style="font-size: 12pt;"><br>
    </font><br>
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      <tr>
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          <div style="font-weight: bold;">Exhibit</div>
          <div style="font-weight: bold;">Number</div>
        </td>
        <td style="width: 1%; vertical-align: bottom;">&#160;</td>
        <td style="width: 89%; vertical-align: bottom; border-bottom: #000000 2px solid;">
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      <tr>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 89%; vertical-align: top;">&#160;</td>
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      <tr>
        <td style="width: 10%; vertical-align: top;">
          <div>99.1</div>
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        <td style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 89%; vertical-align: top;">
          <div><a href="d9515366_ex99-1.htm">Management's Discussion and Analysis of Financial Condition and Results of Operations and our unaudited interim condensed
              consolidated financial statements of the Company as of and for the three months ended March 31, 2021 and 2022.</a></div>
        </td>
      </tr>
      <tr>
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          <div>99.2</div>
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        <td style="width: 89%; vertical-align: top;">
          <div><a href="d9515366_ex99-2.htm">Press Release dated May 24, 2022.</a></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d9515366_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 -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <!--PROfilePageNumberReset%Num%1%%%-->
  <div>
    <div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"> <br>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;"><font style="font-weight: normal;"> </font>
        <div>
          <div style="text-align: right; font-weight: bold;">Exhibit 99.1</div>
          <div><br>
          </div>
          <div style="text-align: center; font-weight: bold;">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">The following is a discussion of the financial condition and results of operations of Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) for the three-month periods ended March 31,
            2021 and 2022. Unless otherwise specified herein, references to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221; shall include Star Bulk and its subsidiaries. You should read the following discussion and analysis together with the unaudited interim condensed
            consolidated financial statements and related notes included elsewhere herein. For additional information relating to our management&#8217;s discussion and analysis of financial conditions and results of operations, please see our Annual Report on
            Form 20&#8209;F for the year ended December 31, 2021, which was filed with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on March 15, 2022&#160; (the &#8220;2021 Annual Report&#8221;). Unless otherwise defined herein, capitalized words and
            expressions used herein shall have the same meanings ascribed to them in the 2021 Annual Report. This discussion includes forward-looking statements which, although based on assumptions that we consider reasonable, are subject to risks and
            uncertainties which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="font-weight: bold;">Overview</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">We are a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Our vessels transport major bulks, which include iron ore,
            coal and grain, and minor bulks which include bauxite, fertilizers and steel products. We were incorporated in the Marshall Islands on December 13, 2006 and, on December 3, 2007, we commenced operations when we took delivery of our first
            vessel. We maintain offices in Athens, New York, Limassol, Singapore and Germany. Our common shares trade on the Nasdaq Global Select Market under the symbol &#8220;SBLK.&#8221;</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="font-weight: bold;">Our Fleet</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">As of May 24, 2022, our owned<font style="font-size: 12pt;">&#160;</font>fleet consisted of 128 operating vessels with an aggregate carrying capacity of approximately 14.1
            million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels. We believe our Company is the largest US-listed dry bulk operator in terms of number of vessels and deadweight tonnage.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">The following tables present summary information relating to our fleet as of May 24, 2022:</div>
          <font style="font-weight: normal;"> </font>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
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              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="margin-bottom: 8pt;"><br>
          </div>
          <div style="text-align: justify; font-weight: bold;"><u>Operating Fleet</u>:</div>
          <div style="text-align: justify; font-weight: bold;"><br>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td nowrap="nowrap" style="width: 3%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 30%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                    <div>&#160;</div>
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                    <div>&#160;</div>
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                  <td nowrap="nowrap" style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                    <div style="text-align: center;">&#160;</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="text-align: center; font-weight: bold;">Date</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: middle; background-color: rgb(255, 255, 255); text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: justify; font-weight: bold;">Wholly Owned Subsidiaries</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: justify; font-weight: bold;">Vessel Name</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; font-weight: bold;">DWT</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; font-weight: bold;">Delivered to Star Bulk</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; font-weight: bold;">Year Built</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">1</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Pearl Shiptrade LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Gargantua (1)</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">209,529</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">April 2, 2015</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2015</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">2</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Star Ennea LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Gina 2GR</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">209,475</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">February 26,&#160;2016</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2016</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">3</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Coral Cape Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Maharaj (1)</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">209,472</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">July 15, 2015</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2015</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">4</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Sea Diamond Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Goliath (1)</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">207,999</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">July 15, 2015</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2015</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">5</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Star Castle&#160;II LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Leo</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">207,939</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">May 14, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2018</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">6</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">ABY Eleven Ltd</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Laetitia</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">207,896</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">August 3, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2017</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">7</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Domus Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Ariadne</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">207,774</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">March 28, 2017</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2017</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">8</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Star Breezer LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Virgo</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">207,774</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">March 1, 2017</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2017</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">9</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Star Seeker LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Libra (1)</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">207,727</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">June 6, 2016</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2016</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">10</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">ABY Nine Ltd</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Sienna</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">207,721</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">August 3, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2017</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">11</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Clearwater Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Marisa</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">207,671</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">March 11 2016</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2016</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">12</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">ABY Ten Ltd</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Karlie</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">207,566</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">August 3, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2016</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">13</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Star Castle&#160;I LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Eleni</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">207,517</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">January 3, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2018</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">14</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Festive Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Magnanimus</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">207,490</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">March 26, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2018</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">15</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">New Era II Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Debbie H</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">206,823</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">May 28, 2019</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2019</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">16</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">New Era III Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Ayesha</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">206,814</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">July 15, 2019</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2019</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">17</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">New Era I Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Katie K</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">206,803</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">April 16, 2019</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2019</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">18</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Cape Ocean Maritime LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Leviathan</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">182,466</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">September&#160;19, 2014</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2014</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">19</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Cape Horizon Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Peloreus</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">182,451</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">July&#160;22, 2014</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2014</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">20</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Star Nor I LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Claudine</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">181,258</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">July 6, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2011</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">21</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Star Nor II LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Ophelia</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">180,716</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">July 6, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2010</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">22</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Sandra Shipco LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Pauline</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">180,233</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">December 29, 2014</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2008</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">23</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Christine Shipco LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Martha</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">180,231</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">October 31, 2014</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2010</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">24</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Pacific Cape Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Pantagruel</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">180,140</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">July&#160;11, 2014</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2004</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">25</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Star Borealis LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Borealis</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">179,601</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">September&#160;9, 2011</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2011</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">26</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Star Polaris LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Polaris</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">179,648</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">November&#160;14, 2011</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2011</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">27</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Star Nor III LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Lyra</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">179,147</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">July 6, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2009</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">28</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Star Regg VI LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Bueno</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">178,978</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">January 26, 2021</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2010</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">29</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Star Regg V LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Borneo</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">178,978</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">January 26, 2021</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2010</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">30</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Star Regg IV LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Marilena</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">178,977</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">January 26, 2021</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2010</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">31</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Star Regg I LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Marianne</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">178,841</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">January 14, 2019</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2010</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">32</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Star Regg II LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Janni</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">177,939</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">January 7, 2019</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2010</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">33</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Star Trident V LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Angie</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">177,931</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">October 29, 2014</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2007</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">34</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Sky Cape Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Big Fish</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">177,620</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">July&#160;11, 2014</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2004</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">35</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Global Cape Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Kymopolia</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">176,948</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">July&#160;11, 2014</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2006</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">36</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">Star Trident XXV Ltd.</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Triumph</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">176,274</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">December 8, 2017</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2004</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">37</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">ABY Fourteen Ltd</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Star Scarlett</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">175,800</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">August 3, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2014</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">38</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">ABY Fifteen Ltd</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Audrey</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">175,125</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">August 3, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2011</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman',Times,serif;">39</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">Sea Cape Shipping LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-style: italic;">Big Bang</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">174,109</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">July&#160;11, 2014</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">2007</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 3%; vertical-align: bottom; text-align: center;">
                    <div style="font-family: 'Times New Roman',Times,serif;">40</div>
                  </td>
                  <td style="width: 30%; vertical-align: middle;">
                    <div style="text-align: justify;">ABY I LLC</div>
                  </td>
                  <td style="width: 29%; vertical-align: middle;">
                    <div style="text-align: justify; font-style: italic;">Star Paola</div>
                  </td>
                  <td style="width: 11%; vertical-align: middle;">
                    <div style="text-align: center;">115,259</div>
                  </td>
                  <td style="width: 18%; vertical-align: middle;">
                    <div style="text-align: center;">August 3, 2018</div>
                  </td>
                  <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: center;">2011</div>
                  </td>
                </tr>

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

                  <tr>
                    <td nowrap="nowrap" style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 30%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 29%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 11%; vertical-align: bottom;">
                      <div style="text-align: center;">&#160;</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center; font-weight: bold;">Date</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; font-weight: bold;">Wholly Owned Subsidiaries</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; font-weight: bold;">Vessel Name</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">DWT</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Delivered to Star Bulk</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Year Built</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">41</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">ABM One Ltd</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Eva</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">106,659</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">42</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Vega LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Vega (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">98,648</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">February&#160;13, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2011</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">43</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Sirius LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Sirius (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">98,648</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">March&#160;7, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2011</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">44</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Majestic Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Madredeus</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">98,648</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July&#160;11, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2011</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">45</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Nautical Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Amami</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">98,648</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July&#160;11, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2011</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">46</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">ABY II LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Aphrodite</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">92,006</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2011</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">47</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Augustea Bulk Carrier Ltd</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Piera</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">91,952</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2010</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">48</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Augustea Bulk Carrier Ltd</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Despoina</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">91,945</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2010</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">49</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Trident&#160;I LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Kamila</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">87,001</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">September&#160;3, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2005</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">50</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Nor IV LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Electra</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">83,494</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2011</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">51</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Alta I LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Angelina</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,953</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">December 5, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">52</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Alta II LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Gwyneth</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,703</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">December 5, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">53</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Nor VI LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Luna</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,687</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2008</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">54</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Nor V LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Bianca</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,672</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2008</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">55</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Trident XIX LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Maria</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,578</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">November 5, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2007</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">56</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Grain Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Pendulum</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,578</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July&#160;11, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">57</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Trident XII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Markella</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,574</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">September&#160;29, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2007</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">58</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">ABY Seven Ltd</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Jeanette</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,567</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2014</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">59</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Trident IX LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Danai</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,554</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">October 21, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">60</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Sun I LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Elizabeth</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,430</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">May 25, 2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2021</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">61</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Sun II LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Pavlina</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,361</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">June 16, 2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2021</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">62</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Trident XI LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Georgia</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,281</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">October 14, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">63</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Trident VIII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Sophia</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,252</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">October 31, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2007</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">64</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Trident XVI LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Mariella</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,249</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">September&#160;19, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">65</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Trident XIV LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Moira</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,220</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">November 19, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">66</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Trident X LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Renee</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,204</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">December 18, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">67</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Trident XV LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Jennifer</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,192</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">April 15, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">68</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Trident XIII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Laura</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,192</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">December 8, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">69</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Nor VIII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Mona</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,188</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">70</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Trident&#160;II LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Nasia</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,183</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">August&#160;29, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">71</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Nor VII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Astrid</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,158</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">72</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Trident XVII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Helena</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">82,150</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">December 29, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">73</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Trident XVIII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Nina</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">82,145</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">January 5, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">74</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Waterfront Two Ltd</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Alessia</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">81,944</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2017</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">75</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Nor IX LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Calypso</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">81,918</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2014</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">76</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Elpis LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Suzanna</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">81,644</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">May 15, 2017</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">77</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Gaia LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Charis</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">81,643</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">March 22, 2017</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">78</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Mineral Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Mercurial Virgo</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">81,502</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July&#160;11, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">79</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Nor X LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Stardust</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">81,502</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2011</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">80</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Nor XI LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Sky</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">81,466</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2010</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">81</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Zeus VI LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Lambada (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">81,272</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">March 16, 2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2016</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">82</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Zeus I LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Capoeira (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">81,253</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">March 16, 2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">83</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Zeus II LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Carioca (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">81,199</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">March 16, 2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">84</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Zeus VII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Macarena (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">81,198</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">March 6, 2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2016</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">85</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">ABY III LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Lydia</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">81,187</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">86</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">ABY IV LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Nicole</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">81,120</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">87</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">ABY Three Ltd</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Virginia</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">81,061</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">88</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Nor XII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Genesis</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">80,705</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: center;">2010</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">89</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Nor XIII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Flame</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">80,448</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">2011</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
              <div id="DSPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
            <br>
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td nowrap="nowrap" style="width: 3%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 30%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 29%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">&#160;</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center; font-weight: bold;">Date</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">
                      <div style="text-align: left;">&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; font-weight: bold;">Wholly Owned Subsidiaries</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; font-weight: bold;">Vessel Name</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">DWT</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Delivered to Star Bulk</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                      <div style="font-weight: bold;">Year Built</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">90</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Trident&#160;III LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Iris</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">76,390</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">September&#160;8, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2004</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 236, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">91</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify;">Star Trident XX LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Emily</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">76,339</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">September&#160;16, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 236, 255); text-align: center;">
                      <div>2004</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">92</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Orion Maritime LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Idee Fixe (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">63,437</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">March 25, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">93</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Primavera Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Roberta (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">63,404</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">March 31, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">94</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Success Maritime LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Laura (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">63,377</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">April 7, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 236, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">95</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify;">Star Zeus III LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Athena (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">63,371</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">May 19, 2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 236, 255); text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">96</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Ultra Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Kaley (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">63,261</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">June 26, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 236, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">97</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify;">Blooming Navigation LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify; font-style: italic;">Kennadi (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">63,240</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">January 8, 2016</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 236, 255); text-align: center;">
                      <div>2016</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">98</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Jasmine Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Mackenzie (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">63,204</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">March 2, 2016</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2016</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 236, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">99</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify;">Star Lida I Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Apus (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">63,123</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">July 16, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 236, 255); text-align: center;">
                      <div>2014</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">100</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Zeus V LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Bovarius (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">61,571</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">March 16, 2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 236, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">101</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify;">Star Zeus IV LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Subaru (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">61,521</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">March 16, 2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 236, 255); text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">102</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Nor XV LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Wave</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">61,491</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2017</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 236, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">103</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify;">Star Challenger&#160;I LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Challenger (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">61,462</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 236, 255);">
                      <div style="text-align: center;">December&#160;12, 2013</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 236, 255); text-align: center;">
                      <div>2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">104</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Challenger&#160;II LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Fighter (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">61,455</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">December&#160;30, 2013</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">105</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Aurelia Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Honey Badger (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">61,324</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">February 27, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">106</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Axe&#160;II LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Lutas (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">61,323</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">January 6, 2016</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2016</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">107</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Rainbow Maritime LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Wolverine (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">61,268</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">February 27, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">108</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Axe I LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Antares (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">61,234</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">October 9, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">109</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">ABY Five Ltd</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Monica</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">60,935</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">August 3, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">110</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Asia&#160;I LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Aquarius</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">60,873</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 22, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">111</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Asia&#160;II LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Pisces (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">60,873</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">August 7, 2015</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2015</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">112</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Nor XIV LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Glory</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">58,680</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 6, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">113</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Lida XI Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Pyxis (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">56,615</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">August 19, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">114</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Lida VIII Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Hydrus (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">56,604</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">August 8, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">115</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Lida IX Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Cleo (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">56,582</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 15, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">116</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Trident VII LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Diva (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">56,582</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 24, 2017</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2011</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">117</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Lida VI Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Centaurus</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">56,559</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">September 18, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">118</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Lida VII Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Hercules</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">56,545</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 16, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">119</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Lida X Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Pegasus (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">56,540</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 15, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">120</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Lida III Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Cepheus (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">56,539</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 16, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">121</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Lida IV Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Columba (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">56,530</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 23, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">122</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Lida V Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Dorado (1)</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">56,507</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">July 16, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2013</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">123</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Lida II Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Aquila</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">56,506</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July 15, 2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2012</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">124</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Regg III LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Bright</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">55,783</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">October 10, 2018</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2010</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">125</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Glory Supra Shipping LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Strange Attractor</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">55,715</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">July&#160;11, 2014</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2006</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">126</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Omicron LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Omicron</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">53,444</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">April&#160;17, 2008</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2005</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">127</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;">Star Zeta LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-style: italic;">Star Zeta</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">52,994</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: center;">January&#160;2, 2008</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
                      <div>2003</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 3%; vertical-align: bottom; text-align: center;">
                      <div style="font-family: 'Times New Roman',Times,serif;">128</div>
                    </td>
                    <td style="width: 30%; vertical-align: middle;">
                      <div style="text-align: justify;">Star Theta LLC</div>
                    </td>
                    <td style="width: 29%; vertical-align: middle;">
                      <div style="text-align: justify; font-style: italic;">Star Theta</div>
                    </td>
                    <td style="width: 11%; vertical-align: middle;">
                      <div style="text-align: center;">52,425</div>
                    </td>
                    <td style="width: 18%; vertical-align: middle;">
                      <div style="text-align: center;">December&#160;6, 2007</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; text-align: center;">
                      <div>2003</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 3%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 30%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 29%; vertical-align: bottom;">
                      <div style="font-weight: bold;">Total dwt</div>
                    </td>
                    <td nowrap="nowrap" style="width: 11%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">14,072,068</div>
                    </td>
                    <td nowrap="nowrap" style="width: 18%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9%; vertical-align: bottom; text-align: center;"><br>
                    </td>
                  </tr>

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

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-style: italic;">Subject to a sale and leaseback financing transaction as further described in Note 6 to our consolidated financial statements included in the 2021 Annual report.</div>
                </td>
              </tr>

          </table>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
            <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: 8pt;"><br>
          </div>
          <div style="font-weight: bold;">Liquidity and Capital Resources</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Our principal sources of funds have been cash flow from operations, equity offerings, borrowings under secured credit facilities, debt securities or bareboat lease
            financings and proceeds from vessel sales. Our principal uses of funds have been capital expenditures to establish, grow our fleet, maintain the quality of our dry bulk carriers and comply with international shipping standards, environmental
            laws and regulations, fund working capital requirements, make principal and interest payments on outstanding indebtedness and make dividend payments when approved by the Board of Directors.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Our short-term liquidity requirements include paying operating costs, funding working capital requirements and the short-term equity portion of the cost of vessel
            acquisitions and vessel upgrades, interest and principal payments on outstanding indebtedness and maintaining cash reserves to strengthen our position against adverse fluctuations in operating cash flows. Our primary source of short-term
            liquidity is cash generated from operating activities, available cash balances and portions of new debt and refinancings, as well as equity financings.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Our medium- and long-term liquidity requirements are funding the equity portion of any newbuilding vessel installments and secondhand vessel acquisitions, funding required
            payments under our vessel financing and other financing agreements and paying cash dividends when declared. Sources of funding for our medium- and long-term liquidity requirements include cash flows from operations, new debt and refinancings,
            or bareboat lease financings, sale and lease back arrangements, equity issuances and vessel sales. Please also refer to Note 14 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for developments
            that took place after March 31, 2022.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">As of May 24, 2022, we had total cash of $445.6 million and $1,389.3 million of outstanding borrowings (including bareboat lease financing), after also repaying the
            outstanding amounts of $83.6 million under the lease agreements of the Eneti Acquisition Vessels and as further described in Note 14 to our unaudited interim condensed consolidated financial statements March 31, 2022, included elsewhere herein.
            In addition, following a number of interest rates swaps that we have entered into, we have converted a total of $810.5 million of such debt from floating to an average fixed rate of 45 bps with average maturity of 1.9 years.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Our debt agreements contain financial covenants and undertakings requiring us to maintain various ratios. A summary of these terms are included in Note 7 of the Company&#8217;s
            consolidated financial statements for the year ended December 31, 2021, included in the 2021 Annual Report.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">We believe that our current cash balance, our operating cash flows to be generated over the short-term period and the amount of $100.0 million for which we have already
            received credit committee approval from a major European Bank as further described in Note 14 to our unaudited interim condensed consolidated financial statements March 31, 2022, included elsewhere herein, will be sufficient to meet our
            liquidity needs for the foreseeable future (and at least through the end of the second quarter of 2023), including funding the operations of our fleet, capital expenditure requirements including commitments for the installation of ballast water
            treatment systems (&#8220;BWTS&#8221;)&#160; and Energy Saving Devices (&#8220;ESD&#8221;) as further described in Note 11 to our unaudited interim condensed consolidated financial statements March 31, 2022, included elsewhere herein and any other present financial
            requirements. In addition, under the two At-the-Market offering programs we may sell and issue shares, having an aggregate remaining capacity of $130.2 million. We may seek additional indebtedness to finance future vessel acquisitions in order
            to maintain our cash position or to refinance our existing debt on more favorable terms. Our practice has been to fund the cash portion of the acquisition of dry bulk carriers using a combination of funds from operations and bank debt or lease
            financing secured by mortgages or title of ownership on our dry bulk carriers held by the relevant lenders, respectively. However we may also use the proceeds from potential equity or debt offerings to finance future vessel acquisitions. Our
            business is capital-intensive and its future success will depend on our ability to maintain a high-quality fleet through the acquisition of newer dry bulk carriers and the selective sale of older dry bulk carriers. These acquisitions will be
            principally subject to management&#8217;s expectation of future market conditions as well as our ability to acquire dry bulk carriers on favorable terms. However our ability to obtain bank or lease financing, to refinance our existing debt or to
            access the capital markets for offerings in the future, may be limited by our financial condition at the time of any such financing or offering, including the market value of our fleet, as well as by adverse market conditions resulting from,
            among other things, general economic conditions, weakness in the financial and equity markets and contingencies and uncertainties, that are beyond our control.</div>
          <font style="font-weight: normal;"> </font>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
            <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: 8pt;"><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (&#8220;COVID -19&#8221;) outbreak a pandemic. In response to the outbreak, many countries, ports
            and organizations, including those where we conduct a large part of our operations, implemented measures to combat the outbreak, such as quarantines and travel restrictions, which resulted in a significant reduction in global economic activity
            and extreme volatility in the global financial markets.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">The recent reopening of the global economy and consequent increased demand across all key dry bulk commodities has positively affected our revenues. On the other hand, as a
            result of COVID-19 restrictions imposed since 2020, additional crew expenses were incurred.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">There continues to be a high level of uncertainty relating to how the pandemic will evolve, including as a result of new COVID-19 variants, the availability of vaccines and
            their global deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public's and government's responses to such measures. An increase in the severity or duration or a
            resurgence of the COVID-19 pandemic could have a material adverse effect on our business, results of operations, cash flows, financial condition, the carrying value of our assets, the fair values of our vessels, and our ability to pay
            dividends.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">In addition, the geopolitical situation in Eastern Europe intensified in late February 2022, with the commencement of Russia&#8217;s military action against Ukraine. Political
            events and sanctions are continually changing and differ across the globe. Our vessels Star Pavlina, Star Helena and Star Laura are currently berthed in three different ports of Ukraine, safely manned with Ukrainian crew. All three vessels,
            under charterers&#8217; instructions, had arrived to load various grain cargos, well ahead of the commencement of the war activities, but at the time of the invasion, the loading operations were suspended by the port authorities. We had been
            intensively exploring options with the charterers to navigate the vessels safely out of the ports but unfortunately the ports were shut down and safe passages were impossible. An estimate of any potential impact cannot be made at this point of
            time. However, we do not expect such impact, if any, to be material, because in addition to standard industry vessel risk insurance, war risk insurance is in place for all three vessels and the applicable war risk insurers have confirmed that
            they hold the vessels covered at their current position in Ukraine, which includes Hull and Machinery and Increased Value insurance, Detention and Diversion Cover and War loss of Hire for 180 days. Furthermore, and to the extent that a court or
            tribunal has not declared the frustration of the charterparties for the above three vessels, as frustration is by operation of law, we believe that the vessels remain on hire and hire continues payable under the charterparty clauses. The
            situation continues to be closely monitored by management to ensure that the interests of all our stakeholders are safeguarded.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; font-weight: bold;">Dividend Policy</div>
          <font style="font-weight: normal;"> </font>
          <div style="margin-top: 2pt; margin-bottom: 2pt;"><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; margin-top: 2pt; margin-bottom: 2pt; font-weight: normal;">In November 2019, our Board of Directors established a dividend policy, which was updated in May 2021, pursuant to which our Board of
            Directors intends to declare a dividend in each of February, May, August and November in an amount equal to (a) our Total Cash Balance minus (b) the product of (i) the Minimum Cash Balance per Vessel and (ii) the Number of Vessels.</div>
          <font style="font-weight: normal;"> </font>
          <div style="margin-top: 2pt; margin-bottom: 2pt;"><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; margin-top: 2pt; margin-bottom: 2pt; font-weight: normal;">&#8220;Total Cash Balance&#8221; means (a) the aggregate amount of cash on our balance sheet as of the last day of the quarter preceding the
            relevant dividend declaration date minus (b) any proceeds received by us, from vessel sales, or additional proceeds from vessel refinancing arrangements, or securities offerings in the last 12 months that have been earmarked for share
            repurchases, debt prepayment, vessel acquisitions and general corporate purposes.</div>
          <font style="font-weight: normal;"> </font>
          <div style="margin-top: 2pt; margin-bottom: 2pt;"><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; margin-left: 31.5pt; margin-top: 2pt; margin-bottom: 2pt; font-weight: normal;">&#8220;Minimum Cash Balance per Vessel&#8221; means $2.10 million for December 31, 2021 and thereafter.</div>
          <font style="font-weight: normal;"> </font>
          <div style="margin-top: 2pt; margin-bottom: 2pt;"><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: -4.5pt; margin-left: 36pt; margin-top: 2pt; margin-bottom: 2pt; font-weight: normal;">&#8220;Number of Vessels&#8221; means the total number of vessels owned by us, or that are subject to sale and leaseback
            transactions and finance leases, as of the last day of the quarter preceding the relevant dividend declaration date.</div>
          <font style="font-weight: normal;"> </font>
          <div style="margin-top: 2pt; margin-bottom: 2pt;"><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 31.5pt; margin-top: 2pt; margin-bottom: 2pt; font-weight: normal;">As of March 31, 2022, we owned 128 vessels and our Total Cash Balance was $444.4 million.&#160; Taking into account the Minimum Cash
            Balance per Vessel of $2.10 million and deducting also the net proceeds of $4.3 million for the shares issued and sold under our effective at-the-market programs during the quarter, on May 24, 2022, pursuant to our dividend policy, our Board of
            Directors declared a quarterly cash dividend of $1.65 per share, payable on or about June 16, 2022 to all shareholders of record as of June 3, 2022. The ex-dividend date is expected to be June 2, 2022.</div>
          <font style="font-weight: normal;"> </font>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
            <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: 8pt;"><br>
          </div>
          <div style="text-align: justify; text-indent: 31.5pt; font-weight: normal;">Since Star Bulk is a holding company with no material assets other than the shares of its subsidiaries through which it conducts its operations, Star Bulk&#8217;s ability to
            pay dividends will depend on its subsidiaries distributing their earnings and cash flow to it. Any future dividends declared will be at the discretion and remain subject to approval of our Board of Directors each quarter after its review of our
            financial condition and other factors, including but not limited to our earnings, the prevailing charter market conditions, capital requirements, limitations under our debt agreements and applicable provisions of Marshall Islands law, which
            generally prohibits the payment of dividends other than from operating surplus or while a company is insolvent or would be rendered insolvent upon the payment of such dividend. Star Bulk&#8217;s dividend policy and declaration and payment of
            dividends may be changed at any time and are subject to legally available funds and our Board of Directors&#8217; determination that each declaration and payment is at the time in the best interests of Star Bulk and its shareholders after its review
            of our financial performance.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 31.5pt; font-weight: normal;">There can be no assurance that our Board of Directors will declare or pay any dividend in the future.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="font-weight: bold;">Other Recent Developments</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Please refer to Note 14 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for developments that took place after March 31,
            2022.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="font-weight: bold;">Operating Results</div>
          <font style="font-weight: bold;"> </font>
          <div><font style="font-weight: bold;"><br>
            </font> </div>
          <font style="font-weight: bold;"> </font>
          <div style="font-weight: bold;">Factors Affecting Our Results of Operations</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">We deploy our vessels on a mix of short to medium time charters or voyage charters, contracts of affreightment or in dry bulk carrier pools, according to our assessment of
            market conditions. We adjust the mix of these charters to take advantage of the relatively stable cash flow and high utilization rates associated with medium to long-term time charters, or to profit from attractive spot charter rates during
            periods of strong charter market conditions, or to maintain employment flexibility that the spot market offers during periods of weak charter market conditions. The following table reflects certain operating data of our fleet, including our
            ownership days and TCE rates, which we believe are important measures for analyzing trends in our results of operations, for the periods indicated:</div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">Three-month period ended March 31,</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
                  <div style="font-style: italic;">(TCE rates expressed in U.S. Dollars)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">2021</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
                  <div>Average number of vessels (1)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>119.3</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>128.0</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                  <div>Number of vessels (2)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>125</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>128</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
                  <div>Average age of operational fleet (in years) (3)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>9.3</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>10.1</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                  <div>Ownership days (4)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>10,737</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>11,520</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
                  <div>Available days (5)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>10,115</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>11,126</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                  <div>Charter-in days (6)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>175</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>199</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                  <div>Time Charter Equivalent Rate&#160; (TCE rate) (7)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>15,462</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>27,405</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>

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

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

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

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">(2)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>As of the last day of the periods reported.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">(3)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Average age of our operational fleet is calculated as of the end of each period.</div>
                </td>
              </tr>

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

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

          </table>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
            <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: 8pt;"><br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">(5)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys and for vessels&#8217; improvements and upgrades. The available days for the first three
                    months of 2022 and 2021 were also decreased by off-hire days relating to disruptions in connection with crew changes as a result of COVID-19. Available&#160;Days as presented above may&#160;not necessarily be comparable to Available Days of other
                    companies due to differences in methods of calculation.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">(6)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Charter-in days are the total days that we charter-in vessels not owned by us.</div>
                </td>
              </tr>

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

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

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 27pt; font-weight: normal;">The following table reflects the calculation of our TCE rates as discussed in footnote (7) above. The table presents reconciliation of TCE Revenues to voyage revenues as
            reflected in the unaudited interim condensed consolidated income statements.</div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">Three-month period ended March 31,</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
                  <div style="font-style: italic;">(In thousands of U.S. Dollars, except as otherwise stated)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">2021</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                  <div>Voyage revenues</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>200,467</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>360,883</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                  <div style="font-style: italic;">Less:</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                  <div>Voyage expenses</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(40,052</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(53,404</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                  <div>Charter-in hire expenses</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>(2,943</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>(4,012</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                  <div>Realized gain/(loss) on FFAs/bunker swaps</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(891</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>1,437</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                  <div>Amortization of fair value of below/above market acquired time charter agreements, net</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>(187</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>)</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Time charter equivalent revenues</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                  <div>$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                  <div>156,394</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                  <div>$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                  <div>304,904</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                  <div>Available days</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>10,115</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div>11,126</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Daily time charter equivalent rate ("TCE")</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>15,462</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>$</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>27,405</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
            <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: 8pt;"><br>
          </div>
          <div style="font-weight: bold;">Voyage Revenues</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Voyage revenues are driven primarily by the number of vessels in our operating fleet, the duration of our charters, the number of charter-in days, the amount of daily
            charter hire or freight rates that our vessels earn under time and voyage charters, respectively, which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the number of vessels
            chartered-in, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in dry dock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our vessels, levels of
            supply and demand in the seaborne transportation market.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Vessels operating on time charters for a certain period of time provide more predictable cash flows over that period of time, but can yield lower profit margins than
            vessels operating in the spot charter market during periods characterized by favorable market conditions. Vessels operating in the spot charter market generate revenues that are less predictable, but may enable us to capture increased profit
            margins during periods of improvements in charter rates, although we would be exposed to the risk of declining vessel rates, which may have a materially adverse impact on our financial performance. If we employ vessels on period time charters,
            future spot market rates may be higher or lower than the rates at which we have employed our vessels on period time charters.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="font-weight: bold;">Voyage Expenses</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Voyage expenses may include port and canal charges, agency fees, fuel (bunker) expenses and brokerage commissions payable to related and third parties. Voyage expenses are
            incurred for our owned and chartered-in vessels during voyage charters or when the vessel is unemployed. Bunker expenses, port and canal charges primarily increase in periods during which vessels are employed on voyage charters because these
            expenses are paid by the owners. Our voyage expenses primarily consist of bunkers cost, port expenses and commissions paid in connection with the chartering of our vessels.</div>
          <div><br>
          </div>
          <div style="font-weight: bold;">Charter-in hire expenses</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Charter-in hire expenses represent hire expenses for chartering-in third and related party vessels, either under time charters or voyage charters.</div>
          <div><br>
          </div>
          <div style="font-weight: bold;">Vessel Operating Expenses</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the cost of spares
            and consumable stores, tonnage taxes, regulatory fees, vessel scrubbers and maintenance expenses of vessel scrubbers and BWTS, lubricants and other miscellaneous expenses. Other factors beyond our control, some of which may affect the shipping
            industry in general, including for instance, developments relating to market prices for crew wages, lubricants and insurance, may also cause these expenses to increase.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="font-weight: bold;">Dry Docking Expenses</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Dry docking expenses relate to regularly scheduled intermediate survey or special survey dry docking necessary to preserve the quality of our vessels as well as to comply
            with international shipping standards and environmental laws and regulations. Dry docking expenses can vary according to the age of the vessel and its condition, the location where the dry docking takes place, shipyard availability and the
            number of days the vessel is under dry dock. We utilize the direct expense method, under which we expense all dry docking costs as incurred.</div>
          <div><br>
          </div>
          <div style="font-weight: bold;">Depreciation</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">We depreciate our vessels on a straight-line basis over their estimated useful lives, which is determined to be 25 years from the date of their initial delivery from the
            shipyard. Depreciation is calculated based on a vessel&#8217;s cost less the estimated residual value.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
            <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: 8pt;"><br>
          </div>
          <div style="font-weight: bold;">General and Administrative Expenses</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">We incur general and administrative expenses, including our onshore personnel related expenses, directors&#8217; and executives&#8217; compensation, share based compensation, legal,
            consulting, audit and accounting expenses.</div>
          <div><br>
          </div>
          <div style="font-weight: bold;">Management Fees</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Management fees include fees paid to third parties as well as related parties providing certain procurement services to our fleet.</div>
          <div><br>
          </div>
          <div style="font-weight: bold;">(Gain) / Loss on Forward Freight Agreements and Bunker Swaps, net</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">When deemed appropriate from a risk management perspective, we take positions in freight derivatives, including freight forward agreements (the &#8220;FFAs&#8221;) and freight options,
            with an objective to utilize those instruments as economic hedges that are highly effective in reducing the risk on specific vessels trading in the spot market and to take advantage of short term fluctuations in the market prices. Upon the
            settlement, if the contracted charter rate is less than the average of the rates, as reported by an identified index, for the specified route and time period, the seller of the FFA is required to pay the buyer the settlement sum, being an
            amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer
            is required to pay the seller the settlement sum. Our FFAs are settled on a daily basis mainly through reputable exchanges such as London Clearing House (LCH) or Singapore Exchange (SGX) so as to limit our exposure in over-the-counter
            transactions. Customary requirements for trading in FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark to market of the contracts. The fair value of the FFAs or freight options is
            treated as asset or liability until they are settled. Any such settlements by us or settlements to us under FFAs or freight options, if any, are recorded under (Gain)/Loss on forward freight agreements and bunker swaps, net.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Also, when deemed appropriate from a risk management perspective, we enter into bunker swap contracts to manage our exposure to fluctuations of bunker prices associated
            with the consumption of bunkers by our vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. Our bunker swaps are settled through
            reputable clearing houses. Bunker price differentials paid or received under the swap agreements are recognized under (Gain)/Loss on forward freight agreements and bunker swaps, net.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">The fair value of freight derivatives and bunker swaps is determined through Level 1 inputs of the fair value hierarchy (quoted prices from the applicable exchanges such as
            the London Clearing House (LCH) or the Singapore Exchange (SGX)). Our FFAs and bunker swaps do not qualify for hedge accounting and therefore unrealized gains or losses are recognized under (Gain)/Loss on forward freight agreements and bunker
            swaps, net.</div>
          <font style="font-weight: normal;"> </font>
          <div><br>
          </div>
          <div style="font-weight: bold;">Interest and Finance Costs</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">We incur interest expense and financing costs in connection with our outstanding indebtedness under our existing loan facilities (including sale and leaseback financing
            transactions). We also incur financing costs in connection with establishing those facilities, which are presented as a direct deduction from the carrying amount of the relevant debt liability and amortize them to interest and financing costs
            over the term of the underlying obligation using the effective interest method.</div>
          <div><br>
          </div>
          <div style="font-weight: bold;">Interest Income</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">We earn interest income on our cash deposits with our lenders and other financial institutions.</div>
          <div><br>
          </div>
          <div style="font-weight: bold;">Gain / (Loss) on interest rate swaps, net</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">We enter into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to our variable interest loans and
            credit facilities. Interest rate swaps are recorded in the balance sheet as either assets or liabilities, measured at their fair value (Level 2), with changes in such fair value recognized in earnings under (gain)/loss on interest rate swaps,
            net, unless specific hedge accounting criteria are met. When interest rate swaps are designated and qualify as cash flow hedges, the effective portion of the unrealized gains/losses from those swaps is recorded in Other Comprehensive Income /
            (Loss) while any ineffective portion is recorded as Gain/(loss) on interest rate swaps, net.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="font-weight: bold;">Results of Operations</div>
          <div><br>
          </div>
          <div style="font-style: italic; font-weight: bold;">The three-month period ended March 31, 2022 compared to the three-month period ended March 31, 2021</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Voyage revenues net of Voyage expenses</font><font style="font-weight: normal;">: Voyage revenues for the three months ended March 31, 2022
              increased to $360.9 million from $200.5 million in the corresponding period in 2021. Time charter equivalent revenues (&#8220;TCE Revenues&#8221;) (as defined above) were $304.9 million compared to $156.4 million for the corresponding period in 2021,
              which is indicative of improved market conditions prevailing during the three month period ended March 31, 2022 compared to the corresponding period in 2021. As a result, the TCE rate for the first three months of 2022 was $27,405 compared to
              $15,462 for the corresponding period in 2021. Please refer to the table above for the calculation of the TCE Revenues and TCE and their reconciliation with Voyage Revenues, which is the most directly comparable financial measure calculated
              and presented in accordance with U.S. GAAP.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Charter-in hire expenses</font><font style="font-weight: normal;">: Charter-in hire expenses for the three months ended March 31, 2022 and
              2021 were $4.0 million and $2.9 million, respectively. This increase is attributable to the increase in charter-in days to 199 in the first three months of 2022 from 175 in the corresponding period in 2021 as well as the increased charter-in
              rates prevailing during 2022.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Vessel operating expenses<font style="font-weight: normal;">:</font></font><font style="font-weight: normal;"> For the three-months ended
              March 31, 2022 and 2021, vessel operating expenses were $57.5 million and $47.4 million, respectively, primarily driven by the increase in the average number of vessels in our fleet to 128.0 vessels in the first quarter of 2022 from 119.3
              vessels for the respective quarter of 2021. Vessel operating expenses for the first quarter of 2022 included additional crew expenses related to the increased number and cost of crew changes performed during the period as a result of COVID-19
              restrictions estimated to be $2.8 million. Vessel operating expenses for the first quarter of 2021 included COVID-19 related expenses estimated to be $1.3 million and pre-delivery and pre-joining expenses of $0.5 million.&#160; The overall
              increase was mainly driven by higher repair and maintenance costs due to the preventive maintenance program of our fleet during the applicable period, so as to ensure quality service to our clients and minimize off hire time.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Dry docking expenses</font><font style="font-weight: normal;">: During the three month period ended March 31, 2022, we incurred $8.7 million
              dry docking expenses mainly attributable to eight of our vessels that completed their periodic dry docking surveys within such period. During the first three months of 2021,&#160;we incurred $12.2 million dry-docking expenses mainly attributable
              to 12 of our vessels that completed their periodic dry docking surveys within such period.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Depreciation</font><font style="font-weight: normal; font-style: italic;">:</font><font style="font-weight: normal;"><font style="font-style: italic;"> </font> Depreciation expense increased to $38.5 million for the three month period ended March 31, 2022, compared to $36.2 million for the corresponding period in 2021. The increase was mainly driven by the
              increase in the average number of vessels in 2022 compared to 2021 to 128.0 from 119.3 vessels, respectively.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Management fees</font><font style="font-weight: normal;">: Management fees remained almost unchanged for the three month period ended March
              31, 2022 at $4.8 million compared to $4.7 million for the corresponding period of 2021 due to the fact that there was no significant change in the daily cost provided under management agreements in effect during the abovementioned periods.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">General and administrative expenses<font style="font-weight: normal;">: </font></font><font style="font-weight: normal;">General and
              administrative expenses for the three month period ended March 31, 2022 were $8.8 million compared to $7.3 million in the corresponding period in 2021 primarily due to the increase in the stock based compensation expense to $1.2 million from
              $0.3 million and the average number of vessels in our fleet as discussed above.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">(Gain)/Loss on forward freight agreements and bunker swaps, ne<font style="font-weight: bold;">t</font></font><font style="font-style: italic; font-weight: normal;">:</font><font style="font-weight: normal;"> For the three month period ended March 31, 2022, we incurred a net loss on FFAs and bunker swaps of $2.6 million, consisting of an unrealized loss of $4.0 million and a
              realized gain of $1.4 million. For the three month period ended March 31, 2021, we incurred a net loss on FFAs and bunker swaps of $2.1 million, consisting of an unrealized loss of $1.2 million and realized loss of $0.9 million.</font></div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
            <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: 8pt;"><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Interest and finance costs net of interest and other income/(loss</font>)<font style="font-style: italic; font-weight: normal;">:</font><font style="font-weight: normal;"> Interest and finance costs net of interest and other income/(loss) for the first three month periods of 2022 and 2021 were $11.8 million and $12.7 million, respectively. This decrease is primarily attributable to
              the decline in the average interest rate on our outstanding indebtedness, mainly driven by the refinancing of certain of our debt agreements and the redemption of our outstanding 8.30% Senior Notes in July 2021, as well as the decrease in our
              weighted average outstanding debt balance during the corresponding periods.</font></div>
          <div><br>
          </div>
          <div style="margin-bottom: 8pt; font-weight: bold;">Cash Flows</div>
          <div style="text-align: justify; font-weight: normal;">Net cash provided by operating activities for the first three months of 2022 and 2021 was $229.2 million and $79.2 million, respectively. This increase was primarily driven by the higher
            charter rates due to the improved market conditions that prevailed in the first quarter of 2022 compared to the corresponding period in 2021 and the higher average number of vessels in 2022 compared to 2021 as described above, and the decrease
            in our interest payments due to refinancing of certain of our debt agreements as well as the decrease in our weighted average outstanding debt balance during the corresponding periods.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; font-weight: normal;">Net cash used in investing activities for the first three months of 2022 and 2021 was $ 4.8 million and $60.3 million, respectively. The decrease was primarily attributable to cash paid in
            2021 in connection with the acquisition of vessels as opposed to no vessel acquisitions taking place in 2022 as well as to lower capital expenditures for vessel upgrades paid in 2022 compared to relevant payments in 2021.</div>
          <font style="font-weight: normal;"> </font>
          <div><font style="font-weight: normal;"><br>
            </font> </div>
          <font style="font-weight: normal;"> </font>
          <div style="text-align: justify; font-weight: normal;">Net cash used in financing activities for the first three months of 2022 was $253.2 million compared to net cash used in financing activities of $7.9 million in the first three months of
            2021. This variation was primarily driven by the dividend payments of $204.8 million made in the first three months of 2022 compared to no dividend payments made in corresponding period in 2021, and the fact that during the first three months
            of 2022 we had no proceeds for new debt agreements, compared to $36.0 million of debt net proceeds in the first quarter 2021.</div>
          <font style="font-weight: normal;"> </font>
          <div><br>
          </div>
          <div style="font-weight: bold;">Significant Accounting Policies and Critical Accounting Estimates</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-weight: normal;">For a description of our critical accounting estimates and all of our significant accounting policies, see Note 2 to our audited financial statements and &#8220;Item 5 - Operating and Financial
            Review and Prospects,&#8221; included in our 2021 Annual Report. There have been no material changes from the &#8220;Critical Accounting Estimates&#8221; previously disclosed in our 2021 Annual Report.</div>
          <div style="text-align: justify; font-weight: normal;"> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
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          </div>
          <font style="font-weight: normal;"> </font></div>
        <font style="font-weight: normal;"> </font></div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><font style="font-weight: normal;"> </font><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED<br>
        FINANCIAL STATEMENTS</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="z373664d36c764b4ba498a30bb1e481d3">

          <tr>
            <td style="width: 83.84%; vertical-align: bottom;">
              <div>Consolidated Balance Sheets as of December 31, 2021 and March 31, 2022 (unaudited)</div>
              <div> <br>
              </div>
            </td>
            <td style="width: 16.16%; vertical-align: top; text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;">F-2</div>
            </td>
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            <td style="width: 83.84%; vertical-align: bottom;">
              <div>Unaudited Interim Condensed Consolidated Income Statements for the three-month periods ended March 31, 2021 and 2022</div>
              <div> <br>
              </div>
            </td>
            <td style="width: 16.16%; vertical-align: top; text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;">F-3</div>
            </td>
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          <tr>
            <td style="width: 83.84%; vertical-align: bottom;">
              <div>Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three-month periods ended March 31, 2021 and 2022<br>
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            <td style="width: 16.16%; vertical-align: top; text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;">F-4</div>
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          <tr>
            <td style="width: 83.84%; vertical-align: bottom;">
              <div>Unaudited Interim Condensed Consolidated Statements of Stockholders&#8217; Equity for the three-month periods ended March 31, 2021 and 2022<br>
                <br>
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            <td style="width: 16.16%; vertical-align: top; text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;">F-5</div>
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          <tr>
            <td style="width: 83.84%; vertical-align: bottom;">
              <div>Unaudited Interim Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2021 and 2022<br>
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            <td style="width: 16.16%; vertical-align: top; text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;">F-6</div>
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          <tr>
            <td style="width: 83.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman',Times,serif;"> <br>
              </div>
              <div style="font-family: 'Times New Roman',Times,serif;"> <br>
              </div>
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            <td style="width: 16.16%; vertical-align: top; text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;"> F-7</div>
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      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <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: 12pt; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Consolidated Balance Sheets<br>
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      <div style="margin-bottom: 12pt;"><font style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</font><font style="font-weight: bold;">&#160;</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold;">December 31,<br>
                2021</div>
            </td>
            <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold;">March 31,<br>
                2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: middle;">
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            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle;">
              <div style="font-size: 8pt; font-weight: bold;">CURRENT ASSETS</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Cash and cash equivalents</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">450,285</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">424,124</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Restricted cash, current (Notes 7 and 12)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">20,965</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">18,261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Trade accounts receivable, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">81,061</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">86,821</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Inventories (Note 4)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">75,077</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">84,007</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Due from managers</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">9,422</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">18</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Due from related parties (Note 3)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">242</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">766</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Prepaid expenses and other receivables</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">28,659</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">25,807</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Derivatives, current asset portion (Note 12)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">1,996</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">8,904</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="font-size: 8pt;">Other current assets (Note 13)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">15,217</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">15,193</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt; font-weight: bold;">Total Current Assets</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">682,924</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">663,901</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">FIXED ASSETS</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Vessels and other fixed assets, net (Note 5)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">3,013,038</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">2,982,610</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt; font-weight: bold;">Total Fixed Assets</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">3,013,038</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">2,982,610</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">OTHER NON-CURRENT ASSETS</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Long term investment (Note 3)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">1,567</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">1,550</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Restricted cash, non-current (Notes 7 and 12)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">2,021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">2,021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Operating leases, right-of-use assets (Note 2)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">48,256</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">45,572</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Derivatives, non-current asset portion (Note 12)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">6,913</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">15,040</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">TOTAL ASSETS</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">3,754,719</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">3,710,694</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">LIABILITIES &amp; SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">CURRENT LIABILITIES</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Current portion of long-term bank loans (Note 7)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">156,701</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">155,396</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Lease financing short term (Note 6)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">50,434</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">50,434</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Accounts payable</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">21,837</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">40,702</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Due to managers</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">3,885</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">8,474</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Due to related parties (Note 3)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">1,426</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">2,723</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Accrued liabilities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">30,810</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">35,141</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Derivatives, current liability portion (Note 12)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">743</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">3,098</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">Deferred revenue</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">24,960</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">15,822</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Total Current Liabilities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">290,796</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">311,790</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">NON-CURRENT LIABILITIES</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Long-term bank loans, net of current portion and unamortized loan issuance costs of $10,853 and $9,862, as of December 31, 2021 and March 31, 2022, respectively (Note 7)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">932,554</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">894,172</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Lease financing long term, net of unamortized lease issuance costs of $5,318 and $4,979, as of December 31, 2021 and March 31, 2022, respectively (Note 6)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">402,039</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">390,300</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Operating lease liabilities (Note 2)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">48,256</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">45,572</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Other non-current liabilities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">1,056</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">944</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt; font-weight: bold;">TOTAL LIABILITIES</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">1,674,701</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">1,642,778</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">COMMITMENTS &amp; CONTINGENCIES (Note 11)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2021 and March 31, 2022, respectively (Note 8)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
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            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="font-size: 8pt;">1,023</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">1,024</div>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Additional paid in capital</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">2,618,319</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">2,623,816</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">6,933</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">23,537</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Accumulated deficit</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(546,257</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(580,461</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt; font-weight: bold;">Total Shareholders' Equity</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">2,080,018</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">2,067,916</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">3,754,719</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">3,710,694</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
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      </div>
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            <td style="width: 100%; vertical-align: middle;">
              <div style="font-size: 8pt;">The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-2</font></div>
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      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">STAR BULK CARRIERS CORP.</font><br>
        <font style="font-weight: bold;">Unaudited Interim Condensed Consolidated Income Statements</font><br>
        <font style="font-weight: bold;">For the three-month periods ended March 31, 2021 and 2022</font><br>
        <font style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</font></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="font-size: 8pt;">&#160;</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: bottom;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Three months ended March 31,</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;"> 2021</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;"> 2022</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
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              <div style="font-size: 8pt; font-weight: bold;">Revenues:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Voyage revenues (Note 13)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">200,467</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">360,883</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Expenses/(Income)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt;">Voyage expenses (Note 3 )</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">40,052</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">53,404</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Charter-in hire expenses (Note 3)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">2,943</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">4,012</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt;">Vessel operating expenses</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">47,354</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">57,466</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Dry docking expenses</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">12,191</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">8,727</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt;">Depreciation (Note 5)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">36,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">38,461</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Management fees (Note 3)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">4,667</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">4,839</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt;">General and administrative expenses (Note 3)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">7,297</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">8,765</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(Gain)/Loss on time charter agreement termination</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(1,102</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt;">Other operational loss</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">1,340</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">614</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Other operational gain</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(1,017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(267</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 12)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">2,085</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">2,623</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Total operating expenses, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">152,043</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">178,644</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt; font-weight: bold;">Operating income / (loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt; font-weight: bold;">48,424</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt; font-weight: bold;">182,239</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">Other Income/ (Expenses):</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Interest and finance costs (Note 7)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(14,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(12,082</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">Interest and other income/(loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">1,750</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Total other expenses, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">(12,690</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">(11,821</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;Income / (loss) before taxes and equity in income of investee</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">35,734</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
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              <div style="font-size: 8pt; font-weight: bold;">170,418</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">(37</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Income/(Loss) before equity in income of investee</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">35,734</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">170,381</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">Equity in income / (loss) of investee</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">29</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">(17</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Net income/(loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">35,763</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">170,364</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
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            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">1.67</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Weighted average number of shares outstanding, basic (Note 9)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">98,712,581</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">101,981,583</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">Weighted average number of shares outstanding, diluted&#160; (Note 9)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">99,019,944</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">102,257,673</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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              <div style="font-size: 8pt;">The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-3</font></div>
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      </div>
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      <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">STAR BULK CARRIERS CORP.</font><br>
        <font style="font-weight: bold;">Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss)</font><br>
        <font style="font-weight: bold;">For the three-month periods ended March 31, 2021 and 2022</font><br>
        <font style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="font-size: 8pt;">&#160;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: bottom;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Three months ended March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-size: 8pt;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;"> 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;Net income / (loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">35,763</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">170,364</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;Other comprehensive income / (loss):</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
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            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
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              <div style="font-size: 8pt;">&#160;Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">5,419</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">16,225</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-style: italic;">&#160;Less:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">&#160;Reclassification adjustments of interest rate swap gain/(loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">442</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div style="font-size: 8pt; font-weight: bold;">5,861</div>
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              <div style="font-size: 8pt;">&#160;The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements</div>
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      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
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      <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">STAR BULK CARRIERS CORP.</font><br>
        <font style="font-weight: bold;">Unaudited Interim Condensed Consolidated Statements of Stockholders&#8217; Equity</font><br>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <div style="text-align: right; font-size: 8pt; font-weight: bold;"><br>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold;"> Treasury stock</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold;"> Total Shareholders' Equity</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">97,146,687</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">971</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">2,548,956</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">(3,993</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">(996,314</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">(93</div>
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              <div style="font-size: 8pt; font-weight: bold;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">1,549,527</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">35,763</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">35,763</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 16%;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">21</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">22,152</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">22,173</div>
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            <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="font-size: 8pt;">&#160;Cancellation of treasury stock</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">(6,971</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">(93</div>
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              <div style="font-size: 8pt;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">93</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">101,888,919</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">1,019</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">2,610,974</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold;">-</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold;">1,653,310</div>
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            <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 16%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold;">&#160;BALANCE, January 1, 2022</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">102,294,758</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">1,023</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">2,618,319</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">6,933</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">(546,257</div>
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              <div style="font-size: 8pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">2,080,018</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%;">
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            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">170,364</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">170,364</div>
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              <div style="font-size: 8pt;">&#160;Other comprehensive income / (loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">1</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">(85</div>
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              <div style="font-size: 8pt;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">(85</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="font-size: 8pt;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; padding-bottom: 4px;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;BALANCE, March 31, 2022</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">102,442,901</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">1,024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">2,623,816</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold;">$</div>
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              <div style="font-size: 8pt; font-weight: bold;">(580,461</div>
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              <div style="font-size: 8pt; font-weight: bold;">)</div>
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            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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              <div style="font-size: 8pt; font-weight: bold;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt; font-weight: bold;">2,067,916</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements</div>
            </td>
          </tr>

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      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
      </div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-5</font></div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">STAR BULK CARRIERS CORP.</font><br>
        <font style="font-weight: bold;">Unaudited Interim Condensed Consolidated Statements of Cash Flows</font><br>
        <font style="font-weight: bold;">For the three-month periods ended March 31, 2021 and 2022</font><br>
        <font style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</font></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: bottom;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Three months ended March 31,</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <div style="text-align: center; font-size: 8pt; font-weight: bold;"> 2022</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold;">Cash Flows from Operating Activities:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Net income / (loss)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">35,763</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">170,364</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Depreciation (Note 5)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">36,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">38,461</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Amortisation of fair value of below market time charters</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">(187</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Amortization of debt (loan, lease &amp; notes) issuance costs (Note 7)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">1,815</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">1,339</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Share-based compensation (Note 10)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">313</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">1,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(Gain)/Loss on time charter agreement termination</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(1,102</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Change in fair value of forward freight derivatives and bunker swaps (Note 12)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">1,194</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">4,060</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Other non-cash charges</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(208</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(112</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Equity in income / (loss) of investee</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">(29</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Changes in operating assets and liabilities:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt;">(Increase)/Decrease in:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Trade accounts receivable</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(5,224</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(5,760</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Inventories</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">(12,778</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">(8,930</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Prepaid expenses and other receivables</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(8,710</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(173</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Derivatives asset</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">(136</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Due from related parties</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(270</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(524</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Due from managers</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">358</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">9,404</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Increase/(Decrease) in:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Accounts payable</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">13,483</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">18,014</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Due to related parties</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(240</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">1,297</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Accrued liabilities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">8,913</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">5,151</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Due to managers</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">7,079</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">4,589</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">Deferred revenue</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">2,772</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">(9,138</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Operating Activities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">79,176</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">229,156</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt;">&#160;</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Cash Flows from Investing Activities:</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">(64,831</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">(6,414</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Hull and machinery insurance proceeds</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">4,544</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">1,600</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Investing Activities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">(60,287</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">(4,814</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">Cash Flows from Financing Activities:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Proceeds from bank loans, leases and notes</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">39,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Loan and lease prepayments and repayments</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">(46,416</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">(52,756</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Financing and debt extinguishment fees paid</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(1,340</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Refund of financing premia</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">903</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Dividends paid (Note 8)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(204,801</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">Proceeds from issuance of common stock</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">4,350</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Financing Activities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(7,853</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(253,207</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Net increase/(decrease) in cash and cash equivalents and restricted cash</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">11,036</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">(28,865</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt; font-weight: bold;">Cash and cash equivalents and restricted cash at beginning of period</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">195,531</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="font-size: 8pt;">473,271</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
              <div style="font-size: 8pt; font-weight: bold;">Cash and cash equivalents and restricted cash at end of period</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt;">206,567</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-size: 8pt;">444,406</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">SUPPLEMENTAL CASH FLOW INFORMATION:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">&#160;&#160;Cash paid during the period for:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: 8pt; font-size: 8pt;">Interest</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">12,283</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">10,386</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt; font-weight: bold;">Non-cash investing and financing activities:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Shares issued in connection with vessel acquisitions</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">61,977</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Vessel upgrades</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">2,876</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">1,619</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Assumed debt upon acquisition</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">86,929</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-style: italic; font-weight: bold;">Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items reported in the
                statements of cash flows:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%;">
              <div style="font-size: 8pt;">Cash and cash equivalents</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">189,127</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-size: 8pt;">424,124</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">Restricted cash, current (Note 7)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">12,419</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">18,261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 2px;">
              <div style="font-size: 8pt;">Restricted cash, non-current (Note 7)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">5,021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt;">2,021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 2%; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">206,567</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">444,406</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
      </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="z8165647dc2fe41ebb1bc4e8ab016030a">

          <tr>
            <td style="width: 100%; vertical-align: middle;">
              <div>The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements</div>
            </td>
          </tr>

      </table>
      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
      </div>
      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-6</font></div>
        <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="text-align: justify; margin-bottom: 12pt;"><br>
        <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Basis
          of Presentation and General Information:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall
        Islands on December&#160;13, 2006 and maintains offices in Athens, New York, Limassol, Singapore and Germany. Star Bulk&#8217;s common shares trade on the NASDAQ Global Select Market under the ticker symbol &#8220;SBLK&#8221;.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its wholly owned subsidiaries (collectively, the &#8220;Company&#8221;) and have been prepared in
        accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) for interim financial information. Accordingly,
        they do not include all the information and notes required by U.S. GAAP for annual financial statements.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for the year ended December 31, 2021 and,
        in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company&#8217;s financial position, results of operations and cash flows for the periods presented. Operating results for the
        three-month period ended March 31, 2022 are not necessarily indicative of the results that might be expected for the fiscal year ending December&#160;31, 2022.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the annual consolidated financial statements for the year ended
        December 31, 2021 included in the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2021 (the &#8220;2021 Annual Report&#8221;). The balance sheet as of December 31, 2021 has been derived from the audited consolidated financial statements as
        of that date, but, pursuant to the requirements for interim financial information, does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2021 Annual Report.</div>
      <div style="text-align: justify;">On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (&#8220;COVID -19&#8221;) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the
        Company conducts a large part of its operations, implemented measures to combat the outbreak, such as quarantines and travel restrictions, which resulted in a significant reduction in global economic activity and extreme volatility in the global
        financial markets.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The recent reopening of the global economy and consequent increased demand across all key dry bulk commodities has positively affected the Company&#8217;s revenues. On the other hand, as a result of COVID-19 restrictions
        imposed since 2020, additional crew expenses continue to be incurred.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">There continues to be a high level of uncertainty relating to how the pandemic will evolve, including as a result of new COVID-19 variants, the availability of vaccines and their global deployment, the development of
        effective treatments, the imposition of effective public safety and other protective measures and the public's and government's responses to such measures. An increase in the severity or duration or a resurgence of the COVID-19 pandemic could have
        a material adverse effect on the Company&#8217;s business, results of operations, cash flows, financial condition, the carrying value of the Company&#8217;s assets, the fair values of the Company&#8217;s vessels, and the Company&#8217;s ability to pay dividends.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-7</font></div>
        <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>
        <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-style: italic;"> <br>
        </div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Basis
          of Presentation and General Information - continued:</font></div>
      <div style="text-align: justify;">In addition, the geopolitical situation in Eastern Europe intensified in late February 2022, with the commencement of Russia&#8217;s military action against Ukraine. Political events and sanctions are continually changing
        and differ across the globe. The Company&#8217;s vessels <font style="font-style: italic;">Star Pavlina</font>, <font style="font-style: italic;">Star Helena</font> and <font style="font-style: italic;">Star Laura</font> are currently berthed in three
        different ports of Ukraine, safely manned with Ukrainian crew. All three vessels, under charterers&#8217; instructions, had arrived to load various grain cargos, well ahead of the commencement of the war activities, but at the time of the invasion, the
        loading operations were suspended by the port authorities. The Company had been intensively exploring options with the charterers to navigate the vessels safely out of the ports but unfortunately the ports were shut down and safe passages were
        impossible. An estimate of any potential impact cannot be made at this point of time. However, the Company does not expect such impact, if any, to be material, because in addition to standard industry vessel risk insurance, war risk insurance is in
        place for all three vessels and the applicable war risk insurers have confirmed that they hold the vessels covered at their current position in Ukraine, which includes Hull and Machinery and Increased Value insurance, Detention and Diversion Cover
        and War loss of Hire for 180 days. Furthermore, and to the extent that a court or tribunal has not declared the frustration of the charterparties for the above three vessels, as frustration is by operation of law, the Company believes that the
        vessels remain on hire and hire continues payable under the charterparty clauses. The situation continues to be closely monitored by management to ensure that the interests of all its stakeholders are safeguarded.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 13.2pt;">As of March 31, 2022, the Company owned a modern fleet of 128 dry bulk vessels consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with a
        carrying capacity between 52,425 deadweight tonnage (&#8220;dwt&#8221;) and 209,529 dwt, a combined carrying capacity of 14.1 million dwt and an average age of 10.1 years.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-8</font></div>
        <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>
        <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-style: italic;"><font style="font-family: 'Times New Roman';">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</font><br>
          <br>
        </div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Significant






          accounting policies and recent accounting pronouncements:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">A summary of the Company&#8217;s significant accounting policies and recent accounting pronouncements is included in Note 2 to the Company&#8217;s consolidated financial statements included in the 2021
        Annual Report. There have been no changes to the Company&#8217;s significant accounting policies and recent accounting pronouncements in the three-month period ended March 31, 2022.</div>
      <div style="text-align: justify;">The time charter-in payments required to be made after March 31, 2022, for the outstanding operating lease liabilities of the time charter-in agreements with an initial term exceeding 12 months, recognized on the
        balance sheet, as described in Note 2x) A) to the Company&#8217;s consolidated financial statements included in the 2021 Annual Report, are as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z7cc8b086e22e413990acdd0919cc94cb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-weight: bold;">Twelve month periods ending</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right; font-weight: bold;">Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2023</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>11,739</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">March 31, 2024</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>9,573</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2025</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>5,900</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">March 31, 2026</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>6,242</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2027</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>5,900</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt;">March 31, 2028 and thereafter</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>10,464</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Total undiscounted lease payments</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">49,818</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">Discount based on incremental borrowing rate</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(4,716</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Present value of lease liability</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">45,102</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt;">The weighted average remaining lease term of these charter-in arrangements as of March 31, 2022 is&#160;5.70&#160;years.</div>
      <div style="text-align: justify;">The office rental payments required to be made after March 31, 2022, for the outstanding operating lease liabilities of the office rental arrangements, recognized on the balance sheet, as described in Note 2x) D) to
        the Company&#8217;s consolidated financial statements included in the 2021 Annual Report, are as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="zef0ea21756684de48f1a009ef788bba5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-weight: bold;">Twelve month periods ending</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right; font-weight: bold;">Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2023</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>287</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">March 31, 2024</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>153</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2025</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>31</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">March 31, 2026</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2027</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt;">March 31, 2028 and thereafter</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Total undiscounted lease payments</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">471</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt;">Discount based on incremental borrowing rate</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(1</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Present value of lease liability</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">470</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt;">The weighted average remaining lease term of these office rent arrangements as of March 31, 2022 is&#160;1.81&#160;years. Office rent expenses for the three-month periods ended March 31, 2021 and 2022 were $127 and $120,
        respectively. </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-9</font></div>
        <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>
        <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Transactions






          with Related Parties:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">Details of the Company&#8217;s transactions with related parties did not change in the three-month period ended March 31, 2022 and are discussed in Note 3 of the Company&#8217;s consolidated financial
        statements for the year ended December 31, 2021, included in the 2021 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">Transactions and balances with related parties are analyzed as follows:</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Balance Sheets</div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z771d0ae5db2b4ae283f6b3db1e36291d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="text-align: justify; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-weight: bold;">December 31, 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-weight: bold;">March 31, 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; font-weight: bold;">Due from related parties</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div>Oceanbulk Maritime and its affiliates</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>133</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>242</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;">Interchart</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify;">AOM</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>52</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div>Starocean</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>34</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>34</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Augustea Technoservices Ltd. and affiliates</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>487</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div>Product Shipping &amp; Trading S.A.</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>20</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: justify; font-weight: bold;">Due from related parties</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">242</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">766</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-weight: bold;">Due to related parties</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;">Combine Marine Ltd.</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>18</div>
            </td>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>159</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>12</div>
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            <td valign="bottom" style="vertical-align: middle; width: 76%;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div>&#160;</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
              <div>&#160;</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
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            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div>&#160;Voyage expenses-Interchart</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(945</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(3,870</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div>&#160;Voyage expenses- Augustea Technoservices Ltd. and affiliates</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(66</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div>&#160;Voyage expenses - Hartree Marine Fuels LLC</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(3,659</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-weight: bold;">&#160;General and administrative expenses:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div>&#160;Consultancy fees</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(136</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(137</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div>&#160;Directors compensation</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(45</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(45</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div>&#160;Office rent - Combine Marine Ltd. &amp;&#160; Alma Properties</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(11</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(10</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>&#160;General and administrative expenses - Oceanbulk Maritime and its affiliates</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(49</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(52</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">&#160;Management fees:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 76%;">
              <div>&#160;Management fees- Augustea Technoservices Ltd. and affiliates (f)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(1,620</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(1,122</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>&#160;Management fees- Iblea Ship Management Limited</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(400</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="font-weight: bold;">&#160;Charter-in hire expenses:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>&#160;Charter - in hire expenses - AOM</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(1,761</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;"> <br>
        </font></div>
      <font style="font-weight: bold;"> </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
      <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
      <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
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      <div style="text-align: justify; margin-bottom: 12pt;">The amounts shown in the consolidated balance sheets are analyzed as follows:</div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="zf1157dc6db294d76ab29aff0f5b2ec31" style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 60%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">December 31, 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">March 31, 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 60%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">&#160;Lubricants</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 18%; background-color: rgb(204, 238, 255);">
              <div>12,522</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 18%; background-color: rgb(204, 238, 255);">
              <div>13,775</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 60%; padding-bottom: 2px;">
              <div style="text-align: justify;">&#160;Bunkers</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 18%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>62,555</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 18%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>70,232</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 60%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-weight: bold;">&#160;Total</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 18%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">75,077</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 18%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">84,007</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 60%;">
              <div>&#160;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">5.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Vessels
          and other fixed assets, net:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">The amounts in the consolidated balance sheets are analyzed as follows:</div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z3f3b515bdb714209b2d774627964ba9e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;"> Cost</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Accumulated depreciation</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Net Book Value</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">&#160;Balance, December 31, 2021</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">3,818,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">(805,402</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">3,013,038</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%;">
              <div>&#160;- Acquisition of other fixed assets, vessel improvements and other vessel costs</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>8,033</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>8,033</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div>&#160;- Depreciation for the period</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(38,461</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div>)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(38,461</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 64%; padding-bottom: 4px;">
              <div style="font-weight: bold;">&#160;Balance, March 31, 2022</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">3,826,473</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">(843,863</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">
              <div style="font-weight: bold;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">2,982,610</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          </tr>

      </table>
      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
      </div>
      <div style="text-align: justify;">As of March 31, 2022, 87 of the Company&#8217;s 128 vessels, having a net carrying value of $2,101,608, serve as collateral under certain of the Company&#8217;s loan facilities and were subject to first-priority mortgages (Note
        7). Title of ownership is held by the relevant lenders for another&#160;35&#160;vessels with a carrying value of $811,039 to secure the relevant sale and lease back financing transactions (Note 6). In addition, certain of the Company&#8217;s vessels having a net
        carrying value of $468,889&#160;are subject to second-priority mortgages and serve as collateral under certain of the Company&#8217;s loan facilities (Note 7).</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">There was no change to the Company&#8217;s operating fleet during the three-month period ended March 31, 2022, while during this period the Company continued the technical upgrades to its fleet, such
        as the installation of ballast water treatment systems (&#8220;BWTS&#8221;)&#160; and Energy Saving Devices (&#8220;ESD&#8221;).</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-11</font></div>
        <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>
        <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-style: italic;"> <br>
        </div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">6.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Lease
          financing:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">Details of the Company&#8217;s lease financings are discussed in Note 6 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2021, included in the 2021 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">All of the Company&#8217;s lease financings bear interest at LIBOR plus a margin. The corresponding interest expense of the Company&#8217;s bareboat lease financing activities is included within &#8220;Interest
        and finance costs&#8221; in the unaudited interim condensed consolidated income statements (Note 7).</div>
      <div style="text-align: justify; margin-bottom: 12pt;">Some of the Company&#8217;s lease financings contain financial and other covenants similar to those included in its credit facilities, as described in Note 7 below and in Note 7 of the Company&#8217;s
        consolidated financial statements for the year ended December 31, 2021, included in the 2021 Annual Report, with which, as of March 31, 2022, the Company was in compliance (Note 7).</div>
      <div style="text-align: justify;">The principal payments required to be made after March 31, 2022, for the Company&#8217;s outstanding finance lease obligations recognized on the balance sheet, as of that date, are as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z56cac0d6597643b8872cac3ebc2d6579" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-weight: bold;">Twelve month periods ending</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: right; font-weight: bold;">Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2023</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>50,434</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">March 31, 2024</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>47,934</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2025</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>46,798</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">March 31, 2026</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>81,301</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2027</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>97,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt;">March&#160; 31, 2028 and thereafter</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>122,010</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Total bareboat lease minimum payments</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">445,713</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt;">Unamortized lease issuance costs</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(4,979</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Total bareboat lease minimum payments, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">440,734</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">Lease financing short term</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>50,434</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">Lease financing long term, net of unamortized lease issuance costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>390,300</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">7.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Long-term






          bank loans:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">Details of the Company&#8217;s credit facilities and debt securities are discussed in Note 7 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2021, included in the
        2021 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">In addition to the scheduled repayments during the three month period ended March 31, 2022, on March 24, 2022 the Company prepaid an amount of $4,100 corresponding to the outstanding loan amount
        of the vessel <font style="font-style: italic;">Star Omicron </font>under the HSBC $80,000 Facility. Furthermore, as further discussed in Note 7 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2021, included in
        the 2021 Annual Report, the HSBC Working Capital Facility, which had been subject to annual renewals from the lender, was not renewed in February 2022.</div>
      <div style="text-align: justify;">The Company&#8217;s credit facilities contain financial covenants and undertakings, a summary of which is included in Note 7 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2021, included
        in the 2021 Annual Report.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">As of December 31, 2021 and March 31, 2022, the Company was required to maintain minimum liquidity, not legally restricted, of $64,000, which is included within &#8220;Cash and cash equivalents&#8221; in the
        consolidated balance sheets. In addition, as of December 31, 2021 and March 31, 2022, the Company was required to maintain a minimum liquidity, legally restricted, of $22,986 and $20,282, respectively, which is included within &#8220;Restricted cash,
        current and non-current&#8221; in the consolidated balance sheets. The decrease in restricted cash is attributable to the decrease in collateral required under certain of the Company&#8217;s financial instruments (Note 12).</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <font style="font-weight: bold;">7.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Long-term bank loans - continued:</font>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">As of March 31, 2022, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements and lease financings described in Note 6.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The principal payments required to be made after March 31, 2022 for all of the then-outstanding bank debt, are as follows:</div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z3634fc1bccf54b5e9f2b189543ac65e1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-weight: bold;">Twelve month periods ending</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-weight: bold;">Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2023</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>155,396</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">March 31, 2024</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>244,901</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2025</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>211,705</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">March 31, 2026</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>174,445</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">March 31, 2027</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>210,540</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt;">March&#160; 31, 2028 and thereafter</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>62,443</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Total Long-term bank loans</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">1,059,430</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: 10pt;">Unamortized loan issuance costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(9,862</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Total Long-term bank loans, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">1,049,568</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%;">
              <div style="text-indent: 10pt;">Current portion of long-term bank loans</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>155,396</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">Long-term bank loans, net of current portion and unamortized loan issuance costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>894,172</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">All of the Company&#8217;s bank loans and applicable lease financings bear interest at LIBOR plus a margin, except for the DSF $55,000 Facility (Note 12).The weighted average interest rate (including
        the margin) related to the Company&#8217;s existing bank loans and lease financings for the three-month periods ended March 31, 2021 and 2022 was 3.06% and 2.74%, respectively.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The amounts of &#8220;Interest and finance costs&#8221; included in the unaudited interim condensed consolidated income statements are analyzed as follows:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z04ecea205d2e42c9a552d37ecf2bcab3">

            <tr>
              <td style="width: 73.82%; vertical-align: middle;">&#160;</td>
              <td colspan="5" style="width: 26.18%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Three months ended March 31</div>
              </td>
            </tr>
            <tr>
              <td style="width: 73.82%; vertical-align: middle;">&#160;</td>
              <td style="width: 2.59%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 9.34%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2021</div>
              </td>
              <td style="width: 2.84%; vertical-align: middle;">&#160;</td>
              <td style="width: 2.76%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 8.65%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2022</div>
              </td>
            </tr>
            <tr>
              <td style="width: 73.82%; vertical-align: middle; background-color: #CCECFF;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">Interest on financing agreements</div>
              </td>
              <td style="width: 2.59%; vertical-align: middle; background-color: #CCECFF;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
              </td>
              <td style="width: 9.34%; vertical-align: middle; background-color: #CCECFF;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">11,850</div>
              </td>
              <td style="width: 2.84%; vertical-align: middle; background-color: #CCECFF;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 2.76%; vertical-align: middle; background-color: #CCECFF;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
              </td>
              <td style="width: 8.65%; vertical-align: middle; background-color: #CCECFF;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">10,046</div>
              </td>
            </tr>
            <tr>
              <td style="width: 73.82%; vertical-align: middle;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 12)</div>
              </td>
              <td style="width: 2.59%; vertical-align: middle;">&#160;</td>
              <td style="width: 9.34%; vertical-align: middle;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">442</div>
              </td>
              <td style="width: 2.84%; vertical-align: middle;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 2.76%; vertical-align: middle;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 8.65%; vertical-align: middle;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">379</div>
              </td>
            </tr>
            <tr>
              <td style="width: 73.82%; vertical-align: middle; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">Amortization of debt (loan, lease &amp; notes) issuance costs</div>
              </td>
              <td style="width: 2.59%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 9.34%; vertical-align: middle; background-color: #CCEEFF;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">1,815</div>
              </td>
              <td style="width: 2.84%; vertical-align: middle; background-color: #CCEEFF;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 2.76%; vertical-align: middle; background-color: #CCEEFF;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 8.65%; vertical-align: middle; background-color: #CCEEFF;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">1,339</div>
              </td>
            </tr>
            <tr>
              <td style="width: 73.82%; vertical-align: middle; padding-bottom: 2px;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">Other bank and finance charges</div>
              </td>
              <td style="width: 2.59%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="width: 9.34%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">333</div>
              </td>
              <td style="width: 2.84%; vertical-align: middle; padding-bottom: 2px;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 2.76%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 8.65%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">318</div>
              </td>
            </tr>
            <tr>
              <td style="width: 73.82%; vertical-align: middle; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Interest and finance costs</div>
              </td>
              <td style="width: 2.59%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
                <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
              </td>
              <td style="width: 9.34%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">14,440</div>
              </td>
              <td style="width: 2.84%; vertical-align: middle; background-color: #CCEEFF;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 2.76%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
                <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
              </td>
              <td style="width: 8.65%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
                <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">12,082</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"> <br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"> </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">8.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Preferred






          and Common Shares and Additional Paid-in Capital:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">Details of the Company&#8217;s preferred shares and common shares are discussed in Note 8 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2021, included in the 2021
        Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">During the three months ended March 31, 2022, the Company issued and sold 147,898 common shares through the effective at-the-market offering programs for net proceeds of $4,350. In addition, 245
        common shares were issued under the Company&#8217;s Equity Incentive Plans, as defined in Note 10 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2021, included in the 2021 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">Pursuant to its dividend policy during the three month period ended March 31, 2022, the Company declared and paid a cash dividend of $204,568 (or $2.00 per common share) for the fourth quarter of
        2021.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><br>
        <div style="text-align: left; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">9.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Earnings






          per Share:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">The computation of basic earnings per share is based on the weighted average number of common shares&#160;outstanding for the three-month periods ended March 31, 2021 and 2022. The calculation of
        basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. Diluted earnings per share gives effect to stock awards, stock options and restricted stock units using the
        treasury stock method, unless the impact is anti-dilutive.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The Company calculates basic and diluted earnings per share as follows:</div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z20f3dfb2bb25478fa87eab851bed215f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-weight: bold;">Three months ended March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"> 2021</div>
            </td>
            <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"> 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="font-weight: bold;">Income / (Loss) :</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div>Net income / (loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div>35,763</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div>170,364</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-weight: bold;">Basic earnings / (loss) per share:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div>Weighted average common shares outstanding, basic</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>98,712,581</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>101,981,583</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: 100.4pt; font-weight: bold;">Basic earnings / (loss) per share</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">1.67</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div>&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-weight: bold;">Effect of dilutive securities:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div>Dillutive effect of non vested shares</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>307,363</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>276,090</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div>Weighted average common shares outstanding, diluted</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>99,019,944</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>102,257,673</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div>&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: 100.4pt; font-weight: bold;">Diluted earnings / (loss) per share</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">1.67</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">10.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Equity
          Incentive Plans:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">Details of the Company&#8217;s equity incentive plans and share awards granted through December 31, 2021, are discussed in Note 10 of the Company&#8217;s consolidated financial statements for the year ended
        December 31, 2021, included in the 2021 Annual Report.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The stock based compensation cost for the three month period ended March 31, 2021 amounted to $313. The stock based compensation cost for the three month period ended March 31, 2022 amounted to
        $1,233 and included an amount of $770 recognized in connection with the scrubber incentive award approved on June 7, 2021 (as further described in Note 10 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2021,
        included in the 2021 Annual Report). The respective charge was calculated based on the Company&#8217;s estimate of the intrinsic value of the award basis March 31, 2022 VLSFO-HSFO spread and assuming 5% of scrubber savings to be awarded by the Board of
        Directors.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">A summary of the status of the Company&#8217;s non-vested restricted shares as of March 31, 2022 and the movement during the three-month period ended March 31, 2022 is presented below.</div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="z357579143c6e44c69a37c1751b6072b2" style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Number of shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Weighted Average Grant Date Fair Value</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Unvested as at January 1, 2022</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>335,329</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>10.65</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-indent: 10pt;">Granted</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: 10pt;">Vested</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: 10.05pt; font-weight: bold;">Unvested as at March 31, 2022</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">335,329</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">10.65</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          </tr>

      </table>
      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">As of March 31, 2022, the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $6,889 (including the scrubber incentive award) and is expected to be
        recognized over the weighted average period of 2.53 years. During the three month period ended March 31, 2022 the Company paid $671 for dividends to non-vested shares.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-14</font></div>
        <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: 12pt;">
        <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">11.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Commitments






          and Contingencies:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Commitments:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The following tables set forth inflows and outflows related to the Company&#8217;s charter party arrangements and other commitments, as at March 31, 2022.</div>
      <div style="text-align: justify; margin-bottom: 12pt;"><u>Charter party arrangements</u>:</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="26" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Twelve month periods ending March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; font-size: 8pt; font-style: italic;">+ inflows/ - outflows</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;"> 2023</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;"> 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;"> 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;"> 2026</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;"> 2027</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">2028 and thereafter</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">Future, minimum, non-cancellable charter revenue (1)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">68,459</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">68,459</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-size: 8pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">68,459</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">68,459</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="font-size: 8pt; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 16%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb435e9f45d604365b8d2ff19d6763324">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The amounts represent the minimum contractual charter revenues to be generated from the existing, as of March 31, 2022, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days
                other than those related to scheduled interim and special surveys of the vessels.</div>
            </td>
          </tr>

      </table>
      <div>
        <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;"><u>Other commitments</u>:</div>
      </div>
      <div>
        <div style="margin-bottom: 4pt;"><br>
        </div>
      </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="z28124ece825b4cc08010f94095222bd7">

          <tr>
            <td style="width: 23.85%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 2.14%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td colspan="19" style="width: 71.79%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Twelve month periods ending March 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.85%; vertical-align: middle;">
              <div style="text-align: justify; font-size: 8pt; font-style: italic;">+ inflows/ - outflows</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle;">
              <div style="text-align: justify; font-size: 8pt; font-style: italic;">&#160;</div>
            </td>
            <td style="width: 2.14%; vertical-align: middle;">
              <div style="text-align: justify; font-size: 8pt; font-style: italic;">&#160;</div>
            </td>
            <td style="width: 8.28%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">Total</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 6.53%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 6.46%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">2024</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 7.03%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">2025</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 6.33%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">2026</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 6.33%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">2027</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 8.52%; vertical-align: middle;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">2028 and thereafter</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.85%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">Vessel BWTS and ESD (1)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 2.14%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 8.28%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(19,558)</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 6.53%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;(17,154)</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 6.46%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,404)</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 7.03%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 6.33%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 6.33%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt;">&#160;</div>
            </td>
            <td style="width: 8.52%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.85%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td style="width: 2.22%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td style="width: 2.14%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 8.28%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 1.73%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.99%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 6.53%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 1.73%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.99%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 6.46%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 1.73%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.99%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 7.03%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 1.73%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.99%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 6.33%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 1.73%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.99%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 6.33%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 1.73%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.99%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 8.52%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 23.85%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">Total</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2.14%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.28%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(19,558)</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 6.53%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;(17,154)</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 6.46%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,404)</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 7.03%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 6.33%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 6.33%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
            <td style="width: 1.73%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 1.99%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: justify; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.52%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div style="text-align: right; font-size: 8pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
          </tr>

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

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The amounts represent the Company&#8217;s commitments as of March 31, 2022, for vessel upgrades (BWTS and ESD).</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Legal
          proceedings</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise
        from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company&#8217;s vessels.&#160; The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is
        probable and is able to reasonably estimate the probable exposure.&#160; Currently, management is not aware of, and has not accrued for, any such claims or contingent liabilities requiring disclosure in the unaudited interim condensed consolidated
        financial statements.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-15</font></div>
        <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>
        <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">12.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Fair
          value measurements and Hedging:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Interest rate swaps</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The Company from time to time enters into interest rate derivative contracts to manage interest costs and risks associated with changing interest rates with respect to certain of its credit
        facilities. Details of the Company&#8217;s interest rate swaps are discussed in Note 17 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2021, included in the 2021 Annual Report.</div>
      <div style="text-align: justify;">The Company&#8217;s interest rate swaps were designated and qualified as cash flow hedges. The effective portion of the unrealized gains/losses from those swaps is recorded in Other Comprehensive Income / (Loss). No
        portion of the cash flow hedges was ineffective during the three-month periods ended March 31, 2021 and 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">A gain of approximately $10,030 in connection with the interest rate swaps is expected to be reclassified into earnings during the following 12-month period when realized.</div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Freight Derivatives and Bunker Swaps</div>
      <div style="text-align: justify; margin-bottom: 12pt;">During the year ended December 31, 2021 and the three-month period ended March 31, 2022, the Company entered into a number of freight derivatives, including freight forward agreements (&#8220;FFAs&#8221;),
        freight options and bunker swaps, the results of which for the three-month periods ended March 31, 2021 and 2022 and the valuation of their open positions as at December 31, 2021 and March 31, 2022 are presented in the tables below.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The amounts of Gain / (Loss) on interest rate swaps, freight derivatives and bunker swaps recognized in the unaudited interim condensed consolidated income statements, are analyzed as follows:</div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="ze303a8e92edc4d42a75947e250c54983" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-indent: 10.05pt; font-weight: bold;">&#160;</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: 30pt;">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 7)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(442</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div>)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(379</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div>)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-weight: bold;">(442</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">
              <div style="font-weight: bold;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-weight: bold;">(379</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">
              <div style="font-weight: bold;">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
              <div>&#160;</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; font-style: italic; font-weight: bold;">Gain/(loss) on forward freight agreements and bunker swaps, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">Realized gain/(loss) on forward freight agreements and freight options</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>(891</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>5,523</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify;">Realized gain/(loss) on bunker swaps</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(4,086</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">Unrealized gain/(loss) on forward freight agreements and freight options</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>(1,194</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>(4,353</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
              <div style="text-align: justify;">Unrealized gain/(loss) on bunker swaps</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>293</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-weight: bold;">Total Gain/(loss) recognized</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">(2,085</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">(2,623</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">)</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-16</font></div>
        <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>
        <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">12.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Fair
          value measurements and Hedging - continued:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">The following table summarizes the valuation of the Company&#8217;s financial instruments as of December 31, 2021 and March 31, 2022. The fair value of freight derivatives and bunker swaps was
        determined through Level 1 inputs of the fair value hierarchy (quoted prices from the applicable exchanges such as London Clearing House (LCH) or Singapore Exchange (SGX)), while the fair value of the interest rate swaps was determined through
        Level 2 inputs of the fair value hierarchy (such as interest rate curves).</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify;">&#160;&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="14" style="vertical-align: middle;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle; padding-left: 16%; padding-bottom: 2px;">
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            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">(not designated as cash flow hedges)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">(designated as cash flow hedges)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">(not designated as cash flow hedges)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">(designated as cash flow hedges)</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; font-weight: bold;">ASSETS</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Forward freight agreements - current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Derivatives, current asset portion</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>1,440</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>222</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify;">Bunker swaps - current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify;">Derivatives, current asset portion</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify;">Forward freight agreements - non-current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify;">Derivatives, non-current asset portion</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>150</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>113</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">1,597</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">334</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-weight: bold;">LIABILITIES</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify;">Forward freight agreements - current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify;">Derivatives, current asset portion</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>3,098</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify;">Bunker swaps - current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify;">Derivatives, current asset portion</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>300</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">300</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">3,098</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="text-align: justify;">&#160;</div>
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              <div style="text-align: justify;">&#160;&#160;</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="14" style="vertical-align: middle;">
              <div style="text-align: center; font-weight: bold;">Significant Other Observable Inputs (Level 2)</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">December 31, 2021</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">March 31, 2022</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle; padding-left: 12%; padding-bottom: 2px;">
              <div style="text-align: justify; font-weight: bold;">Balance Sheet Location</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">(not designated as cash flow hedges)</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">(designated as cash flow hedges)</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">(not designated as cash flow hedges)</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">(designated as cash flow hedges)</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; font-weight: bold;">ASSETS</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Interest rate swaps - current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Derivatives, current asset portion</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>549</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>8,682</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; padding-bottom: 2px;">
              <div style="text-align: justify;">Interest rate swaps - non-current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; padding-bottom: 2px;">
              <div style="text-align: justify;">Derivatives, non-current asset portion</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>6,763</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>14,927</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">7,312</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">23,609</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; font-weight: bold;">LIABILITIES</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify;">Interest rate swaps - current</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: justify;">Derivatives, current liability portion</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>443</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 26%;">
              <div style="text-align: justify; font-weight: bold;">&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">443</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">Certain of the Company&#8217;s financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open position under such financial
        instruments, which as of December 31, 2021 and March 31, 2022 amounted to $10,128 and $7,295, respectively, and are included within &#8220;Restricted cash, current&#8221; in the consolidated balance sheets (Note 7).</div>
      <div style="text-align: justify; margin-bottom: 12pt;">The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial
        instruments. The fair value of long-term bank loans and financing under bareboat leases (Level 2), bearing interest at variable interest rates, approximates their recorded values as of March 31, 2022, due to the variable interest rate nature
        thereof. The fair value of the DSF $55,000 Facility (Note 7) as of March 31, 2022, measured through level 2 inputs (such as interest rate curves) is $48,384, which is $270 lower than the loan&#8217;s book value of $48,654.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-17</font></div>
        <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 style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </div>
      </div>
      <div><font style="font-weight: bold;"> <br>
        </font></div>
      <div><font style="font-weight: bold;">13.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Voyage revenues:</font></div>
      <div><br>
      </div>
      <div>The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the three-month periods ended March 31, 2021 and 2022, as presented in the consolidated income statements:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="z3804d268f9f74e14a097a77fd2091d0f" style="width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-weight: bold;">Three months ended March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-weight: bold;"> 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div>Time charters</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>95,087</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>198,630</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div>Voyage charters</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>105,897</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>158,292</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div>Pool revenues</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(517</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>3,961</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">200,467</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="font-weight: bold;">360,883</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">As of March 31, 2022, trade accounts receivable, (excluding the provision for doubtful debt) increased by $5,548, and deferred revenue decreased by $9,138 compared to December 31, 2021. These changes were mainly
        attributable to the timing of collections.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Further, as of March 31, 2022, deferred assets related to revenue contracts (included within &#8220;Other current assets&#8221; in the consolidated balance sheets) remained almost unchanged compared to December 31, 2021, from
        $4,923 to $4,931. The outstanding balance is mainly affected by the timing of commencement of revenue recognition.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $24,960 as unearned revenue related to voyages in progress as of
        December 31, 2021, which were recognized in earnings in the three month period ended March 31, 2022 as the performance obligations were satisfied in that period. In addition, the Company recorded $15,822&#160;as unearned revenue related to voyages in
        progress as of March 31, 2022, which will be recognized in earnings during the remaining of the year ending December 31, 2022 as the performance obligations will be satisfied during that period.</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify;">The adjustment to Company&#8217;s revenues from the vessels operating in the CCL Pool, deriving from the allocated pool result for those vessels as determined in accordance with the agreed-upon formula, for the
          three-month periods ended March 31, 2021 and 2022 was ($320) and&#160;$3,962, respectively, and is included within &#8220;Pool Revenues&#8221; in the table above, while the corresponding adjustment to Company&#8217;s revenues from the Short Pool for the three-month
          periods ended March 31, 2021 and 2022 was ($171) and $147&#160;and is included within &#8220;Pool Revenues&#8221; in the table above. Pool Revenues also include other minor participation adjustments.</div>
      </div>
      <div>
        <div style="text-align: justify; margin-left: 20pt;">&#160;</div>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-18</font></div>
        <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>
        <div style="font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022</div>
        <div style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">14.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Subsequent






          Events:</font></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6c121f3c1e0549fa9d0c80375c334fc6">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On May 24, 2022, pursuant to the Company&#8217;s dividend policy, the Company&#8217;s Board of Directors declared a quarterly cash dividend of $1.65 per share payable on or about June 16, 2022 to all shareholders of record as of June 3, 2022. The
                ex-dividend date is expected to be June 2, 2022.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd99ffe0191994ad0a932710e1aacb761">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Subsequent to March 31, 2022, the Company issued and sold 506,792 common shares through the effective at-the-market offering programs for net proceeds of $15,442. In addition, subsequent to March 31, 2022, the Company repurchased 450,011
                shares under the authorized share repurchase program (the &#8220;Share Repurchase Program&#8221;) in open market transactions at an average price of $26.07 per share, for an aggregate consideration of $11,731. The repurchased shares were cancelled and
                removed from the Company&#8217;s share capital.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd6a0f3fe7ad44a66844c14b3fb9ad200">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On May 24, 2022, the Company repaid the outstanding amounts of $83.6 million under the lease agreements of the Eneti Acquisition Vessels acquired in February 2021. The Company has received credit committee approval from a major European
                Bank for an amount of up to $100.0 million to replenish the cash used for the prepayment of the outstanding lease amounts of the aforementioned vessels and refinance two additional vessels with an outstanding debt balance of $16.1 million
                as of the date of the Company&#8217;s unaudited interim condensed consolidated financial statements for the three months ended March 31, 2022.</div>
            </td>
          </tr>

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

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>
                  <div style="font-family: 'Times New Roman';">Subsequent to March 31, 2022, the Company's Board of Directors adopted the 2022 Equity Incentive Plan (the &#8220;2022 Plan&#8221;) and reserved for issuance 810,000 common shares <font style="font-weight: normal;">thereunder, </font><font style="font-weight: bold;"><font style="font-weight: normal;">all of which</font> </font>were granted to certain directors, officers and employees.</div>
                </div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: right;"> <br>
    </div>
    <div style="text-align: right;"> <br>
    </div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">F-19<br>
    </div>
  </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d9515366_ex99-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 8.2.0.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<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; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 99.2</div>
    <div style="text-align: center; font-family: Calibri, sans-serif; font-weight: bold;"><img width="315" height="83" src="image00002.jpg"></div>
    <div style="text-align: center; font-family: Calibri, sans-serif; font-weight: bold;">STAR BULK CARRIERS CORP. REPORTS NET PROFIT OF $170.4 MILLION</div>
    <div style="text-align: center; font-family: Calibri, sans-serif; font-weight: bold;">FOR THE FIRST QUARTER OF 2022</div>
    <div style="text-align: center; font-family: Calibri, sans-serif; font-weight: bold;">AND DECLARES QUARTERLY DIVIDEND OF $1.65 PER SHARE</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;"><font style="font-weight: bold;">ATHENS, GREECE, May 24, 2022</font> &#8211; Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping
      company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the first quarter of 2022.<font style="font-family: Arial, sans-serif; font-style: italic;">&#160;</font>Unless otherwise
      indicated or unless the context requires otherwise, all references in this press release to "we," "us," "our," or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif; font-weight: bold;"><u>Financial Highlights</u></div>
    <div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z1cc08fab85a14cb3a4d95df0ba6e718f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" colspan="8" style="vertical-align: top;">
              <div style="color: #000000; font-family: Calibri;">(Expressed in thousands of U.S. dollars,</div>
              <div style="color: #000000; font-family: Calibri;">except for daily rates and per share data)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Voyage Revenues</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">360,883</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">200,467</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Net income/(loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">170,364</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">35,763</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Adjusted Net income / (loss)&#160; <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">175,562</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">35,744</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Net cash provided by operating activities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">229,156</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">79,176</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">220,683</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">84,499</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Adjusted EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">225,881</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">84,667</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Earnings / (loss) per share basic and diluted</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">1.67</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Adjusted earnings / (loss) per share basic <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">1.72</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Adjusted earnings / (loss) per share diluted <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">1.72</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Average Number of Vessels</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">128.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">119.3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">TCE Revenues <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">304,904</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">156,394</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Daily Time Charter Equivalent Rate ("TCE") <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">27,405</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">15,462</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Daily OPEX per vessel <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">4,988</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">4,410</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Daily OPEX per vessel (excl. non recurring expenses) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">4,747</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">4,251</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Daily Net Cash G&amp;A expenses per vessel <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">1,065</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">1,087</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="font-size: 9pt;"><br>
    </div>
    <div style="font-size: 9pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1ce499bd00f490ca633188abd885657">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-size: 9pt;">
            <div style="font-family: Calibri,sans-serif; font-style: italic;">Adjusted Net income / (loss) and Adjusted earnings / (loss) per share basic and diluted are non-GAAP measures. Please see the table at the end of this release for a
              reconciliation to Net income / (loss), which is the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States (&#8220; U.S. GAAP&#8221;), as well as for the
              definition of each measure.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6623c0ac7be34516b363c00d8eee5a7a">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-size: 9pt;">
            <div style="font-family: Calibri,sans-serif; font-style: italic;">EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the table at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by /
              (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP as well as for the definition of each measure. To derive Adjusted EBITDA from EBITDA, we exclude
              non-cash gains / (losses).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1177d31529d0408284e4e250ac98289d">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-size: 9pt;">
            <div style="font-family: Calibri,sans-serif; font-style: italic;">Daily Time Charter Equivalent Rate (&#8220;TCE&#8221;) and TCE Revenues are non-GAAP measures. Please see the table at the end of this release for a reconciliation to Voyage Revenues, which
              is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb7923948803142abb119b545d0e380df">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-size: 9pt;">
            <div style="font-family: Calibri,sans-serif; font-style: italic;">Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (which excludes non-recurring expenses) is
              calculated by dividing vessel operating expenses minus any non-recurring items (such as, increased costs due to the COVID-19 pandemic or pre-delivery expenses for each vessel at acquisition, if any) by Ownership days. In the future we may
              incur expenses that are the same as or similar to certain non-recurring expenses that were previously excluded.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15042f72aed340b9b2400a8f14b16835">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-size: 9pt;">
            <div style="font-family: Calibri,sans-serif; font-style: italic;">Daily Net Cash G&amp;A expenses per vessel is calculated by (1) deducting the Management fee Income (if any), from, and (2)&#160;adding the Management fee expense to, the General and
              Administrative expenses (net of share-based compensation expense and other non-cash charges) and (3)&#160;then dividing the result by the sum of Ownership days and Charter-in days. Please see the table at the end of this release for a
              reconciliation to General and administrative expenses, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri,sans-serif; font-weight: bold;">Petros Pappas, Chief Executive Officer of Star Bulk, commented:</div>

    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri,sans-serif; font-style: italic;">&#8220;Star Bulk reported strong results for the first quarter of 2022, with&#160;Net Income of $170.4 million, EBITDA of $220.7 million
      and TCE Revenues of&#160;$304.9 million. TCE for the quarter was $27,405 / day per vessel, an increase of 77% YoY. This result marks our strongest daily TCE performance for the first quarter of a year, when rates are traditionally weaker, since 2009.
      Looking to the next quarter, we have covered 74.3% of our available days for Q2 at a TCE of $29,759 / day per vessel.</div>

    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri,sans-serif; font-style: italic;">We continue to return profits to our shareholders, with the Board of Directors approving a dividend of $1.65 per share as per
      the Company&#8217;s existing dividend policy. Over the last four quarters, we have distributed a dividend of $5.60 per share to our shareholders.</div>

    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri,sans-serif; font-style: italic;">Dry bulk market prospects are favorable, notwithstanding the challenging global economic conditions. Main driver remains&#160;the
      limited supply growth with the historically low vessel orderbook and the upcoming environmental regulations further suppressing orders and speeds. Demand is still robust with continued strong commodity flows over longer distances due to
      infrastructure investments and trade dislocations.&#8221;</div>
    <div><br>
    </div>
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    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: Calibri, sans-serif; font-style: italic; font-weight: bold;"><u>Recent Developments</u></div>
    <div style="font-family: Calibri, sans-serif; font-weight: bold;">Declaration of Dividend</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">As of March 31, 2022, we owned 128 vessels and our Total Cash Balance was $444.4 million. Taking into account the Minimum Cash Balance per Vessel of $2.10 million
      and deducting also the net proceeds of $4.3 million for the shares issued and sold under our effective at-the-market offering programs during the quarter (as described below), on May 24, 2022, pursuant to our dividend policy, our Board of Directors
      declared a quarterly cash dividend of $1.65 per share, payable on or about June 16, 2022 to all shareholders of record as of June 3, 2022. The ex-dividend date is expected to be June 2, 2022.</div>
    <div style="font-family: Calibri, sans-serif; font-weight: bold;">Shares Outstanding Update</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">During 2022 and through the date of this release, we have issued and sold 654,690 common shares under the effective at-the-market<font style="font-family: Arial, sans-serif;">&#160;</font>offering programs at an average price of $30.85 per share, resulting in net proceeds of $19.8 million, of which we received $4.3 million as of March 31, 2022.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">In April 2022, we repurchased 450,011 common shares in open market transactions at an average price of $26.07 per share for an aggregate consideration of $11.7
      million, pursuant to the previously announced $50.0 million share repurchase program, all of which were cancelled and removed from our share capital as of the date of this release. As of today, we have $28.0 million outstanding under the authorized
      share repurchase program (the &#8220;Share Repurchase Program&#8221;).</div>
    <div style="font-family: Calibri, sans-serif; font-weight: bold;">Financing</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">On May 24, 2022, we repaid the outstanding amounts of $83.6 million under the lease agreements of the seven vessels acquired in February 2021 from Eneti Inc. We
      have received credit committee approval from a major European Bank for an amount of up to $100.0 million to replenish the cash used for the prepayment of the outstanding lease amounts of the aforementioned vessels and refinance two additional vessels
      with an outstanding debt balance of $16.1 million as of today.&#160; As a result of the new facility, we expect to save approximately $1.5 million per year in interest costs.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif; font-style: italic; font-weight: bold;"><u>Vessel Employment Overview</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">Daily Time Charter Equivalent Rate (&#8220;TCE&#8221;) is a non-GAAP measure.&#160; Please see the table at the end of this release for a reconciliation to Voyage Revenues, which
      is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4c99123aa87c490f8c5d13a5cc04c4b3">

        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: Calibri, sans-serif; font-weight: bold;">For the first quarter of 2022 our TCE rate was:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: Calibri, sans-serif;">Capesize / Newcastlemax Vessels:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: Calibri, sans-serif;">$26,236 per day.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: Calibri, sans-serif;">Post Panamax / Kamsarmax / Panamax Vessels:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: Calibri, sans-serif;">$27,994 per day.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: Calibri, sans-serif;">Ultramax / Supramax Vessels:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: Calibri, sans-serif;">$27,169 per day.</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><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif; font-style: italic;">Amounts shown throughout the press release and variations in period&#8211;on&#8211;period comparisons are derived from the actual unaudited numbers in our
      books and records. Reference to per share figures below are based on 102,257,673 and 99,019,944 weighted average diluted shares for the first quarter of 2022 and 2021, respectively.</div>
    <div style="margin-bottom: 12pt; font-family: Calibri, sans-serif; font-weight: bold;"><u>First Quarter 2022 and 2021 Results</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">For the first quarter of 2022, we had a net income of $170.4 million, or $1.67 earnings per share, compared to a net income for the first quarter of 2021 of $35.8
      million, or $0.36 earnings per share.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">Adjusted net income, which excludes certain non-cash items, was $175.6 million, or $1.72 earnings per share, for the first quarter of 2022, compared to an adjusted
      net income for the first quarter of 2021 of $35.7 million, or $0.36 earnings per share.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">Net cash provided by operating activities for the first quarter of 2022 was $229.2 million, compared to $79.2 million for the first quarter of 2021. Adjusted
      EBITDA, which excludes certain non-cash items, was $225.9 million for the first quarter of 2022, compared to $84.7 million for the first quarter of 2021.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">Voyage revenues for the first quarter of 2022 increased to $360.9 million from $200.5 million in the first quarter of 2021 and Time charter equivalent revenues
      (&#8220;TCE Revenues&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> were $304.9 million for the first quarter of 2022, compared to $156.4 million for the first quarter of 2021. TCE rate for the first quarter of 2022 was $27,405 compared to $15,462 for the first quarter of 2021 which is
      indicative of the significantly improved market conditions prevailing during the recent quarter.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">For the first quarters of 2022 and 2021, vessel operating expenses were $57.5 million and $47.4 million, respectively, primarily driven by the increase in the
      average number of vessels in our fleet to 128.0 vessels in the first quarter of 2022 from 119.3 vessels for the respective quarter of 2021. Vessel operating expenses for the first quarter of 2022 included additional crew expenses related to the
      increased number and cost of crew changes performed during the period as a result of COVID-19 restrictions estimated to be $2.8 million. Vessel operating expenses for the first quarter of 2021 included COVID-19 related expenses of $1.3 million and
      pre-delivery and pre-joining expenses of $0.5 million. Excluding non-recurring expenses such as&#160; the increased costs due to COVID-19 and pre-delivery and pre-joining expenses, our daily operating expenses per vessel for the first quarters of 2022 and
      2021 were $4,747 and $4,251, respectively. This increase was mainly driven by higher repair and maintenance costs due to the preventive maintenance program of our fleet, ensuring quality service to our clients and minimizing off hire time.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">General and administrative expenses for the first quarters of 2022 and 2021 were $8.8 million and $7.3 million, respectively, primarily due to the increase in the
      stock based compensation expense to $1.2 million from $0.3 million and the average number of vessels in our fleet. Vessel management fees for the first quarters of 2022 and 2021 were $4.8 million and $4.7 million, respectively. Our daily net cash
      general and administrative expenses per vessel (including management fees and excluding share-based compensation and other non-cash charges) for the first quarters of 2022 and 2021 were $1,065 and $1,087, respectively.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">Interest and finance costs net of interest and other income/(loss) for the first quarters of 2022 and 2021 were $11.8 million and $12.7 million, respectively. This
      decrease is primarily attributable to the decline in the average interest rate on our outstanding indebtedness, mainly driven by the refinancing of certain of our debt agreements and the redemption of our outstanding 8.30% Senior Notes in July 2021,
      as well as the decrease in the weighted average outstanding debt balance during the corresponding periods.</div>
    <br>
    <br>
    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div style="font-family: Calibri,sans-serif; font-size: 9pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Please see the table at the end of this release for the calculation of the TCE Revenues.</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><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: Calibri, sans-serif; font-weight: bold;"><u>Unaudited Consolidated Statement of Operations</u></div>
    <div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z9182c25bac514bfbb6bbb493c1ce91de" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Calibri; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div style="text-align: right; color: #000000; font-family: Calibri; font-weight: bold;">First quarter 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div style="text-align: right; color: #000000; font-family: Calibri; font-weight: bold;">First quarter 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Revenues:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Voyage revenues</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">360,883</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">200,467</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Total revenues</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">360,883</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">200,467</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Expenses:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Voyage expenses</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(53,404</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(40,052</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Charter-in hire expense</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(4,012</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(2,943</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Vessel operating expenses</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(57,466</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(47,354</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Dry docking expenses</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(8,727</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(12,191</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Depreciation</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(38,461</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(36,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Management fees</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(4,839</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(4,667</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">General and administrative expenses</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(8,765</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(7,297</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Gain/(Loss) on forward freight agreements and bunker swaps</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(2,623</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(2,085</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Other operational loss</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(614</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(1,340</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Other operational gain</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">267</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">1,017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Gain on time charter agreement termination</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">1,102</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Operating income/(loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">182,239</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">48,424</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Interest and finance costs</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(12,082</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(14,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Interest and other income/(loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">1,750</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Loss on debt extinguishment, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Total other expenses, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">(11,821</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">(12,690</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Income/(Loss) before equity in investee</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">170,418</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">35,734</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Equity in income/(loss) of investee</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">29</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Income/(Loss) before taxes</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">170,401</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">35,763</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Income taxes</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(37</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Net income/(loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">170,364</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">35,763</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Earnings/(loss) per share, basic and diluted</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">1.67</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Weighted average number of shares outstanding, basic</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">101,981,583</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">98,712,581</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Weighted average number of shares outstanding, diluted</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">102,257,673</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">99,019,944</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: Calibri, sans-serif; font-weight: bold;"><u>Unaudited Consolidated Condensed Balance Sheet Data</u></div>
    <div style="margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z259edc750898462d9ada6dea7c5f0e33" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
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              <div style="color: #000000; font-family: Calibri; font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">ASSETS</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">March 31, 2022</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">December 31, 2021</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Cash and cash equivalents and resticted cash, current</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">442,385</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">471,250</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Calibri;">Other current assets</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Calibri;">221,516</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Calibri;">211,674</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">TOTAL CURRENT ASSETS</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">663,901</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">682,924</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Vessels and other fixed assets, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">2,982,610</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">3,013,038</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Restricted cash, non current</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">2,021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">2,021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Calibri;">Other non-current assets</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Calibri;">62,162</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Calibri;">56,736</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">TOTAL ASSETS</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">3,710,694</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">3,754,719</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Current portion of long-term bank loans and lease financing</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">205,830</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">207,135</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Calibri;">Other current liabilities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Calibri;">105,960</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Calibri;">83,661</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">TOTAL CURRENT LIABILITIES</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">311,790</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">290,796</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of $14,841 and $16,171, respectively)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">1,284,472</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">1,334,593</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Calibri;">Other non-current liabilities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Calibri;">46,516</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Calibri;">49,312</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">TOTAL LIABILITIES</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">1,642,778</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">1,674,701</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">2,067,916</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">2,080,018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">3,710,694</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">3,754,719</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          </tr>

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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: Calibri, sans-serif; font-weight: bold;"><u>Unaudited Consolidated Condensed Cash Flow Data</u></div>
    <div style="margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" class="cfttable" id="zc6578cf28e574b1689c55858cc20230c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
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              <div style="color: #000000; font-family: Calibri; font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000; font-family: Calibri; font-weight: bold;">First quarter 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000; font-family: Calibri; font-weight: bold;">First quarter 2021</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Net cash provided by / (used in) operating activities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">229,156</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">79,176</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; margin-left: 9pt;">Acquisition of vessels and other fixed assets</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(101</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(53,436</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; margin-left: 9pt;">Capital expenditures for vessel modifications/upgrades</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(6,313</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(11,395</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; margin-left: 9pt;">Insurance Proceeds</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">1,600</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">4,544</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Net cash provided by / (used in) investing activities</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">(4,814</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">(60,287</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; margin-left: 9pt;">Proceeds from vessels' new debt</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">36,000</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; margin-left: 9pt;">Scheduled vessels' debt repayment</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(52,756</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(43,416</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; margin-left: 9pt;">Financing fees</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">(1,340</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">)</div>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; margin-left: 9pt;">Refund of financing premia</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">903</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; margin-left: 9pt;">Shares issued</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">4,350</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; margin-left: 9pt;">Dividend payments</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">(204,801</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">Net cash provided by / (used in) financing activities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">(253,207</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">(7,853</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri; font-weight: bold;">)</div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="font-family: Calibri, sans-serif; font-weight: bold;"><u>Summary of Selected Data</u></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;">
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          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000; font-family: Calibri; font-weight: bold;">First quarter 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000; font-family: Calibri; font-weight: bold;">First quarter 2021</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Calibri;">Average number of vessels (1)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Calibri;">128.0</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Calibri;">119.3</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Number of vessels (2)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">128</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">125</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Calibri;">Average age of operational fleet (in years) (3)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Calibri;">10.1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Calibri;">9.3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Ownership days (4)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">11,520</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">10,737</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Calibri;">Available days (5)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Calibri;">11,126</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Calibri;">10,115</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Charter-in days (6)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">199</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">175</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Daily Time Charter Equivalent Rate (7)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">27,405</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">15,462</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Daily OPEX per vessel (8)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">4,988</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">4,410</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">Daily OPEX per vessel (excl. non recurring expenses) (8)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">4,747</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Calibri;">4,251</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Calibri;">Daily Net Cash G&amp;A expenses per vessel (9)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">1,065</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Calibri;">1,087</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(1) Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number
      of days each operating vessel was a part of our owned fleet during the period divided by the number of calendar days in that period.</div>
    <div style="text-align: justify; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(2) As of the last day of the periods reported.</div>
    <div style="text-align: justify; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(3) Average age of our operational fleet is calculated as of the end of each period.</div>
    <div style="text-align: justify; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(4) Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale
      and leaseback transactions and finance leases.</div>
    <div style="text-align: justify; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(5) Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate
      surveys and for vessels&#8217; improvements and upgrades. The available days for each period presented were also decreased by off-hire days relating to disruptions in connection with crew changes as a result of COVID-19. Our method of computing
      Available&#160;Days may&#160;not necessarily be comparable to Available Days of other companies due to differences in methods of calculation.</div>
    <div style="text-align: justify; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(6) Charter-in days are the total days that we charter-in vessels, not owned by us.</div>
    <div style="text-align: justify; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(7) Time charter equivalent rate&#160;represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet under
      charter-in arrangements). TCE rate is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of voyage revenues net of voyage expenses,
      charter-in hire expense, amortization of fair value of above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements (&#8220;FFAs&#8221;) and bunker swaps by (b) Available
      days for the relevant time period. Available days do not include the Charter-in days as per the relevant definitions provided above. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would
      otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the
      chartering result of our fleet and is more comparable to the method used by our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with voyage revenues, the most directly comparable
      GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard
      shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements)
      under which its vessels may be employed between the periods. Our method of computing TCE Revenues and TCE rate may&#160;not necessarily be comparable to those of other companies due to differences in methods of calculation. For a detailed calculation
      please see the table at the end of this release with the reconciliation of Voyage Revenues to TCE.</div>
    <div style="text-align: justify; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">&#160;(8) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days. Daily OPEX per vessel (excluding non- recurring
      expenses) is calculated by dividing vessel operating expenses minus any non-recurring expenses or other additional expenses due to conditions outside of the Company&#8217;s control (such as pre-delivery expenses for each vessel at acquisition or increased
      costs due to the COVID-19 pandemic, if any<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>) by Ownership days. We exclude non-recurring expenses that may occur occasionally from our Daily OPEX per vessel, since these generally represent items that we would not anticipate occurring as
      part of our normal business on a regular basis. We believe that Daily OPEX per vessel (excluding non-recurring expenses) is a useful measure for our management and investors for period to period comparison with respect to our operating cost
      performance since such measure eliminates the effects of non-recurring items which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance. In the future we may incur
      expenses that are the same as or similar to certain non-recurring expenses that were previously excluded.</div>
    <div style="text-align: justify; font-family: Calibri,sans-serif; font-size: 9pt; font-style: italic;">(9) Please see the table at the end of this release for the reconciliation to General and administrative expenses, the most directly comparable GAAP
      measure. We believe that Daily Net Cash G&amp;A expenses per vessel is a useful measure for our management and investors for period to period comparison with respect to our financial performance since such measure eliminates the effects of non-cash
      items which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance.</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: 12pt; font-family: Calibri, sans-serif; font-weight: bold;"><u>EBITDA and Adjusted EBITDA Reconciliation</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">We include EBITDA herein since it is a basis upon which we assess our liquidity position. It is also used by our lenders as a measure of our compliance with
      certain loan covenants and we believe that it presents useful information to investors regarding our ability to service and/or incur indebtedness.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of vessels, share based compensation expense, impairment
      loss, loss from bad debt, change in fair value of forward freight agreements and bunker swaps and the equity in income/(loss) of investee and other non-cash charges, if any, which may vary from period to period and for different companies and because
      these items do not reflect operational cash inflows and outflows of our fleet.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or net income, as determined by
      United States generally accepted accounting principles, or U.S. GAAP. Our method of computing EBITDA and Adjusted EBITDA may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of
      calculation.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">The following table reconciles net cash provided by operating activities to EBITDA and Adjusted EBITDA:</div>
    <div style="margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Net cash provided by/(used in) operating activities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">229,156</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">79,176</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Net decrease / (increase) &#160;in current assets</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">6,119</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">26,623</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Net increase / (decrease) in operating &#160;liabilities, excluding current portion of long term debt</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(19,801</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(30,697</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Share &#8211; based compensation</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(1,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(313</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Amortization of deferred finance charges</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(1,339</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(1,815</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Unrealized gain / (loss) on forward freight agreements and bunker swaps</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(4,060</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(1,194</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Total other expenses, net</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">11,821</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">12,690</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Income tax</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">37</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Equity in income/(loss) of investee</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">29</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">EBITDA</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">220,683</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">84,499</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Equity in (income)/loss of investee</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(29</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Gain on time charter agreement termination</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(1,102</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Unrealized (gain)/loss on forward freight agreements and bunker swaps</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">4,060</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">1,194</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Share-based compensation</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">1,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">313</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Other non-cash charges</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(112</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(208</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">Adjusted EBITDA</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">225,881</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">84,667</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif; font-weight: bold;"><u>Net income/(Loss) and Adjusted Net income/(Loss) Reconciliation and calculation of Adjusted Earnings/(Loss) Per Share</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">To derive Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share from Net Income/(Loss), we exclude non-cash items, as provided in the table below. We
      believe that Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such
      non-cash items as gain/(loss) on sale of assets, unrealized gain/(loss) on derivatives, impairment loss and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the
      presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of
      computing Adjusted Net Income/(Loss) and Adjusted Earnings/ (Loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">The following table reconciles Net income / (loss) to Adjusted Net income / (loss):</div>
    <div style="margin-bottom: 6pt;">
      <table cellspacing="0" cellpadding="0" class="cfttable" id="zc8cc19ee27b5459c8706cb3c8597de66" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">Net income / (loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">170,364</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">35,763</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Amortization of fair value of above/below market acquired time charter agreements, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(187</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Share &#8211; based compensation</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">1,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">313</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Other non-cash charges</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(112</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(208</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Unrealized (gain) / loss on forward freight agreements and bunker swaps</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">4,060</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">1,194</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Equity in income/(loss) of investee</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(29</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Gain on time charter agreement termination</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(1,102</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">Adjusted Net income / (loss)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">175,562</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">35,744</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Weighted average number of shares outstanding, basic</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">101,981,583</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">98,712,581</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Weighted average number of shares outstanding, diluted</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">102,257,673</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">99,019,944</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">Adjusted Earnings / (Loss) Per Share, basic and diluted</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">1.72</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
    </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><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: Calibri, sans-serif; font-weight: bold;"><u>Voyage Revenues to Daily Time Charter Equivalent (&#8220;TCE&#8221;) Reconciliation</u></div>
    <div style="margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z881eff43eeea4420908c0e638dad904c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" colspan="4" style="vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(<font style="font-style: italic;">In thousands of U.S. Dollars, except for TCE rates)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2022</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2021</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Voyage revenues</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">360,883</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">200,467</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-style: italic;">Less:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Voyage expenses</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(53,404</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(40,052</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Charter-in hire expense</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(4,012</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(2,943</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Realized gain/(loss) on FFAs/bunker swaps</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">1,437</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(891</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Amortization of fair value of below/above market acquired time charter agreements, net</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(187</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">Time Charter equivalent revenues</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">304,904</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">156,394</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Available days</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">11,126</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">10,115</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">Daily Time Charter Equivalent Rate ("TCE")</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">27,405</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">15,462</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          </tr>

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    <div style="margin: 0px 0px 0px; font-family: Calibri, 'sans-serif'; font-weight: bold;"><u> <br>
      </u></div>
    <div style="margin-bottom: 12pt; font-family: Calibri, sans-serif; font-weight: bold;"><u>Daily Net Cash G&amp;A expenses per vessel Reconciliation</u></div>
    <div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="zb3005b06dff94764b659ec1e8c8fc82f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
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              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(<font style="font-style: italic;">In thousands of U.S. Dollars, except for daily rates)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">First quarter 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">General and administrative expenses</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">8,765</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">7,297</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-style: italic;">Plus:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Management fees</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">4,839</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">4,667</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-style: italic;">Less:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Share &#8211; based compensation</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(1,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">(313</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Other non-cash charges</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">112</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">208</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">Net Cash G&amp;As expenses</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">12,483</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">11,859</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Ownership days</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">11,520</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">10,737</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">Charter-in days</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">199</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: Calibri;">175</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">Daily Net Cash G&amp;A expenses per vessel</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">1,065</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Calibri; font-weight: bold;">1,087</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
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    <div style="font-family: Calibri, sans-serif; font-weight: bold;">Conference Call details:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">Our management team will host a conference call to discuss our financial results on Wednesday, May 25, 2022 at 11:00 a.m., Eastern Time (ET).</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669
      (UK Toll Free Dial In) or + (44) (0) 2071 928 592 (Standard International Dial In). Please quote "Star Bulk."</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif; font-weight: bold;">Slides and audio webcast:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through our website. To listen to the archived
      audio file, visit our website <u>www.starbulk.com</u> and click on Events &amp; Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The content on our website or
      in our conference call is not incorporated by reference into this release.</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif; font-weight: bold;">About Star Bulk</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">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, New York, Limassol,
      Singapore and Germany. 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 209,529 dwt.</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif; font-weight: bold;">Forward-Looking Statements</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">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; margin-bottom: 12pt; font-family: Calibri, sans-serif;">We desire 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. Words such as, but not limited to, &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;likely,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;may,&#8221; &#8220;forecasts,&#8221; &#8220;potential,&#8221;
      &#8220;continue,&#8221; &#8220;possible&#8221; and similar expressions or phrases may identify forward-looking statements.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">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 our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe 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 our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or
      projections.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: Calibri, sans-serif;">In addition to these important factors, other important factors that, in our 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 charter rates and vessel values; the strength of world economies; the stability of Europe and the Euro; fluctuations in currencies, interest
      rates and foreign exchange rates, and the impact of the discontinuance of the London Interbank Offered Rate for US Dollars, or LIBOR, after June 30, 2023 on any of our debt referencing LIBOR in the interest rate; business disruptions due to natural
      disasters or other disasters outside our control, such as the ongoing global outbreak of the novel coronavirus (&#8220;COVID-19&#8221;); the length and severity of epidemics and pandemics, including COVID-19 and its impact on the demand for seaborne
      transportation in the dry bulk sector; changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction; the potential for technological innovation in the sector in
      which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom; changes in our operating expenses, including bunker prices, dry docking,<font style="font-family: Arial, sans-serif;">&#160;</font>crewing&#160;




      and insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions; the impact of
      increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance practices; general domestic and international political conditions or events,
      including &#8220;trade wars&#8221; and the recent conflicts between Russia and Ukraine; the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other
      governments; potential physical disruption of shipping routes due to accidents, climate-related (acute and chronic), political events, public health threats, international hostilities and instability, piracy or acts by terrorists; the availability of
      financing and refinancing; the failure of our contract counterparties to meet their obligations; our ability to meet requirements for additional capital and financing to&#160; grow our business; the impact of our indebtedness and the compliance with the
      covenants included in our debt agreements; vessel breakdowns and instances of off&#8208;hire; 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 and when 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&#8208;looking statements as a result of developments occurring after the date of this communication.</div>
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    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Calibri, sans-serif; font-weight: bold;">Contacts</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Calibri, sans-serif; font-weight: bold;">Company:</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">Simos Spyrou, Christos Begleris</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">Co &#8208; Chief Financial Officers</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">Star Bulk Carriers Corp.</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">c/o Star Bulk Management Inc.</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">40 Ag. Konstantinou Av.</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">Maroussi 15124</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">Athens, Greece</div>
    <div style="font-family: Calibri, sans-serif;">Email: info@starbulk.com</div>
    <div style="font-family: Calibri, sans-serif;">www.starbulk.com</div>
    <div><br>
    </div>
    <div style="font-family: Calibri, sans-serif; font-weight: bold;">Investor Relations / Financial Media:</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">Nicolas Bornozis</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">President</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">Capital Link, Inc.</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">230 Park Avenue, Suite 1536</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">New York, NY 10169</div>
    <div style="text-align: justify; font-family: Calibri, sans-serif;">Tel. (212) 661&#8208;7566</div>
    <div style="font-family: Calibri, sans-serif;">E&#8208;mail<u>: starbulk@capitallink.com</u></div>
    <div style="font-family: Calibri, sans-serif;">www.capitallink.com</div>
    <div><br>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
